Marijuana Company Of America Inc (OTCMKTS:MCOA) participates in research and development of legal hemp-based products under the brand name “hempSMART™”, an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD, and leasing of real property to other businesses engaged in the growth and sale of cannabis in places where it has been legalized and properly regulated for medicinal and recreational use.
We recently talked about MCOA- we had just learned of its joint venture Bougainville Ventures coming to fruition, as well as a new joint venture with another publicly traded cannabis company, GLOBAL HEMP GROUP INC (OTCMKTS: GBHPF), a CBD hemp farming outfit.
Marijuana Company Of America Inc (OTCMKTS:MCOA) and GBHPF updated shareholders and prospective shareholders on the progress of that joint venture this week, so we wanted to relay that news to our readers today.
The update on the 125-acre industrial hemp project in northeast New Brunswick with Global Hemp Group mentions that the planting of the seeds on the first 77 acres will be completed this week. The remaining 48 acres will be seeded over the next two weeks, once the farmers receive soil test results for this acreage and are able to determine fertilizer requirements for this year’s cultivation.
The Department of Aquaculture Agriculture and Fisheries (DAAF) will also be conducting fertility trials on reserved plots at participating farms. DAAF will contribute the fertilizers to the project as part of these trials. The trials will be conducted at no cost to the project and are a clear indication of the collaborative relationship that has been established with DAAF.
In addition, there is an organic certification trial underway on an additional two-acre plot at the project. It will take three years to complete the organic certification process for this field. As part of the process, the plot will begin a three-year cultivation rotation of hemp, oats and a green manure crop to be defined at a later date. In three years this plot will produce certified organic CBD and organic oats, a crop with an excellent market.
Project managers are currently evaluating drying equipment that will be required to process the biomass after it is harvested. Drying will prepare the biomass for shipment to processors for extraction of the cannabinoids. Management is in discussions with a number of potential processing partners for this material. A final decision will be made in the coming weeks. (Source: Globe Newswire)
MCOA has been and will continue to be among those domestic cannabis stocks that we continue to remain interest in regardless of the federal legal status of marijuana. As hemp and, by extension, CBD products are not in the same category as psychoactive marijuana, there are no such legal pitfalls and thus the market is subject to far less uncertainty. In fact, CBD is one of the fastest growing segments of the ever expanding cannabis market.
We continue to be attracted to MCOA both for the activity it has shown on its chart, as well as the rapid progress it has been making with its various cannabis interests. We’ll keep an eye out for further news. Just stay locked to Street Register for updates, and we’ll deliver important developments on MCOA as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in MCOA stock, short or long.