Pursuant to the terms of the Agreement, MCOA and GHG (the “Partners”) will jointly invest a total of US$1.2 million in the development of the project in 2018. Funding for the project will be done on a 50/50 basis.
TTO Enterprises Inc. (“TTO”) will manage and be responsible for the entire Scio project, and will also provide consulting services to the Partners’ 125-acre joint venture hemp farm operations in New Brunswick, Canada. TTO’s expertise includes genetics development, selection and management, planting and harvest scheduling, clone management, field preparation, field set and field management strategies.
MCOA and GHG will continue to develop a robust North American joint venture relationship focused on hemp. The Partners initially joint ventured on hemp trials in New Brunswick Canada during 2017, which has now expanded to 125 acres of commercial production for 2018. This partnership has now expanded into the United States with the addition of the Scio, Oregon project. The Companies will continue to seek additional hemp cannabinoid production opportunities across the United States and Canada.
Don Steinberg, CEO, commented, "We are really proud of the hard work our partners have put into this project, as we continue to execute this portion of our overall business plan. Activities such as these clearly put MCOA as a top line producer in the legalized hemp and processing arena."
About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products under the brand name “hempSMART™”, that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
Global Hemp Group Inc. (CSE:GHG) (OTC:GBHPF) (FRANKFURT:GHG), is headquartered in Vancouver, British Columbia, Canada, with base operations in Montreal and Los Angeles. The Company is focused on a multi-phased strategy to build a strong presence in the industrial hemp industry in both Canada and the United States. The first phase of this strategy is to develop hemp cultivation with the objective of extracting cannabinoids (CBD, CBG, CBN & CBC) and creating a near term revenue stream that will allow the Company to expand and develop successive phases of the strategy. The second phase of the plan will focus on the development of value-added industrial hemp products utilizing the processing of the whole hemp plant, as envisioned in the Company’s Hemp Agro-Industrial Zone (HAIZ) strategy.
Forward Looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-12G, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.