Marijuana Company of America (OTC: MCOA) and its joint
venture (“JV”) partner Global Hemp Group Inc. (CSE: GHG) (OTC: GBHPF)
(FRANKFURT: GHG) provided an update this morning on their CBD hemp farming
project in Scio, Oregon. The 2018 hemp cultivation at the farm, operating under
the name Covered Bridge Acres (“CBA”), is ongoing. Approximately 40,000 high
CBD yielding hemp plants have been planted on the lower two fields of the farm,
on approximately 33 acres. Six different high CBD yielding hemp cultivars were
planted this year, half of which were planted as clones and the other half were
grown from seeds and then planted when they were approximately two feet high.
The results of these cultivars will be evaluated during harvest to determine
the planting strategy for next season. Now that the planting is complete, the
staff is focusing on completing the construction of the five greenhouses that
were acquired earlier in the year. The greenhouse space will provide an
additional 19,000 sq. ft. for research and clone production for the 2019
planting season. In addition, the companies reported that they have replaced
TTO Enterprises Inc. with Jeffrey Ward as the new project manager. The
companies acquired TTO’s 15% interest in the project for $30,000, growing their
respective interest in the project to 50% each, and have canceled the issuance
of shares and warrants associated with the further acquisition of TTO’s
interest, per the original JV agreement. The companies also announced that the
terms of the Escrow Pool in accordance with the JV agreement between MCOA and
GBHPF have been changed. GHG will now be depositing 2,300,000 common shares and
2,300,000 warrants exercisable at a price of CAD 0.36 per common share for
three years. MCOA will be depositing 10,120,000 common shares and 10,120,000
warrants exercisable at a price of USD $0.083 per common share for three years.
To view the full press release, visit http://ibn.fm/Es55T
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. For more information, visit
the company’s website at www.MarijuanaCompanyofAmerica.com.
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