PALM BEACH, Florida, August 21, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Theincreasing demand for Cannabidiol (CBD) and Hemp based products is expected to push both markets into new territories in terms of sales value in the next coming years. According to a report published by New Frontier Data, the U.S. CBD industry grew
Marijuana Company of America, Inc. (OTCPK:MCOA) BREAKING NEWS: Marijuana Company of America, an innovative hemp and cannabis corporation, and its joint venture partner Global Hemp Group Inc. (CSE: GHG) (OTC: GBHPF) (Frankfurt: GHG) (the "Partners") are pleased to provide an update on their CBD hemp farming joint venture in New Brunswick, Canada (the "Project").
The goal of the hemp project in northeast New Brunswick is, in part, to produce hemp biomass that can be used for the extraction of cannabinoids. In anticipation of Canada's implementation of the Cannabis Act on October 17, 2018, which will allow for the processing of the entire hemp plant, the Partners began preparing its Bathurst facility for the installation of drying equipment capable of drying 125 acres of flowers and leaves from the 2018 cultivation.
The flowers and leaves of the hemp plant are rich in cannabinoids, notably containing non-psychoactive compounds of Cannabidiol (CBD). CBD, which has gained increasing popularity as of late, has been found to be effective component in a complete personal wellness regimen that has produced an increased demand from consumers for products containing CBD. The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020.
Health Canada issues Class Exemption to the Industrial Hemp Regulations
Health Canada, the governing body in charge of industrial hemp licensing and its regulations in Canada, has recently issued a new Class Exemption in Relation to the Industrial Hemp Regulations (flowering heads, leaves and branches). This will allow the Partners to legally harvest, dry and store flowering heads, leaves and branches of industrial hemp from its 2018 cultivation, prior to the implementation of the Cannabis Act on October 17, 2018, when extraction of CBD from the flowers and leaves from industrial hemp will be legal in Canada. This will enable the industry to take advantage of an entirely new product market utilizing hemp derived cannabinoids. New Brunswick Facilities - A 4,000 sq. ft. facility was secured in Bathurst, NB for the project in June. The Joint Venture established its offices and soon will complete the installation of processing equipment in the facility. A biomass dryer to process the flowers and leaves from participating farms will be installed before the end of August. The dried flowers and leaves will be stored until mid-October when the Joint Venture is allowed to sell its product to CBD extractors. Once proper licenses have been acquired for importing and manufacturing finished CBD products, the Bathurst facility may also serve as a distribution center for the hempSMARTTM products that are currently manufactured and distributed in the United States by GHG's partner: MCOA.
Advanced Crop Monitoring - Successful First Drone Flight - In a large hemp field with tall dense crops, it is impossible to identify stressed areas from ground level. The use of specialized drones can provide targeted field diagnostics. When a stressed area is identified, the observer can move directly to that location to assess the conditions of the observed stress.
Three drone flyovers have been contracted for the project. Each flyover will provide a colored image indicating the state of the vegetation, with data collected from random points in the different colored zones to assess the actual conditions on the ground. Data collected includes the measurement of soil moisture, pH, plant height and insect-disease-pressure. Once properly calibrated, these images will become an effective crop management tool for future crops in the region.Read this and more news for MCOA at http://www.marketnewsupdates.com/news/mcoa.html
In the industry developments and happenings in the market this week include:
Medical Marijuana Inc. (OTCPK:MJNA) recently announced that its subsidiary Kannaway® will host a European tour during the month of August. This tour will host events in six cities to provide Kannaway® brand ambassadors with the chance to network with top Kannaway® Europe leaders, the company's global executive team and fellow business owners. "We are excited to broaden our reach and impact throughout Europe with these events," said Kannaway® CEO Blake Schroeder. "It is an excellent opportunity for our brand ambassadors, new and old alike, to network with their fellow brand ambassadors, learn about new and upcoming products and build a successful Kannaway business." Attendees will hear from executive team members, including Kannaway® CEO Blake Schroeder and International Vice President Alex Grapov, along with brand ambassadors such as Vice Presidential Director Tibor O'dor and Crown Ambassador Juraj Mojzis.
mCig Inc. (OTCQB:MCIG) recently announced that it will begin harvesting its first crop of organic hemp from NYAcres in two to three weeks time. To oversee the harvest and curing process, MCIG brought on Chadd McKeen , co-author of Idiots Guide: Growing Marijuana and founding partner at Canna Mana Trading Company. With over 12 years of experience in cannabis cultivation, Mr. McKeen will be onsite to jump-start the post-grow process, from the actual mechanics of the harvest to extraction and buyer relationships. The NYAcres project began in June 2018 as a joint project with FarmOn!Foundation. The 55,000 pound yield of hemp bio-mass will be a huge growth generator for MCIG, its recently launched CBD Market (http://www.cbd.biz ), and new CBD pet line, Artax (http://www.cbd.biz/portfolio/artax/ ). After harvested and dried, cannabidiol (CBD) will be extracted from the plant source material. The particular strains of hemp grown at NYAcres, Cherry Wine and Berry Blue sourced from the Colorado Hemp Project are known for their high concentrations of CBD. Once extracted, CBD distillate can be used as a component for a diverse range of end user products, from CBD capsules to CBD vape.
Freedom Leaf Inc. (OTCQB:FRLF) recently announced last week that it's wholly owned subsidiary, Tierra Science Global, is launching a national tour and global webinar series for its affiliate platform beginning with presence as a vendor at the American Naturopathic Medical Association Conference August 24-26, 2018 (http://www.anma.org ). Tierra's kickoff business briefing was held on Saturday, August 11, 2018 in Las Vegas with guests from around the world. Attendees included top influencers in Direct Marketing and key influencers from the Online/Social Marketing Industries. Product line samples and overall business model were shared with many who will become key leaders in marketing Tierra's super-affiliate program which goes live later this month. Tierra's event included presentations by founders Mark Rosales and Marc Vitorillo, Dr. Naina Sachdev of NAINAMD, CBD/Hemp expert Dr. Rick Potts of IRIECBD and Freedom Leaf Officers, Raymond Medeiros and Clifford Perry, who were duly impressed with the new company's objectives.
GB Sciences Inc. (OTCQB:GBLX) recently announced that for the three months ended June 30, 2018, revenue reported was $1,315,284 and gross profit of $734,719. This compares to revenue and gross profit of $69,100 and $54,099, respectively, for the same period the prior year. The total net loss for the three months that ended June 30, 2018 was $5,167,339 which includes $2,625,512 of non-cash charges, 40.5% of total expenses. Net loss for the same period in the prior year was $3,082,209.
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