Global Hemp Group and Marijuana Company of America Provide an Update on Operations for Their Joint Venture CBD Hemp Farm in Scio, Oregon
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2018) - GLOBAL HEMP GROUP INC. (CSE: GHG) (OTC Pink: GBHPF) (FSE: GHG) ("GHG" or the "Company") and joint venture partner Marijuana Company of America, Inc. (OTC Pink: MCOA) (the "Partners") are pleased to provide an update on their CBD hemp farming project in Scio, Oregon (the "Project").
Garden operations are well underway at the farm. The initial nursery and propagation rooms for clones has recently been expanded to an additional attached greenhouse as the team continues to produce clones for planting in the current season. In order to maximize planting density, an additional 20,000 high yielding CBD hemp clones are being purchased and will be delivered before the end of May to meet the targeted planting schedule of early June.
The team will be planting the clones on the first 35 acres at the farm. They will be planted "orchard style", 4 to 5 feet on center, with rows 5 feet apart to provide space for each plant to receive sufficient sunlight, water and nutrients, and mature to maximum size to produce the highest CBD yield possible upon harvest.
Five additional greenhouses have now been purchased for the project. The first two 30ft. x 120ft greenhouses are currently being installed and will provide an additional 7,200 sq. ft. of greenhouse space for the project. The three remaining 42ft x 96ft greenhouses will begin installation before the end of May. When installed, these additional greenhouses will increase greenhouse space by a further 12,096 sq. ft., for a total of 19,296 active greenhouse space.
The Scio farm will employ both traditional outdoor orchard style cultivation and perpetual harvest in greenhouses. The Partners are currently evaluating additional greenhouse technologies for expansion of indoor cultivation space to augment its perpetual harvest model square footage. This dual strategy will optimize revenue generation throughout the year to minimize the impact of single crop harvesting in October when most other hemp CBD farms harvest and typically drive prices down. Market prices tend to climb throughout the year as less biomass is available for processing and distribution, as is occurring with current market prices. By August it is expected that full spectrum CBD oil will be in tight supply and prices will continue to climb until after the October 2018 harvest season is processed.
The team is in the process of ordering the required equipment to facilitate farm operations from planting through harvesting, drying and storage.
In addition, the Partners are currently evaluating a field analytics software application to be employed for data collection and analysis to optimize farming operations. The software will be used to evaluate the three cultivation methods being employed by the Partners in 2018; high yielding CBD cultivars grown orchard style outdoors in Scio, Oregon, perpetual harvest in greenhouses also at Scio, and traditional dense field cropping with lower yielding CBD cultivars in New Brunswick, Canada. Results will assist the team in determining optimal yield per acre for future expansion of acreage in both the United States and Canada.
"The Scio Oregon high yielding CBD hemp project is something that we have been working on putting together most of this year. It's great to see that the project is now officially underway, and we look forward to sharing pictures and results of the operation as we go forward", stated Charlie Larsen, President of Global Hemp Group.
About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG) (OTC Pink: GBHPF) (FSE: 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.
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 http://globalhempgroup.com
Forward Looking Statements. Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Global Hemp Group Inc., including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk, the legality of cannabis and hemp. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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