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.
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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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