Connect with us

INDUSTRIAL HEMP

mCig Inc (OTCMKTS:MCIG) Subsidiary Updates On Revenue Projections

Published

on

mcig-inc

mCig Inc (OTCMKTS:MCIG) announced that its subsidiary, NYAcres, Inc., focus remains on hemp propagation, research, distribution and production of organic industrial hemp as well as hemp by-products. The company anticipates revenue of $10 million in its initial year of operation.

The details

With the grow process underway, utilizing temperature-controlled greenhouses for proliferation, proper field preparation and cutting-edge and unique irrigation for Industrial Hemp planting, utilizing chemical-free mold and pest mitigation, NYAcres anticipates to harvest 800 crops per acre of the 40-acre farm in the initial harvest.

Another 80-acre parcel is intended for the second harvest at the same time, with 800-1000 crops per acre. mCig reported that rotation of the acreage-parcels will bring balance to the farms nutrients, leading to the best soil conditioning. This will translate into revenue of around $90,000 per acre, or an estimated revenue of over $10 million in initial year of operation, where 80% of sales proceeds will be distributed to company and 20% to FarmOn! Foundation.

Post preliminary harvest, the company’s plans to re-invest funds into the farm infrastructure and to expand from 40 acres, will only speed up and benefit the ultimate earnings. The reasonable target for this project is projected to be $20 million annually. With New York’s presently favorable economic and horticultural climate for hemp, NYAcres is advancing aggressively to develop projects and negotiate contracts with Northeast US Farms.

Tessa Edick, the CEO of NYAcres, expressed that they expect combining their technology, know-how and equipment in the cultivation of a superior quality and high yield organic industrial hemp, adding to the growing market while getting established and taking a foothold. Edick is also the Chairwoman of ‘FarmOn!’.

In the last trading session, the stock price of mCig declined 1% to close the day at $0.2069. The gains came at a share volume of 5.83 million compared to average share volume of 1.63 million.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

BRANDS

DETAILS

SCORE

PRODUCT SITES

  • Certified Organic
  • Made In U.S.A
  • Purity Promise
  • Price From $49

9.8

30% OFF Today! “30 0FF”

  • All Natural
  • Made In U.S.A
  • Lab Tested
  • Price From $69

9.7

  • All Natural
  • Made In U.S.A
  • Dissolvable Oral
  • Price From $99

9.6

  • All Natural
  • Made In U.S.A
  • Oral Mist
  • Price From $39

9.5

BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Purity Promise
  • Price From $49
SCORE

9.8

PRODUCT SITE
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Lab Tested
  • Price From $69
SCORE

9.7

PRODUCT SITE VIEW PRODUCTS
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Dissolvable Oral
  • Price From $99
SCORE

9.6

PRODUCT SITE VIEW PRODUCTS
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Oral Mist
  • Price From $39
SCORE

9.5

PRODUCT SITE VIEW PRODUCTS
Advertisement

Title

Uncategorized4 days ago

Top 15 Essential Oils + Health Benefits

Top 15 Essential Oils + Health Benefits Each and every essential oil contains compounds with unique healing and therapeutic benefits....

Uncategorized4 days ago

Using Hemp Oil in Cooking

Hemp oil has many advocates. The oil from hemp seeds is rich in omega-3 and omega-6 essential fatty acids. This makes...

Uncategorized1 week ago

Best Oil Producers of 2018

Millionaires are being made by the moment in the medical marijuana industry. Venture capital firms, private equity firms, and even...

MyDx Inc MyDx Inc
Health3 weeks ago

MyDx Inc. (OTCMKTS:MYDX) Initiates Clinical Trial of Cannabis Formula for The Treatment of Chronic Low Back Pain

San Diego, CA based MyDx Inc. (OTCMKTS:MYDX) has announced the controlled trial of the cannabis formula for the treatment of...

Business3 weeks ago

Fastfunds Financial Corporation (OTCMKTS:FFFC) Is All Set to Launch Affinity Connextions Program Targeting MMJ Industry

Fastfunds Financial Corporation (OTCMKTS:FFFC) has announced the completion of all necessary formalities to introduce an Affinity Connextions Program through a...

Innovative Industrial Properties Inc Innovative Industrial Properties Inc
Business3 weeks ago

Innovative Industrial Properties, Inc (NYSE:IIPR) Unveils Exercise Of Underwriter’s Option To Purchase Common Stock Shares

Innovative Industrial Properties, Inc (NYSE:IIPR) announced recently that it has obtained the exercise of the underwriter’s option to buy additional...

Business3 weeks ago

Next Generation Management Corporation (OTCMKTS:NGMC) Updates On New Medical Marijuana System in Oregon

Nextgen Holdings, a subsidiary of the Next Generation Management Corporation (OTCMKTS:NGMC) recently updated its stockholders with the ongoing Medical Marijuana...

INDUSTRIAL HEMP3 weeks ago

Weed Inc’s (OTCMKTS:BUDZ) Performance Is Getting Higher

Weed Inc (OTCMKTS:BUDZ) has for a long time been enjoying the momentous highs for the past few months. The company’s...

INDUSTRIAL HEMP3 weeks ago

Namaste Technologies Inc (OTCMKTS:NXTTF) Signs A Share Purchase Agreement With Cannbit Ltd

Namaste Technologies Inc (OTCMKTS:NXTTF) announced recently that it signed a non-binding Letter of Intent (LOI) with Cannabit Limited where the...

INDUSTRIAL HEMP3 weeks ago

MariMed Inc. (OTCMKTS:MRMD) Plans To Expand Its Cannabis Business

MeriMed Inc. (OTCMKTS:MRMD) announced its grand plans to expand business into the emerging cannabis industry. Furthermore, the company intends to...

Advertisement
Advertisement
Advertisement