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INDUSTRIAL HEMP

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

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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

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