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Marijuana Company of America Inc. (MCOA) and JV Partner to Begin Planting at Covered Bridge Acres

  • The team at Covered Bridge Acres employs environmentally friendly practices; it’s in the process of obtaining organic certification
  • The MCOA and GHG teams utilize greenhouses to produce their own seeds instead of purchasing cloned product from third parties
  • This strategic change is forecast to reduce the company’s operating expenses by $200,000

Marijuana Company of America Inc. (OTCQB: MCOA), an industrial hemp company involved in the cultivation and distribution of hemp-derived products, along with joint venture partner Global Hemp Group (CSE: GHG) (OTC: GBHPF) (FRA: GHG), recently announced the commencement of commercial planting at its hemp farm in Scio, Oregon.

This high-yielding, CBD-hemp farming project between partner companies has been eagerly anticipated since its announcement in 2018. Work to prepare 35 acres of land at the farm, which operates under the name Covered Bridge Acres Ltd. (“CBA”), has been completed, and the process of laying the last of the mulch and drip line is being finished. The farm is also in the process of obtaining organic certification (http://ibn.fm/yMMIr). Among other strategies to engage environmentally friendly practices, farm officials brought in biodegradable plastic from Canada to eliminate end-of-season environmental waste and reduce labor costs associated with its removal from the field.

The team at Covered Bridge Acres has taken steps to increase crop stability and quality this season while also reducing expenses. In lieu of purchasing cloned plants or seeds from other companies, as in prior seasons, the hemp plants used for this year’s cultivation have been produced from either sprouted seed or through CBA’s cloning operation conducted onsite at the company’s greenhouses and under full control of the CBA team.

Additionally, this year’s crops used superior genetics with increased stability when compared to those in prior years. The team expects to plant 40,000 to 50,000 plantlets this year, with a CBD content ranging from 12 to 15 percent. Excess clones will be sold or used for expansion. Eliminating the need to purchase clones from third parties by utilizing the farm’s greenhouses for production is expected to reduce operating expenses in the current year by approximately $200,000.

The team at Covered Bridge Acres continues preparing its greenhouses for constant harvest to produce high-quality, smokable hemp flower. Trimmed, high-end flower with less than 0.3 percent THC currently wholesales for 10-times the price of CBD biomass going to extraction.

Marijuana Company of America has roots in the cannabis industry dating back to 2009. MCOA CEO Don Steinberg founded the first marijuana company to trade on a U.S. stock market, Medical Marijuana Inc. He and his partner, Charlie Larsen, have witnessed the evolution of the industry through legalization shifts and the emergence of hemp-based CBD products.

For more information, visit the company’s website at www.MarijuanaCompanyofAmerica.com

NOTE TO INVESTORS: The latest news and updates relating to MCOA are available in the company’s newsroom at http://ibn.fm/MCOA

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