Henderson, Nevada-based, mCig (OTCQB: MCIG), a diversified cannabis, hemp and CBD firm, reported today that its wholly-owned subsidiary, NYAcres, a hemp producer, projects revenue of $10 million in its first year of operation.
Using a greenhouse-based, chemical-free cultivation process, NYAcres’ plans to harvest 800 plants per acre on a 40-acre farm in the first harvest, and 800-1000 plants per acre on a separate 80-acre parcel in its second harvest this year. This will generate roughly $90,000 per acre, for revenue of $10 million in its first year. 80% of sales will go to MCIG and 20% to FarmOn! Foundation.
FarmOn! Foundation is a 501c3 non-profit organization that creates youth educational programs and works to preserve family farming in America by fostering the entrepreneurial spirit of youth in agriculture.
NYAcres, Inc. is moving aggressively to scale up projects and negotiate deals with Northeast US Farms. FarmOn! Foundation is partnered with SUNY and Cornell College to research farming and provide young adults the opportunity to learn agriculture.
The hemp and CBD industry is expected to grow 700% in 2018. The hemp industry is a high margin business currently valued at $688 million in the US and estimated to grow to $1.8 billion by 2020.
Source mCig press release