Industrial Hemp Research Permitted in New York State by FarmOn! Foundation in a Joint Venture with NYAcres, Inc., an mCig Subsidiary | CashCropToday
0 Shares 100 Views

FarmOn! Foundation & NYAcres, Inc. Permitted for Industrial Hemp Research in New York

March 6, 2018
100 Views

On March 06, 2018, mCig, Inc. announced that the FarmOn! Foundation was granted permission to conduct an Industrial Hemp Agricultural Research Pilot Program through the New York State Department of Agriculture & Markets. The operation will be conducted through a joint venture between NYAcres, Inc., a subsidiary company of mCig, Inc., and the FarmOn! Foundation and is on schedule to plant its first industrial hemp seed on 40 acres immediately.


Current estimates for possible industrial hemp revenues top out at $600 million for the state of New York. However, forecasts call for a projected 700% increase by 2020. The state wants to help foster economic development with expansion of Industrial Hemp Research Permits, giving mid-size New York State farms the opportunity to
implement sustainable and organic practices to promote efficiency and profitability with
industrial hemp research in CBD, food products and oil, textiles and pest management.

NYAcres expects to harvest 1,000 to 1,500 plants per acre from the initial farmed 40-acres in its first harvest. This translates into approximately $100,000 per acre in revenue, or a projected revenue of more than $4,000,000 for the first harvest. Net proceeds not reinvested in infrastructure and expansion of services will be distributed to MCIG and the FarmOn! Foundation. With a total of 180 acres of farmable land, the NYAcres Project seeks to reach $35 million annually by its third year of operations.

mCig, Inc. is a Jacksonville, FL based company servicing the legal cannabis, hemp and CBD markets and the FarmOn! Foundation is a 501c3 non-profit organization that creates and funds youth educational programming aimed at preserving family farming in America. The NYAcres Project is a joint venture between the mCig, Inc. subsidiary, NYAcres, Inc. (80%), and the FarmOn! Foundation (20%).

You may be interested

More Banks Willing to Work with Cannabis Businesses as Legality is Debated
Politics
56 views
Politics
56 views

More Banks Willing to Work with Cannabis Businesses as Legality is Debated

Editor - June 20, 2018

If you live in any of the nine U.S. states that support recreationally legal cannabis legislation like California, Alaska, Colorado, Maine, Massachusetts, Nevada, Oregon, Vermont, and Washington,…

Canada Officially Legalizes Recreational Cannabis
Politics
139 views
Politics
139 views

Canada Officially Legalizes Recreational Cannabis

Editor - June 20, 2018

The Canadian government has officially passed Bill C-45 yesterday, better known as The Cannabis Act. Now legislation has been set in place by the country's Senate and…

California Based Edible Company Signs LOI For the Chance to Go Public in Canada
Market Watch
145 views
Market Watch
145 views

California Based Edible Company Signs LOI For the Chance to Go Public in Canada

Editor - June 20, 2018

The Bhang Corporation, a privately-held cannabis edible and accessory company with operations out of California, has entered into a LOI (letter of intent) with Canadian public company…

Leave a Comment

Your email address will not be published.

Most from this category

%d bloggers like this: