mCig, Inc. (OTCQB: MCIG) announced this morning that the company’s CBD industrial hemp farm in New York is being harvested this month. This seasons hemp crop, which is being grown orchard style, has been propagated to produce Cannabidiol (CBD) oil in order to manufacture products for the growing demand in the United States.
mCig’s R&D department will be in charge of deciding which of the variety of hemp strains grown in New York will produce and be the most profitable options for the company. The company’s farmers will be drying to harvested hemp utilizing commercial dehumidifiers and sterilization equipment.
mCig plans to use “high-output” ethanol extraction equipment developed by their European partners to extract the CBD oil from their new hemp harvest. mCig is headquartered out of Jacksonville, Florida and currently has a price per share of $0.28
per share as well as a current market cap of $114.92 million dollars.
“We’re harvesting our first annual hemp crop and are already in discussions with other farmers interested in growing hemp as an alternative to traditional crops. With these partnerships, we plan to expand our operations in New York, and grow over one hundred acres of hemp there in 2019. And, we’re on the cusp of breaking into the European market,” says Paul Rosenberg, CEO. “It’s great to be where we’re at right now.”