- First construction phase, representing 23 percent of site capacity, completed
- Completion of entire greenhouse cultivation facility anticipated in Q3 2018
- MCOA focused on the development of its hempSMART™ CBD-infused product range
On April 18, 2018, Marijuana Company of America, Inc. (OTC: MCOA), an established hemp company, announced that its joint venture project with Bougainville Ventures, Inc., BV-MCOA Management, LLC, completed construction of three greenhouses covering a total area of 7,000 square feet. This first phase of construction represents a 23 percent completion of the total capacity of BV-MCOA’s 30,000 square foot facility in Okanogan County, Washington.
MCOA concluded its joint venture agreement with Bougainville in March 2017, after which it arranged for financing of $800,000 to purchase the land and fund development, including greenhouse construction. Currently, transfer of ownership of the property to the joint venture is awaiting completion of the final subdivision of the property by the Okanogan County Assessor. The company expects the final inspection of the greenhouse construction and its security system to be completed in the coming weeks.
Construction of these greenhouses has been completed in time for the 2018 planting season. Following the announcement, Donald Steinberg, CEO of MCOA, stated, “We are pleased to see the completion of the first phase of the greenhouse facilities. Once the security system is in place, we are confident the site will pass final inspection allowing our tenant-growers to occupy the facility and begin operations. MCOA continues to explore opportunities to replicate this business model and expand our real estate portfolio.”
The joint venture will lease the turnkey property to a third-party licensed tenant, thus acting solely as a landlord. The tenant will be able to take occupation of the property and begin cultivation once the inspection is approved. As a turnkey landlord, BV-MCOA aims to provide an ideal cultivation environment for its future tenants. The company anticipates completion of greenhouse facilities for its entire 30,000 square foot cultivation facility by the beginning of Q3 2018. On completion, the facility will have a total capacity of approximately 4,000 plants.
Aside from BV-MCOA’s leasing activity, the company’s primary focus continues to be the research and development of legal hemp-based consumer products under its proprietary brand name, hempSMART™. This range of cannabidiol (CBD)-based consumer wellness products are manufactured using the highest quality non-psychoactive hemp extracts. One of its leading products is hempSMART Full Spectrum Drops, a CBD-infused product with advanced bioavailability which is available in four flavors and contains coconut and other essential oils.
MCOA implemented an affiliate-marketing program to promote and sell its hempSMART CBD-infused consumer products. The company is focused on the development of other CBD-based products at competitive prices for sale through this program and other retail marketing channels. The company recently announced its engagement of Eddy Pham and Company to launch a fully integrated, multichannel transactional marketing campaign for the hempSMART product line. This marketing campaign will focus on digital advertising, content marketing, infographics, customer incentives, customer acquisition, an expansive social media presence and search engine marketing and optimization that includes in-depth research and analytics.
For more information, visit the company’s website at www.MarijuanaCompanyofAmerica.com