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%).