HempAmericana, Inc. (OTC: HMPQ) has executed a contract to acquire a 10 acre farm for industrial hemp seed propagation in Maine. HempAmericana plans to use the acreage to cultivate genetic strains of industrial hemp that will produce quality CBD oil. The 10 acres is currently ready to start cultivation.
HempAmericana’s management team believes the land is capable of producing 84,000 hemp plants a year. The company plans to develop genetic strains of hemp seeds that product high-quality and high yields of Cannabidiol (CBD).
According to a report by Forbes, The Brightfield Group estimates that CBD sales have already hit $170 million in 2016 and at a 55% compound annual growth rate over the next five years the market will cross the billion-dollar mark by 2021.