mCig, Inc. (OTC:MCIG) has entered into a Joint Venture agreement with Empire Farm’s FarmOn! Foundation. Together, they formed NYAcres, Inc. The new corporation is 80% owned by mCig, and will focus on hemp propagation, production, research, and distribution (of both organic industrial hemp and hemp by-products).
The cultivation will be starting immediately, with an initial harvest of 40 acres. Over the course of 3 years, the program will work towards scaling up to 120 acres of organic industrial hemp bi-annually.
Industrial hemp is projected to increase 700% by 2020. The joint venture between mCig and FarmOn! will bring a mutually beneficial opportunity for both companies to become a large source of this production.
“The opportunity between mCig and FarmOn! Foundation fosters innovative, profitable and sustainable farming. We look to industrial hemp as an economic driver in the great state of New York, with the leadership of Governor Cuomo supporting our agricultural community, having a vision to rebuild for sustainability and rural prosperity through research and investment,” said Paul Rosenberg, CEO of mCig.
FarmOn! will bring a lifetime of agricultural and business experience, along with strategic partners and strong knowledge in food and agricultural cultivation to the joint venture.
“The oldest honorable profession, farming, needs to be re-established for our health; for our children; and for the economy of our local communities. Only when the costs of trucking, storage, and distribution is redirected to the local Farmer, will farming once again become a profitable business…and attract future generations of farmers,” said Tessa Edick, CEO of NY Acres and Chairwoman of FarmOn! Foundation.
FarmOn! aims to bring awareness to food choices and sources, and to reinvigorate respect for farming, so that young people are inspired to choose agricultural careers in order to create an economic connection between rural and urban marketplaces to help rebuild local economies.
Mike Hawkins, CFO of mCig, is supportive of the decision: “Edick’s FarmOn! movement, has cultivated and nurtured a broad network of supporters, partners and beneficiaries within New York State as a pilot program that is being scaled and implemented nationally with Google, NYC Farm to Table Project.”
Featured Image: weedistry.com
