mCig Inc. (OTC:MCIG) announced that its wholly-owned subsidiary, NYAcres, is projected to make a total revenue of $10 million after only one year of operation.
NYAcres expects to harvest 800 plants per acre from its 40-acre farm in its first harvest, by using greenhouses with temperature control for propagation, unique and cutting-edge irrigation, and proper field preparation for Industrial Hemp planting. There should also be a second harvest with 800-1000 plants per acre. This will generate approximately $90,000 per acre in revenue, equivalating $10 million in the first year of operation.
NYAcres intends to bring finished products to the market, including CBD-Rich Full-Spectrum Essential Oils, Distillate, and Isolate. There will also be a focus on developing hemp-based CBD products for retail sale or white labeling.
“Our Joint Venture with FarmOn! Foundation, puts MCIG in the CBD business in a big way and opens the door for growing, researching, developing, and selling premium hemp and CBD oil, which contains a broad range of cannabinoids used to treat a growing population of CBD oil consumers. MCIG is now strategically positioned in both the fast-growing hemp market as well as the cannabis market,” said Paul Rosenberg, CEO of mCig.
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