05/15/2019 | Press release | Distributed by Public on 05/15/2019 09:05
Marijuana Company Of America Inc (OTC: MCOA) on Tuesday announced plans to form a Joint Venture with Essence Farms that will engage in farming operations in California to grow, cultivate, manufacture and sell hemp and hemp-derived CBD.
Marijuana Company of America and Essence Farms signed a letter of intent to establish a joint venture called Riverside Hemp Project.
Under the terms of the agreement, Marijuana Company of America will provide hemp seeds, genetics, as well as management of operations and standard operating procedures. Essence, which is a cultivator and land owner will provide licenses for the growth and sale of hemp in Riverside, California.
Marijuana Company of America is in the process of sourcing the seeds that will yield a high percentage of CBD. The launch of the joint venture is subject to satisfactory completion of due diligence by both companies and agreement on all final terms and conditions of the agreement.
The venture will provide 80 percent return of net profits to Marijuana Company of America on an ongoing basis. The project will cover up to 500 usable acres of land. Each acre is expected to produce 2,500 pounds of hemp biomass that could be sold at an estimated $35 per pound.