Marijuana Company of America (OTCQB: MCOA), an innovative hemp and cannabis corporation, today provided an update on its joint venture hemp project in Scio, Oregon, operated through Covered Bridge Acres (“CBA”). According to the update, the hemp farm has remained in operation through the Coronavirus pandemic as allowed by the state of Oregon. CBA is taking all necessary precautions required to operate in a safe and responsible manner with sufficient space to enable the team to spread out widely throughout the property while carrying out daily activities to prepare the farm for the 2020 cultivation. Since the 2018 acquisition of the Scio farm, the CBA team has grown CBD hemp, for the sale of both biomass and flower. In light of the current market conditions for these products, due to overproduction in 2019 and slower than expected sales during the pandemic, CBA is changing its 2020 focus to production of high quality CBG (Cannabigerol) flower in its greenhouses. This “artisanal grown” CBG flower will supply the smokable flower market, which has seen an increase in demand and has continued to hold its price in light of the current pressures in the CBD market.
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About Marijuana Company of America Inc.
MCOA is a corporation that participates in: (1) product research and development of legal hemp-based consumer products under the brand name hempSMART(TM), which targets general health and well-being; (2) an affiliate marketing and retail sales program to promote and sell its legal hemp-based consumer products containing CBD; (3) joint ventures and acquisitions of business entities engaged in the growth and sale of hemp and cannabis products in jurisdictions where cultivation is legal; and (4) the expansion of its business into ancillary areas as market opportunities in this segment mature and develop. For more information, visit www.MarijuanaCompanyofAmerica.com.
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