Marijuana Company Of America Inc (OTCMKTS:MCOA) has completed the submission of Form S1 registration statement with the securities and exchanges commission of the US. It helps the company to generate funds of $10 million for the expansion in 2019 and working capital needs of the ongoing projects.
Marijuana Company sells 500 million common shares to K&J Funds
In the prospectus filed to the US SEC, the company included the proposed resale of 500 million common shares to the selling stakeholder K&J Funds, LLC. It is as per the agreement entered into with K&J on December 20, 2018. Marijuana Company can sell shares worth $10 million for up to 30 months to K&J under the existing investment accord. It accounts for 20.08% of the outstanding and issued common shares of Marijuana Company.
Marijuana Company announces clone production
Marijuana Company announced that clone production for the 2019 season is in top gear at its high yielding hemp project in Scio, Oregon. The company is making efforts for early plantation this year during May and June 2019. Planting is delayed due to late acquisition of the 109-acre farm for the project. It requires an additional two months for the plants to grow larger. The larger plants facilitate higher quantity for biomass.
Marijuana Company expects to cultivate three hemp strains for the extraction of high CBD content. It also yields higher biomass. The hemp strains feature disease tolerance, pest resistance, and shorter flowering period. It facilitates early harvest probably before the onset of the rainy season.
The company carefully selected the hardiest phenotypes for the mother plants, which feeds the cloning process. The cloning process started in November 2018. It will generate more than 40,000 clones for planting in lower 35 acres of the farm. Marijuana Company’s team at Scio, Oregon project is involved in the expansion of cloning operations through upgrading electrical and lighting facilities in the greenhouse. The company will sell the excessive clones generated at the facility for other farms in the region.
Oregon Department of Agriculture has granted the registration to Covered Bridge Acres (CBA), the operating company of the project, for the cultivation of hemp in 2019.