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HempAmericana Estimates $1M Revenue Yield from First Hemp Harvest at Its Union Farm Facility
NEW YORK, Nov. 26, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE – HempAmericana, Inc. (OTC: HMPQ) (“HempAmericana” or the “Company”) is excited to announce production results and revenue estimates following the first successful harvest at the Company’s Union Farm hemp growing facility in Union, Maine.
Planting took place from June 25 thru July 12, and harvest stretched from September 15 thru November 2 due to phenotypic variation, with distinctly different phenotypes represented for each strain grown. This presented an extended harvest as many phenotypes matured at different times.
Total yield from this initial harvest is estimated at 4,000 lbs of hemp flower biomass produced from 3,831 harvested plants. If the Company is able to process this biomass at its state-of-the-art extraction and processing facility in Augusta, HempAmericana management expects the sales yield from this harvest in CBD distillate output to exceed $1 million.
Management notes that this first grow season at Union Farm featured intense infrastructure challenges, rare pests and diseases, a break-in and theft of a number of seedlings, unpredictable weather patterns, and a host of other serious challenges.
In total, due to these adverse factors, the harvest represented less than half of the plant material grown on the property during the season. In total 9,400 hemp plants were cultivated. However, 2,700 of these plants turned out to be male or hermaphrodite specimens, approximately 500 plants were lost to pests or theft, and 2,369 plants were impossible to harvest due to freezing weather or disease.
CEO, Salvador Rosillo stated, “This first grow season was an adventure, to say the least. We battled against pests, nuisances, diseases, inclement weather, and crime. We were prepared for the roller coaster ride, and we handled these challenges with determination and professionalism along the way. We stepped up our game and rescued great success from the jaws of adversity.”
The entire process was managed to organic standards in accordance with both National and Maine Organic Clean Cannabis standards, which should provide for further certification potential in the future.
Management for HempAmericana also notes that it involved a third-party vendor integrally in several stages of the process, including the harvest, and that this was an important factor in driving a successful outcome at Union Farm in its initial hemp growing season.
About HempAmericana, Inc.
HempAmericana is an emerging leader in the CBD products market. The Company owns and operates a high-capacity, state-of-the-art CBD extraction and processing facility located in Augusta, Maine. This facility is armed with a supersized supercritical CO2 extraction system, centrifugal partition chromatography refinement technology, and a mechanized fully-automated CBD bottling system. HempAmericana also owns and operates Union Farm, a high-potency CBD strain development facility located in Union, Maine. The Company’s CBD oil business uses the brand designation, “Weed Got Oil”. HempAmericana also researches, develops, and sells products made of industrial hemp, including a popular brand of hemp rolling papers marketed under the brand name, “Rolling Thunders”. See more at www.hempamericana.com
Safe Harbor Provision Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review Hemp Americana annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.
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