MJ Biotech Partner Genesis Botanical Signs An Additional Three Hemp Farmers, Securing 115 Additional acres of Hemp Biomass for CBD Extraction

Rhea-AI Summary

MJ Biotech, Inc. (OTC PINK:MJTV) announced that its CBD Extraction partner, Genesis Botanical Research (GBR), has acquired an additional 115 acres of hemp biomass, increasing the total to 155 acres. GBR aims to ramp up operations by securing more contracts from licensed hemp growers in Maine, targeting full capacity for their extraction facility. The company is also expanding its facility due to the large amount of biomass gathered, with a potential oversupply anticipated.

Positive

• Secured an additional 115 acres of hemp biomass, totaling 155 acres.
• Expansion of the extraction facility is underway to accommodate increased biomass.
• More contracts with licensed hemp growers expected to close soon.

Negative

• Potential oversupply of hemp biomass may affect pricing and profitability.

CHEYENNE, WY / ACCESSWIRE / April 21, 2021 / MJ Biotech, Inc. (OTC PINK:MJTV), is pleased to report its CBD Extraction partner, Genesis Botanical Research (GBR), has secured another 115 acres of hemp biomass to extract bringing the total amount to 155 acres with the 40 acres previously secured. GBR has contacted and had communications with less than 15% of the entire list of licensed hemp growers in the state of Maine. More contracts are anticipated to close as we process the list in the upcoming weeks and months. The goal is to be at full capacity as quickly as possibly once the CBD Extraction Facility is open and operational.

Due to the robust amount of hemp biomass being secured, MJTV and GBR, (as previously announced 3/10/2021), has put in place an expansion of the facility currently under construction. GBR executives and project managers see the real possibility of having an oversupply of hemp biomass for the facility.

For additional information please contact us at info@mjbiotech.us .

Safe Harbor Statement:
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. MJ Biotech Inc. does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated status of such statements. Therefore, in no case whatsoever will MJ Biotech. Inc. and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.

SOURCE: MJ Biotech, Inc.

View source version on accesswire.com:
https://www.accesswire.com/641443/MJ-Biotech-Partner-Genesis-Botanical-Signs-An-Additional-Three-Hemp-Farmers-Securing-115-Additional-acres-of-Hemp-Biomass-for-CBD-Extraction

FAQ

What recent developments did MJ Biotech (MJTV) announce regarding hemp biomass?

MJ Biotech announced that Genesis Botanical Research has secured an additional 115 acres of hemp biomass, bringing the total to 155 acres.

How many acres of hemp biomass does MJ Biotech currently have?

MJ Biotech currently has a total of 155 acres of hemp biomass after the recent acquisition.

What is the goal for MJ Biotech's CBD Extraction Facility?

The goal is to reach full operational capacity as quickly as possible once the facility opens.

What concerns were raised in MJ Biotech's press release?

The press release raised concerns about a potential oversupply of hemp biomass affecting pricing.

What company is MJ Biotech partnering with for CBD Extraction?

MJ Biotech is partnering with Genesis Botanical Research for CBD extraction.