A southern California cannabis company is entering into a partnership to produce hemp on a large-scale farm in Riverside.
Escondido-based Marijuana Company of America Inc. (MCOA) has signed a letter of intent with Essence Farms LLC to form the Riverside Hemp Project (RHP).
RHP operations will include growing, cultivation, manufacturing, extraction, and sale of hemp and hemp-derived CBD.
Throughout the agreement, MCOA will provide hemp seeds and genetics as well as manage operations and procedures.
Cultivator and landowner Essence Farms will secure the proper licenses for state and local-compliant operations in Riverside.
“MCOA strives to be a leader in producing and distributing hemp, and we believe this joint venture will allow the company to further its vision by establishing itself as a premier company in the hemp sector,” said MCOA CEO, Don Steinberg. “If all goes according to plan, this will by far be the most financially successful venture the company has been involved in.”
The RHP will have the use of up to 500 acres of farmable land with water and power estimated to be capable of producing 2,500 pounds of hemp biomass per acre, which can currently be sold for around $35 a pound.
MCOA has engaged an experienced cultivation team to manage farming and cultivation operations.
