CHEYENNE, WY / ACCESSWIRE / January 14, 2021 / MJ Biotech, Inc. (OTC PINK:MJTV), a company in CBD Extraction Business, today announced its wholly-owned subsidiary New England Biotech Inc. (NEBI) has entered into a Management/Operating agreement with Genesis Botanical Research (GBR). GBR is a company incorporated in the State of Maine where the First extraction facility will be located.
The principals of GBR have been in the farming industry for 20 plus years and the hemp farming industry and CBD market for the past five years with a stellar record of high-quality products providing extremely high rates of return on investment.
The CBD Extraction facility will be 100% owned by MJTV's wholly owned subsidiary, New England Biotech Inc. GBR is tasked with securing the location, overseeing the build out of the facility, the operations, and sale of the end product. While 100% of the revenue will flow through New England Biotech, Genesis Botanical for its part will be paid an operating fee of 45% of the gross profit.
MJTV enters this venture with the knowledge that the first operational facility will have access to enough hemp to reach full capacity very quickly. The facility will start out at about 50% of full capacity and build to near full capacity to be sure of quality control. We also know a prime property with several backup locations have already been identified. Some of the equipment for the facility has also been located and will be ordered in due time. The facility is expected to be operational by third quarter of 2021.
For additional information please contact us at [email protected].
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.