OWP to Begin Cultivating THC, the Psychoactive Ingredient in the Cannabis Plant
LAS VEGAS, Nov. 14, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- One World Pharma Inc. (OWPC), “OWP,” a fully licensed pure-play cannabis and hemp ingredient producer in Colombia, announced today that the Company has received a quota for 2020 production of THC, by the Ministry of Justice and Law for the Republic of Colombia. One World Pharma is among the first companies to be issued a THC quota in Colombia.
Under the terms of the quota, One World Pharma, through its subsidiary One World Pharma SAS, may produce 13 of its proprietary cannabis strains. This permission allows OWP to move into the characterization phase, which is the final stage of production prior to sale. The Company has already been granted a quota for hemp production.
“The granting of this quota signals an important milestone as we progress toward commercial sales,” stated Brian Moore, President, One World Pharma. “I’m particularly proud of this achievement as it installs One World Pharma in an elite class of operators in Colombia. This is yet another important step in the execution of our business model and plan to provide a full range of cannabis ingredients at scale to product manufacturers in large international markets.”
“Most importantly, this quota allows us to enter an important and eventful next phase for OWP,” added Moore. “Recently, we announced our innovative ‘Cannabis Futures’ program. This quota provides us with the permissions to now support that initiative.”
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This press release contains "forward-looking statements" that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company's need for additional funding, the demand for the Company's products, governmental regulation of the cannabis industry, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, risks related to operating in Colombia, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other risks that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting One World Pharma, please refer to the Company's Current Report on 8-KA filed with the Securities and Exchange Commission on July 12, 2019, which is available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.