Company Mobilizes on Growth Strategy, Establishing Joint Venture for the Production of CBD Hemp to Serve the Worldwide Billion-Dollar Cannabidiol and Medicinal Cannabis Industry
Wellington FL, July 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Preferred Commerce, Inc. (“PCI” or the “Company” (OTC Pink: OCBM) today announces the Company’s signing of a letter of intent with Mayan Sustainable Systems of Belize to grow industrial hemp for the Company’s upcoming exclusive premium CBD and Medicinal Cannabis product line. Mayan selected PCI for this Joint Venture due to the Company’s reputation for providing advanced solutions in horticulture and agriculture.
The group that owns Mayan is one of the largest landowners and construction companies in Belize. Being the exclusive license/ permit holder in Belize supported by government is a strong position to be in, said Michael Ferraro, co-founder and CEO of Preferred Commerce. The owners of Mayan have a solid 20-year history working with the government in Belize on many projects and feel this enables the Company to capitalize on the potential production of multiple CBD hemp crops per year.
“We are delighted to be working with Mayan. This relationship enables us to immediately position our company as a major supplier to the CBD industry worldwide. Based on the growing conditions, soil and vast amounts of land available to our venture, we feel there is potential for billions of dollars of CBD products,” stated Ferraro.
He continued, “Among the strategies to be announced soon are the plans to build a state-of-the-art distillery/refinery on the property for product production and global distribution. Mayan has international relationships that add value to the existing U.S. and Canadian relationships of Preferred, that should yield strong sales and ROI for our investors.” Since the consideration of this project, the Company has received multiple contacts for product and contract growing opportunities.
Preferred Commerce, Inc. is pursuing a dominant footprint in the international grower industry. As grower, producer and provider of wholesale and retail CBD and Cannabis products, the Company intends to become a robust contender where legal in the U.S. and abroad. “Our approach to gain land in strategic locations will allow us to penetrate the market without restraints that most will face. We have a focus on soil and temperature, as well as ease of shipping and receiving of finished products,” Ferraro said. “We want to be the company that anyone can call for product 365 days per year and we can deliver. We want to be able to contract-grow for large corporations and deliver when they need it without having to wait until the next growing season, and Belize is a great add-on to this approach.”
According to a new report by Grand View Research Inc., the global legal marijuana market size is expected to reach USD 66.3 billion by the end of 2025. It is anticipated to expand at a CAGR of 23.9% during the forecast period. Increasing legalization and use of marijuana in medical as well as recreational applications is expected to promote the growth.
A Brightfield report on CBD reveals that the sector “is growing faster than cannabis in the U.S., and will soon be a $22 billion industry. It’s been flying under the radar but is set to explode having profound impacts on CPG and Pharma.”
About PCI: Preferred Commerce, Inc. is an international grower, buyer, seller and producer of hemp for cannabidiol (CBD) isolate and oils. The company is procuring land and licensing to grow medical marijuana, and is establishing the necessary joint-ventures licenses and land to grow and produce a considerable abundance of hemp and medical marijuana in efforts to fulfill the company’s vision of becoming a leading global hemp supplier for medicinal marijuana, nano emulsified water soluble CBD, and a spectrum of CBD derived products.
Safe Harbor Act: PCI relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through management, makes forward-looking public statements concerning its anticipated future operations, performance results and other developments. Such forward-looking statements are estimates reflecting the company's best judgment based upon current information, and involve risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.