CAPE TOWN, SA / ACCESSWIRE / January 14, 2021 / WUHAN GENERAL GROUP, INC. (OTC PINK:WUHN) ("Wuhan" or the "Company"), a bioceutical company focused on alternative plant-based cannabinoids and psilocybin medical research is pleased to announce effective today, it has executed and closed the Acquisition (the "Transaction") of Tsime Pharmaceuticals (Pty) Ltd ("Tsime"). Tsime will become a subsidiary of MJ Medtech Inc.
The Tsime license grants the ability to cultivate, extract and process medicinal cannabis and sell the commodity for medicinal, scientific and any other legal purpose. Located in the Kingdom of Lesotho in Southern Africa, Tsime plans to cultivate up to 3 hectares of medicinal-grade cannabis on the farm with a land area covering 23 hectares (57 acres). With its license, the Company will grow, extract and process medicinal cannabis on-site, a key element in driving research and the manufacturing of cannabidiol (CBD) by-products. The project's first crop is scheduled for Q4 2021.
Willem Jonker, COO of Wuhan General Group, said: "We are pleased to be moving ahead with our plans for Lesotho despite the pandemic. We have planned the physical roll-out of the cultivation facility which will now start in short order. We are excited to be able to invite the CEO, Jeff Robinson, to the site to inspect the progress. "
About Wuhan General Group, Inc./ M2Bio Sciences, Inc
Wuhan General Group, Inc. (DBA M2BIO Sciences), through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids and psilocybin medical research that develops and commercializes a range of CBD and mushrooms-based products under Dr. AnnaRx™, Medspresso™ and Handcrafted Delights™ brands. In addition, our research and clinical trials with psilocybin are aimed at new therapies that will help patients who suffer from alcohol addiction, mental illness and cardiovascular diseases. Our mission is to advance botanical-based medicine to the forefront by deploying best-practice science and medicine, clinical research and emerging technologies. The Company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol "WUHN".
For further information:
Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
SOURCE: Wuhan General Group, Inc./M2Bio Sciences, Inc.
View source version on accesswire.com: