Company Already Has 2.5 Million Seeds in Inventory Ready for Sale
LAS VEGAS, NV, March 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ One World Pharma Inc. (OTCQB: OWPC), a fully licensed pure-play cannabis and hemp ingredient producer in Colombia, is pleased to announce that the Colombian Agricultural Institute (ICA), has approved the results of the characterization tests conducted by OWP of three non-psychoactive genetics in two sub-regions of the country at the same time. The approval establishes OWP as one of the few legal sellers of characterized hemp/CBD seeds in the Cauca and the Andina regions of Colombia, essentially greater Bogota and its surroundings.
The approval will allow the Company to fulfill waiting purchase orders and to begin to commercialize its standing and growing inventory of roughly 2.5 million seeds. The Company believes the current market value for these seeds is between approximately $1 and $3 U.S. dollars per seed.
Genetic characterization tests are a set of analytical tests that the ICA requires every hemp cultivator to undergo in order to produce and commercialize seeds in Colombia. Approval is only granted after a full cycle of crop growth, from seed/clone to harvest, and finally laboratory testing. To date, OWP is the first company in Colombia to simultaneously undergo characterization tests in two sub-regions of Colombia and to be approved for both at the same time.
“It is a tremendous achievement to have received these important and difficult to obtain approvals,” stated Brian Moore, President, One World Pharma. “This is a transformative moment as we are now firmly in a monetization cycle, with approvals and many up-front costs behind us.”
“After years of quietly building this business we have now entered an all-new phase,” added Moore.
Information about Forward-Looking Statements
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-K/A 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.