LAS VEGAS, NV, Oct. 16, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire – One World Pharma Inc. (OTC: OWPC), “OWP,” a U.S. based, fully licensed, pure-play hemp and cannabis ingredient producer in Colombia, is pleased to announce that it has entered into an agreement for the sale of 30,000 cuttings from its farms in Colombia. Additionally, the Companies have entered into a Letter of Intent (LOI) for BIOTROPICAL to purchase up to 600,000 cuttings from One World Pharma.
A plant cutting is a part of a plant that is used in horticulture for vegetative (asexual) propagation, in this instance cannabis production. Under the terms of the LOI, One World Pharma would purchase the entire harvest from BIOTROPICAL.
BIOTROPICAL is a subsidiary of BIOPROTECCION which has been devoted to the research and development in the management of pests and new varieties of cannabis. After the initial 30,000 cuttings, BIOTROPICAL plans to expand its operation up to 600,000 cuttings by the second quarter of 2021. The Company has more than 100 hectares of land available for cannabis production.
“We are pleased to partner with BIOTROPICAL to provide them with world-class cannabis cuttings from our genetic portfolio and to purchase this elite harvest,” stated Isiah Thomas, CEO, One World Pharma Inc. “We look forward to assisting with BIOTROPICAL’s production and to assisting them to achieve their goal of purchasing 600,000 cuttings.”
“With our production in full-swing, we look forward to more partnerships and sales similar to these,” added Thomas.
About One World Pharma
Formed in 2017, One World Pharma Inc. (“OWP”) is a fully licensed global supplier of high-quality hemp-derived ingredients for use in the manufacturing of Consumer Packaged Goods (CPGs) and Over-the-Counter (OTC) products. OWP offers a reliable and sustainable supply chain for chemical formulators, food & beverage producers as well as beauty product manufacturers worldwide. The company maintains corporate offices in Las Vegas, NV and Bogota Colombia, and a facility in Popayan, Colombia.
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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 Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 29, 2020, 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.