TORONTO, ON / ACCESSWIRE / February 27, 2019 / Itoco Inc (OTC PINK: ITMC), has signed a letter of intent to form a joint venture with Camedco to be named Itoco Biomed. The project has 18 hectares of licensed land in Colombia for the legal production of medical cannabis and processing for export.
This partnership positions Itoco to be a global leader in medical cannabis. Colombia already accounts for approximately 44% of globally licensed cannabis production.
Led by Michael Paul, CEO Itoco Inc., and Gilbert Paez, CEO Camedco, the team has many years combined business and agricultural experience.
Highlights of this ground-breaking partnership include:
- A facility in Cachipai, Cundinamarca which has been approved by the Colombian Ministry of Health, and ICA
- CBD licenses in place to produce medical cannabis for transformation and export
- a large extraction and drying facility, 90% operational and producing according to the highest quality and environmental standards
- a main facility and various partnerships with local 'small producer' families provide a combined 18 hectares of cannabis producing land, that Itoco believes will ultimately allow for annual production of significant volumes of cannabis flower.
CEO Michael Paul of Itoco stated "We believe that the global medical cannabis market will dwarf that of recreational cannabis and that Colombia will be the global leader in medical cannabis. This partnership gives Itoco a launching pad to become one of the global leaders in environmentally responsible medical cannabis production and distribution."
About ITOCO INC.
Itoco's mission is to be a global leader in processing, distributing, and producing medical cannabis in a compliant environmentally friendly manner. Itoco Inc. trades on the OTC Markets, symbol: ITMC.
Camedco has CBD licenses in Colombia and grow and processing facilities close to Bogota. Camedco uses Aquaponic growing systems that combine plant cultivation with fish farming in a system that benefits both, and is a process that benefits the environment when compared to other cultivation methods. Camedco's land package includes a 5-hectare nursery.
Contact Itoco: Christopher Pay, [email protected] 1 647 996 6417
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, potential, intends, plans, hopes, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
SOURCE: ITOCO INC