Under the Symbol:
ITOCO Signs Letter Of Intent For Hemp Biomass Production With PROHEMP COLOMBIA SAS
Tuesday, August 6, 2019 7:00 AM
TORONTO, ON / ACCESSWIRE / August 6, 2019 / ITOCO INC. (OTC PINK:ITMC) is pleased to announce it has signed a letter of intent with Hemp biomass producer PROHEMP COLOMBIA SAS (PHC).
ITOCO INC and ITOCO BIOMED SAS, affiliated business partners located in Toronto and Bogota, and PROHEMP, Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR), are interested in producing/purchasing bio-mass to process into cannabis derivatives (CBD) and distributing into Canada and elsewhere.
This agreement contemplates the entire total yearly production of CBD Biomass from Colombian federally licensed producer PROHEMP Colombia SAS and its production farm in Guaduas, Cundinamarca, Colombia.
The specific terms and conditions of any such purchase will be mutually agreed upon by the parties at the time of execution of a purchase order.
The dollar cost per Kilogram shall be determined at Canadian wholesale list prices less mutually agreed volume discounts, and based upon availability and regulatory approvals at the time of such purchase order(s).
Pro Hemp Colombia SAS and ITOCO INC., agree to work together to secure the required approvals for importation.
The LOI is issued as a letter of interest to purchase and is modifiable and non-binding to the parties herein.
ABOUT PROHEMP COLOMBIA SAS
ProHemp is a Latin American licensed applicant producer of naturally grown premium quality cannabis with its first facility located in Guaduas, Cundinamarca, Colombia. The Company is led by a specialized team with proprietary expertise in agriculture and genetics. ProHemp is in their final stages of their genetic seed propagation to start cultivation production. ProHemp’s combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis biomass.
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. The ITOCO management team has many years combined experience in business management and execution, raising capital and public company governance. ITOCO INC. trades on the OTC Markets, symbol: ITMC.
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.
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SOURCE: ITOCO INC