DENVER, CO / ACCESSWIRE / September 20, 2019 / First Colombia Development Corp. ("First Colombia") (OTC PINK:FCOL) today announced a change to the company's name, to Redwood Green Corp. ("Redwood Green"). This change reflects the Company's mission to deliver high-quality, safe, sustainably produced, and accessible cannabis products to improve health and wellness, through acquisitions, mergers, partnerships, and innovation.
Christopher Hansen, CEO of Redwood Green, further explained: "This change of name from First Colombia Development Corp. to Redwood Green Corp. signals completion of the initial phase of our corporate transition, which began with the sale of our assets in Colombia in order to focus on the United States cannabis market and the appointment of an independent board of directors with exceptional skills and experience relevant to our strategy.
"This overarching corporate direction was affirmed by the full board of directors at our annual strategic planning meetings where we drilled down into developing a solid, prudent plan to guide our operations over the next 12-18 months. Our next steps will involve developing high-value CBD brands in strategic market categories, initially in Colorado and California, the two largest markets within the United States."
The company's OTC ticker symbol will be changed to reflect the new name. The Company plans to release an announcement immediately upon confirmation of the new symbol.
In related news, the Company announced its new website will be launched today, at RedwoodGreenCorp.com. The site will continue to be built out over the coming months as aspects of the Company's business plan are rolled out and as strategic partnerships are announced.
In addition to its new online address, Redwood Green has established corporate offices at 866 Navajo Street, Denver, CO 80204, in keeping with the Company's strategy to first pursue opportunities in the Colorado market with its highly developed cannabis regulatory regime.
About Redwood Green Corp.
Redwood Green Corp.'s mission is to deliver high-quality, safe, sustainably produced, and accessible cannabis products to improve health and wellness. We will do this through acquisitions, mergers, partnerships, and innovation.
Safe, high-quality product for our own brands, as well as for the partners that we do business with, is a critical commitment from Redwood Green. The drive behind what we do is rooted in improving health and the quality of life for a wide range of audiences, ensuring we grow and improve upon what is currently available in the CBD market for consumers.
This press release is not an offer of securities, or a solicitation for purchase, subscription or sale of securities in the United States of America or in any other jurisdiction in which it would be unlawful to do so.
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Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve First Colombia/Redwood Green of liability under US federal law, nor will it provide a defense to any federal proceeding which may be brought against First Colombia/Redwood Green. Enforcement of federal laws in the United States remains a significant risk to the business of First Colombia/Redwood Green and any proceedings brought against First Colombia/Redwood Green thereunder may adversely affect the Company's operations and financial performance.
SOURCE: First Colombia Development Corp.