LOS ANGELES, CA / ACCESSWIRE / July 12, 2022 / Marijuana Company of America Inc. ("MCOA" or the "Company") (OTC PINK:MCOA), an innovative hemp and cannabis corporation, today announced the appointment of former director Marco Guerrero as special advisor to the Company's hempSMART™ South American division.
MCOA's Latin American hempSMART™ joint venture currently serves medical users in Brazil, who buy hemp-derived CBD hempSMART™ products by prescription from Brazilian physicians. Brazil, a country with a population of over 212 million consumers, buys CBD in rapidly expanding quantities. MCOA intends to expand our consumer base by delivering more of our high-quality hempSMART™ product portfolio to Brazil and other Latin American countries.
Mr. Guerrero stepped down from MCOA's Board of Directors on July 1, 2022, to work with the Company as a non-executive advisor to our wholly-owned subsidiary Hempsmart Global, Inc., the parent company of MCOA's Latin American hempSMART™ joint venture. This new position will require him to focus exclusively on penetrating the Brazilian market. Consequently, there was a mutual agreement to have Marco step down as a director of MCOA.
Jesus M. Quintero, CEO, and CFO of MCOA stated, "Our joint venture in Brazil is building a solid base for our sales of hempSMART™ product line in Brazil and other significant South American markets, and is a major strategic partnership for MCOA. Brazil, with a sales potential of hundreds of millions of consumers, is central to our vision for expansion. While the US CBD market has matured and is saturated with brands, we believe there is an early market entrant advantage for us entering the market with our established hempSMART brand. Marco Guerrero is building out our South American framework and adding him as a special advisor to that MCOA division further aligns our focus on increasing sales in the region. We are focused on the opportunity for significant market penetration in the expanding Brazilian CBD market."
About Marijuana Company of America, Inc.
MCOA is a corporation that participates in: (1) product research and development of legal hemp-based consumer products under the brand name "hempSMART™", which targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
About Hempsmart Brazil
About our hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is an effective treatment for any medical condition as drugs or dietary supplements subject to the FDA's jurisdiction.
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
SOURCE: Marijuana Company of America, Inc.