BOGOTA, July 3, 2019 /CNW/ - CannabCo Pharmaceutical Corp. Colombia S.A.S. (CannabCo Colombia), a Colombia based cannabis cultivator and manufacturer of medical cannabis products, is pleased to announce that it has completed a definitive agreement for One Million sq/ft of completed greenhouses for immediate cannabis production. The project consists of a total of 25 Hectares of land north of Bogota in the Cundinamarca area with additional expansion opportunity.
The generational farm has a successful 40 year track record of profitable production and sales and sports a complete operational infrastructure with 160+ farm workers, greenhouses, admin buildings, workshops, microbiology labs and employee support buildings including a cafeteria. The farm currently has supply agreements consisting of major big box chains around the globe and is now being converted to cannabis production with the exception of 1 hectare.
CannabCo selected the property for its perfect growing conditions, clean and plentiful water supply and sustainable organic farming practices. The farm is ICA certified (Colombia's "Agriculture Institute") and follows GACP and GPP practices for production. The current labour force will be repurposed to cannabis production with conversion to cannabis cultivation taking place one to two hectares at a time.
Genetics supplied for the project were selected by CannabCo and are specific to the environmental conditions of the region in order to optimize yields and productivity. The project is estimated to produce in excess of 200,000 kg per annum of dried flower.
All product will be shipped to and processed at CannabCo's state of the art extraction facility currently being constructed to EUGMP standards and located 20 min away from the farm, and 30 minutes outside of the country's capital city of Bogota.
"The close proximity to CannabCo's extraction and processing facility and the already active and successful farming infrastructure made this the perfect addition to CannabCo's operations." said Joseph Palumbo, the country General Manager. "We were impressed with the efficiency of the operation as well as the technologies deployed for water collection and conservation. The farm is a model for the region and one of the most successful operations of its kind in Colombia." commented Joseph.
Recently CannabCo signed an annual supply agreement for 11,000 kg of cannabis oil with an estimated value in excess of $70MM USD per annum consisting of both psychoactive and non-psychoactive product. "The company intends to continue its cultivation and provisioning efforts by expanding to meet the overwhelming demand." said Joseph. "Colombia intends to be the world's primary source of supply for medical cannabis and CBD, and CannabCo intends to be the major player in the Colombian cannabis market".
About CannabCo Pharmaceutical Corp. Colombia S.A.S.
CannabCo Colombia is a Colombia based full service cannabis company with cultivation projects in multiple regions across the country. The company's primary extraction plant is located 30 minutes outside the capital city of Bogota. The company will process both psychoactive and non-psychoactive cannabis and Hemp flower for the production of THC and CBD oil for the medical cannabis market. The Company's state of the art production facilities will have the capability of producing a wide range of end products to meet emerging market supply requirements for Colombia's evolving cannabis industry, as well as global export. The facility is pursuing EU GMP status allowing access to the underserviced global pharmaceutical market. The company currently has multiple social projects as part of its ethical standards and is committed to the highest quality production of medical grade cannabis products in the industry. The company is vertically integrated controlling all aspects of cultivation, extraction, product manufacturing, and distribution of its medical products allowing it full control over the high quality of its end products. The company intends to be the largest producer and manufacturer of THC/CBD based products on a global scale utilizing Colombia as its operating base.
Forward Looking Statements
This press release may contain certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements may be identified by statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Actual results and developments may differ materially from those contemplated by these statements. Although CannabCo Colombia believes that the expectations reflected in forward-looking statements in this press release are reasonable, there can be no assurance that such statements will prove to be accurate. Future events and results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements in this press release.
SOURCE CannabCo Pharmaceutical Corp. Colombia S.A.S
For further information: Investor Relations: Joseph Palumbo, General Manager LATAM, CannabCo Pharmaceutical Corp. Colombia S.A.S, Phone +57 315 333 2673, [email protected], www.cannabco.co