Establishes Sol Terra SAS in Colombia
LOUISVILLE, Sept. 26, 2019 /CNW/ - Hemp Technology Inc. ("HempTech" or the "Company") (OTC PINK: CPOW), is pleased to announce it has expanded its operations with the incorporation of Sol Terra SAS in Colombia as it ramps up its expansion into Latin America. Establishing its operations in Bogota is a key milestone in HempTech's evolution as it will leverage the Company's access to global markets. Sol Terra SAS is in the final stages of acquiring a company with necessary licenses for cultivation, manufacture, distribution, and export. The Company now has its operations in two strategic locations, Kentucky, U.S.A. and Colombia.
"Establishing our operations in Colombia provides HempTech with early-mover advantage with access to low cost production, an ideal growing climate, and a skilled agricultural workforce," stated Michael Shenher, CEO.
HempTech has put in place a highly skilled team of management and key advisors in LATAM with considerable connectivity, and expertise in the cultivation, manufacture and distribution of hemp-derived phytocannabinoid products. Establishing operations in Bogota affirms the Company's commitment to developing a full range of high-quality products in one of Latin America's fastest growing economies. This milestone increases the Company's ability to establish key partnerships, and distributor relationships to execute its scalable business model. The operations will accelerate the company's growth efforts in the industry's Latin America market, which could grow to US $12 Billion by 2028E, reflecting a CAGR of 58.4% from 2018 (source: Prohibition Partners Research).
"Establishing our operations in Latin America furthers our strategic plan to produce, manufacture and distribute hemp-derived phytocannabinoids on a global scale. With the expertise of our team in LATAM, we expect to initiate the sales and distribution of high-value hemp-derived CBD isolate and CBD products in 2020," stated Chad Costa, President.
Hemp Technology Inc.
About Hemp Technology Inc.
Hemp Technology Inc. (OTC PINK: CPOW) is striving to become the largest vertically-integrated producer, manufacturer, and distributor of hemp-derived high-value phytocannabinoids in the world. The Company is a B2B, bulk and wholesale supplier of hemp-derived CBD isolate established to serve the rapidly growing global market. HempTech has the executive expertise, and product research and development capabilities to expand its hemp-derived CBD product lines on a global scale.
About Sol Terra SAS
Sol Terra SAS is a Colombian company legally constituted in the Chamber of Commerce of Bogota.
Forward Looking Information
This news release contains "forward-looking statements" within the meaning of applicable securities legislation, such as section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, including estimates of future sales, cash flows, business plans, the estimated amounts and timing of capital expenditures, the assumptions upon which estimates are based and related sensitivity analyses, and other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "2019E" "anticipates" or "does not anticipate", "plans", "estimated" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved). By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks discussed in the Company's Form 10, and in our Management's Discussion and Analysis. The material assumptions are disclosed in the Management's Discussion and Analysis. In addition, with respect to forward-looking information contained in this presentation, assumptions have been made regarding, among other things: CBD and Hemp commodity pricing, manufacturing efficiency, future interests rates, currency exchange rates and future costs, and availability of financing. These assumptions, risks and uncertainties could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements. The impact of any one assumption, risk, uncertainty or factor on a particular forward looking statement is not determinable with certainty as these are interdependent. Except as required by law, Hemp Technology Inc. assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Certain information contained herein has been prepared by third-party sources. To the extent such estimates constitute a "financial outlook" or "future oriented financial information" in this presentation, as defined by applicable securities legislation, such information has been approved by management of Hemp Technology Inc. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
SOURCE Hemp Technology Inc.
For further information: Investor Relations and Communications, Telephone: +1 437-230-7399, Email: [email protected]