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TORONTO, CANADA / ACCESSWIRE / October 29, 2019 / ITOCO INC. (OTC PINK:ITMC) is pleased to provide a brief update on its activities in Colombia.
ITOCO has pursued a strategy of positioning itself in the legal Colombian medicinal marijuana market by entering into a series of Joint Venture relationships with various Colombian partners.
The rationale behind this is to have exposure in various aspects of the Colombian market as it emerges and matures in an administrative, scientific, regulatory, and licensing point of view. "We believe this is the safest and most effective way to grow and position ourselves relative to the realities of doing business in Colombia," said Michael Paul, CEO of ITOCO.
ITOCO has executed a Letter of Intent with MOUNTAIN TRADING SAS for a large-scale cannabis/CBD cultivation and production joint venture in Colombia on a choice 40-hectare site. This venture continues on a path towards full licensing.
ITOCO has also signed an agreement with the ASOCIACION INTERNACIONAL DE INDUSTRIAS Y CULTIVADORES DEL CANNABIS (ASOCANNABIS) to jointly develop an academic curriculum on the medicinal use of CBD. ASOCANNABIS is a national guild that oversees the ethical exercise of the medical profession in Colombia. Our office in Colombia continues to advance this program.
ITOCO's Joint Venture with CAMEDCO - ITOCO Biomed is also progressing well. The project has 25 hectares of licensed land in Colombia for legally producing medical Cannabis year-round and processing it for export. CAMEDCO'S facility in Cachipay, Cundinamarca which has been approved by the Colombian Ministry of Health, Ministry of Health and ICA and various partnerships with local 'small producer' families continue to be established.
As well, ITOCO continues to work closely with BIZLATINHUB in applying for additional Cannabis licenses in Colombia and establishing new commercial relationships. The BIZLATINHUB Group is a market leader in helping both local and foreign companies to do business successfully in Latin America.
"While the Colombia and World Medical Cannabis market is evolving and growing in various ways, ITOCO has made considerable progress in supporting and building out our operations on the ground in Colombia. Colombia has 40% of the world quota for Cannabis cultivation and export of Cannabis oil products, including Cannabidiol (CBD)." says Michael Paul, CEO of ITOCO.
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. ITOCO (OTC symbol:ITMC) is a publicly quoted company, specializing in CBD development, production and distribution, based in Toronto, Canada and Bogota, Colombia.
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
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