Marijuana Company of America (OTC: MCOA) and Global Hemp Group (OTC: GBHPF) (CSE: GHG) this morning announced their entry into a letter of intent with licensed cannabinoid producer Space Cowboys, Inc. for the purposes of forming a joint venture. Per the terms of the agreement, the two companies will invest $2.5 million in exchange for a 25 percent equity interest in Space Cowboys, subject to their ability to obtain sufficient funding. These funds will be used to expand Space Cowboys’ cultivation operations in an effort to better capitalize on the strong demand for cannabinoid-based products within Colorado’s established legal cannabis industry. “MCOA has always been interested in developing hemp farms and processing here in the United States,” Donald Steinberg, CEO of MCOA, stated in the news release. “By initiating this Joint Venture, the Company will accomplish this objective along with securing its supply chain of raw cannabinoids. It is an important step in the continued development of the hempSMART brand, which distributes a hemp-based Cannabinoid product line.”
To view the full press release, visit http://dtn.fm/H5Vb4
Let us hear your thoughts: Marijuana Company of America, Inc. Message Board
About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products containing CBD under the brand name “hempSMART™”, that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use; and, (4) 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.
QualityStocksNewsBreaks provide a rapid summary of corporate news that catch the attention of QualityStocks. QualityStocksBreaks are designed to keep investors up to date on important and breaking news in the small-cap and micro-cap markets. Spanning all industries, including energy, entertainment, telecommunications, healthcare, retail and more, these news breaks deliver opportunities the investment community may have missed. Whether it is earnings results, mergers and acquisitions, or any other market-moving news, our news breaks keep you in the know. QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential.