Hemp Inc. Signs Letter of Intent to Purchase CBD Ingredients from One World Pharma, SAS in Colombia
Completed Deal Would be OWP’s First U.S. Order
LAS VEGAS, NV, Feb. 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – One World Pharma Inc. (OTCQB: OWPC), is pleased to announce the execution of a Letter of Intent (LOI) between Hemp Inc. (OTC Pink: HEMP) and its affiliated company, One World Pharma SAS.
The LOI outlines a purchase agreement through which Hemp Inc. would purchase CBD Crude and CBD Distillate, non-psychoactive ingredients. Hemp Inc. anticipates the purchase of 3,000 kilograms every 3-4 months. The LOI states that the price per kilo will be based on the prevailing U.S. market price less mutually agreed volume discounts. The LOI sets forth a due diligence period and the shipment of a sample from Colombia to the United States.
“One World Pharma is elated to now be entering our anticipated commercialization phase of our Colombian grown CBD ingredients,” stated Brian Moore, President, One World Pharma. “This opportunity to work with one of the most well-known and well-established hemp companies is an important seminal transaction and clearly our 30% discount to most U.S. CBD pricing was very attractive to Hemp, Inc.”
“Upon finalization of a Definitive Agreement OWP will quickly provide to Hemp Inc. the requisite ingredients and prove an international sales channel for economically grown CBD ingredients from our expansive operations in Colombia,” added Moore.
Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company's need for additional funding, the demand for the Company's products, governmental regulation of the cannabis industry, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, risks related to operating in Colombia, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other risks that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting One World Pharma, please refer to the Company's Current Report on 8-K/A filed with the Securities and Exchange Commission on July 12, 2019, which is available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
One World Pharma Company Contact: Mimi Tekabe One World Pharma Inc. 1.800.605.3210 www.oneworldpharma.com One World Pharma Investor Relations & Financial Media Integrity Media firstname.lastname@example.org Toll Free: (888) 216-3595 www.IntegrityMedia.com
Released February 10, 2020