One World Products Confirms That Its Colombian Cannabis Operations are Unaffected by Recent Regulatory Developments in Colombia
- None.
- Colombia's cannabis industry is facing a crisis due to regulatory and political challenges, including efforts to legalize recreational use stumbling in Congress and a regulatory directive mandating the destruction of old cannabis inventory.
Recent Agreements Executed with Smokiez Edibles and the Marley Family’s Kx Family Care Are Expected to Ramp Operations in Early 2024
LAS VEGAS, NV , Feb. 05, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- One World Products, Inc. (the “Company,”) (OTCQB: OWPC), a fully-licensed hemp and cannabis producer in Colombia, today announced that its current business prospects are unaffected by recent regulatory and political hurdles in Colombia.
With a business model primarily centered on international markets and medicinal applications, OWP remains insulated from the uncertainties surrounding the domestic Colombian THC market for recreational use. The Company's products, which include a range of THC solutions provided through medical channels, are derived from cannabinoids sourced from hemp and are fully compliant with current regulations.
Isiah Thomas, Chairman and CEO of One World Products, commented, ”Our plans remain unaltered as our products are not affected by the recent moves by Colombia’s Congress. The recently announced agreements with Smokiez Edibles and Kx Family Care are progressing and we fully expect to begin production and commercialization soon. Additionally, our THC products are intended for the international market and we can export from the Bogotá free trade zone as flower, oil or finished products. We look forward to providing updates with our continued progress over the next few months.”
In Colombia, where medical cannabis has been legal since 2017, efforts to legalize recreational use stumbled again in Congress with a 46/40 vote in mid-December 2023. Surprising fees for recreational cannabis use introduced by the President just days prior to the vote added to the complexity of the situation. A possible re-vote in the next six months could pave the way for a legal recreational market. Meanwhile, a regulatory directive effective February 2024 mandates the destruction of all cannabis inventory over two years old.
Colombia's cannabis industry in crisis over regulatory, political hurdles
According to OTC Markets, One World Products’ shares outstanding were 79.8 million as of January 15, 2024, up slightly from 78.3 million on November 14, 2023.
About One World Products, Inc. (OTCQB: OWPC)
One World Products is a fully licensed hemp and cannabis producer with offices in Las Vegas, Nevada, and operations in Bogota and Popayan, Colombia. One World Products planted its first crop of cannabis in 2018 at its cultivation site in Popayan, Colombia, and began harvesting commercially in the first quarter of 2020. #HempIsTheNewPlastic (TM)
Forward-Looking Statements:
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
Investor Contact:
ClearThink IR
bloper@clearthink.capital
602-785-4120
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