One World Products, Inc. Announces Reorganization Plan to Optimize Global Operations

Rhea-AI Summary

One World Products, Inc., a hemp and cannabis producer in Colombia, announced a strategic reorganization plan for its subsidiary, OWP-Colombia, under Colombian Law 1116 of 2006. The reorganization aims to optimize operations, focus on growth, and honor past commitments. The company will continue its extraction operations in Colombia without interruption and has established key partnerships with market leaders in the cannabis and organic cosmetics sectors. The reorganization will enhance efficiencies and allow the company to concentrate on its core strategic initiatives for the future. OWP's partnership and distribution agreements with Smokiez Edibles and the Marley family’s Kx Family Care remain top priorities and will continue their commercial development as planned in early 2024. The company is also advancing its plans to acquire a new fully-licensed subsidiary within the Bogotá Free Trade Zone to streamline operational efficiencies and generate revenue in line with current business projections.

Will Continue Its Extraction Operations in Colombia Without Interruption

LAS VEGAS, NV, Jan. 22, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- One World Products, Inc., a fully-licensed hemp and cannabis producer in Colombia and ascendant international hemp and cannabis company, today announced a strategic reorganization plan for its principal subsidiary, One World Products Pharma SAS ("OWP-Colombia"). This reorganization under Colombian Law 1116 of 2006 represents a step forward in the Company’s strategy to optimize its operations and position itself for significant growth through recently established key partnerships with market leaders in the cannabis and organic cosmetics sectors.

OWP will continue its extraction operations in Colombia without interruption, as the reorganization proceedings streamline operations and direct resources toward the most promising areas for growth. The Company's newly reorganized structure not only reflects a commitment to past obligations but also enhances efficiencies, allowing OWP to concentrate on its core strategic initiatives for the future.

OWP’s key partnership and distribution agreements with Smokiez Edibles and the Marley family’s Kx Family Care remain top priorities and will benefit from these restructuring efforts, with both operations set to continue their commercial development and implementation as planned in early 2024.

"This reorganization is a strategic recalibration, allowing us to honor our past commitments while paving a clear path for future growth,” says Isiah Thomas, Chairman and CEO for One World Products. “We are taking a thoughtful approach to restructuring that will position us for sustainable success and more effectively commercialize our exciting partnerships with Smokiez Edibles and Kx Family Care. Our commitment to our customers and stakeholders remains stronger than ever."

The Company is also advancing its plans to acquire a new fully-licensed subsidiary within the Bogotá Free Trade Zone which will further streamline operational efficiencies toward revenue generation in line with current business projections.

About One World Products, Inc.

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. www.OneWorldProducts.com.

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

FAQ

What is the strategic reorganization plan announced by One World Products, Inc.?

The strategic reorganization plan aims to optimize operations, focus on growth, and honor past commitments.

What are the key partnerships established by One World Products, Inc.?

The company has established key partnerships with market leaders in the cannabis and organic cosmetics sectors.

What are the top priorities for OWP-Colombia?

OWP's partnership and distribution agreements with Smokiez Edibles and the Marley family’s Kx Family Care remain top priorities and will continue their commercial development as planned in early 2024.

What are the future plans of One World Products, Inc. in Colombia?

The company is advancing its plans to acquire a new fully-licensed subsidiary within the Bogotá Free Trade Zone to streamline operational efficiencies and generate revenue in line with current business projections.