One World Products Issues Shareholder Update Letter Providing Review of 2022 and Business Outlook for 2023
Expects Extraction and Production Facility to be Operational Before the End of the Third Quarter of 2023
LAS VEGAS, NV , June 14, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- One World Products, Inc. (the “Company,”) (OTCQB: OWPC), the largest Black-controlled, fully-licensed hemp and cannabis producer in Colombia, today issued a shareholder update letter following the filing of its 10K Annual Report for its year ended December 31, 2022, on May 15, 2023.
The filing can be viewed here:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1622244/000149315223017550/form10-k.htm
Dear Shareholders,
Despite the challenges we experienced with logistics and installation delays for our distillation machine, we believe 2022 was a set-up year enabling the next 12 months to be transformational as we transition into production and sales. I remain as confident as ever in One World Products, having personally invested
Our first cultivation site is located in Popayan, Colombia and our extraction facility will be located in the outskirts of Bogota, Colombia, in the town of Mosquera. Our cultivation facility encompasses approximately 30 acres and includes a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition, we have forged agreements with local farming co-operatives that include small farmers and indigenous tribe members. Under these agreements, they will cultivate cannabis on up to approximately 140 acres of land using our seeds and propagation techniques, and sell their harvested products to us on an exclusive basis.
We employ modern propagation and cultivation techniques drawn from U.S. practices that allow us to rapidly multiply the cells of a specific plant strain to produce large numbers of genetically consistent progeny plants using our own plant tissue culture method. We believe this technique allows us to cultivate plants which are stable, robust, and able to produce genetically superior cannabis and hemp-derived products. We are committed to adhering to international quality standards. As such, we intend to certify our processes and products as compliant with Good Agricultural Practices (“GAP”), Good Manufacturing Practice (“GMP”), and the standards outlined in EU Pharmacopoeia—a publication setting forth quality standards applicable to the European pharmaceutical industry.
We currently have 120,000 square feet of covered greenhouse capacity, which we intend to increase to 160,000 square feet. We are building out our extraction and production facility and expect it to be operational before the end of the third quarter of 2023. During the first quarter of 2022, we invested approximately
On October 1, 2022, we entered into a five-year lease for this facility, which combines our office and extraction operations into one building. This arrangement is approximately half the cost of our previous setup, and the facility already contains necessary infrastructure, such as electrical wiring and epoxy floors, which will significantly reduce our tenant improvement costs. Once the equipment is placed in service, we will be one of the only companies in Colombia to both hold licenses and possess the capability to extract high-quality CBD and THC oils. To further boost our cultivation capabilities, we have a contractual relationship with a local co-operative under which they agree to assist us in cultivation at our facility.
We have received full registrations from the Instituto Colombiano Agropecuario (the “ICA”) for the full registration of 3 non-psychoactive high CBD strains and 13 proprietary high THC cannabis strains. This approval is crucial as only registered strains may be sold under Colombian law. We have also initiated the quota process, a necessary step for the commercialization of THC products, and received a supplementary quota on December 30, 2022 that will allow us to sell THC products, based on the thirteen strains that were approved.
We recently added premium coffee certified by the Colombian National Coffee Federation infused CBD, teas infused with CBD, and a series of wellness products, including sports CBD energy drinks for optimum performance, CBD facial and body creams for anti-inflammatory and anti-aging use to our product pipeline. As we look to the second half of 2023, we expect to start exporting our product pipeline, including CBD flower and distillate oil, while developing our white-label commercial agreements with Europe, USA, and Latin America. By streamlining our processes and adopting lean best practices, we aim to become the preferred just-in-time supplier of premium cannabinoid-based products and raw ingredients. This approach will enable us to offer our customers attractive pricing without compromising on quality.
We remain confident about the burgeoning global market for cannabis and hemp products, with the CBD segment, in particular, demonstrating substantial demand and growth. We will pursue sales into this market using a direct sales force to establish direct customer relationships and distributor relationships. We will seek out customers who have large and recurring needs and demands. Countries that we intend to focus on include EU countries, the UK, Poland, Israel, and Canada. Each of these markets offers unique opportunities and we are prepared to navigate these dynamics to establish a strong presence.
Your continued support is invaluable to us and we look forward to updating you on our progress in the exciting months ahead.
Thank you,
Isiah ThomasChairman and CEO, One World Products, Inc.
About One World Products, Inc. (OTCQB: OWPC)
One World Products is the largest Black-controlled, fully licensed hemp and cannabis producer with offices in Las Vegas, Nevada, and offices 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.
As an ascendant international hemp and cannabis company focused on environmental, social, and governance (ESG) standards, the recently announced Isiah International/One World Products/AMUNAFRO consortium controls approximately 1.2 million acres of land in Colombia focused on the licensed production of industrial hemp for integration into sustainable, carbon-reducing products made throughout the world. The Company expects to supply its global clients with the highest quality industrial and commercial applications for cannabis, hemp, and hemp products, including derivatives in crude oil, distillate, and isolate forms with industrial-scale production to serve global cannabis and hemp demand. Its products will be produced and tested according to GAP, GMP and ISO standards.
For more information, please visit https://oneworldproducts.com/. #HempIsTheNewPlastic (TM)
About Isiah Thomas and ISIAH International, LLC
Isiah Thomas was inducted into the National Basketball Association (NBA) Hall of Fame in 2000 after spending his entire career with the Detroit Pistons. He was a 12-time NBA All-Star, a two-time NBA champion, the 1990 NBA Finals Most Valuable Player, and named as one of the 50 Greatest Players in NBA History. Today, Mr. Thomas serves as an analyst for NBA TV and is an accomplished and highly respected international business executive and investor. His portfolio of companies was developed through Isiah International, Inc., which invests in companies with strong market positions and growth potential.
Mr. Thomas' business interests include sports and entertainment, real estate, waste management, hemp, cannabis, and a CBD personal products company, among others. In addition, Mr. Thomas has developed a very successful champagne business, Cheurlin Champagnes. He has cultivated excellent relationships with the grower, employees, and the French government. As a result, he now owns the proprietary genetics for the Champagne grapes he produces and has perfected an international import/export system for the global distribution of the product. More information is available at www.isiahinternational.com.
Mr. Thomas previously served on the Chicago Stock Exchange's Board of Governors, was a co-founder of the NBA's Toronto Raptors, Popcorn Indiana, and was a member of the Board of Get-in Chicago, an organization that focused on preventing gang violence in Chicago. He is a Distinguished Alumnus of Indiana University, where he earned his Bachelor of Arts in Criminal Justice. He also received his Master of Education from the University of California at Berkeley.
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
