TORONTO, ON / ACCESSWIRE / September 17, 2019 / ITOCO Inc. ('ITOCO" or the 'Company") (OTC PINK:ITMC) is pleased to announce that it has made a strategic expansion in Colombia by entering into a LETTER OF INTENTION with CANNABIS MEDICAL INNOVA GROUP SAS to carry out a commercial alliance.
ITOCO has been established in Bogota since 2015, making it one of the more mature medical cannabis companies in Colombia.
ITOCO is building a platform with the potential to produce significant volumes of Cannabidiol (CBD) isolate and other extracted products via a series of Joint Ventures and business alliances with established local Colombian license holders and landowners.
INNOVA (Barranquilla Colombia) has approved licenses issued by the Ministry of Justice and Ministry of Health for the cultivation of cannabis in Colombia on their wholly owned 20 hectares of land.
INNOVA's farm is located in the SIERRA NEVADA DE SANTA MARTA, in the valley of municipality of Pueblo Bello Cesar at 1300 meters above sea level and average climate of 23 degrees of temperature during the day and 18 degrees at night. The region has abundant natural water from the rivers born in the Sierra Nevada de Santa Marta.
INNOVA and ITOCO's alliance will mutually seek and develop the resources for the exploitation, cultivation and development of Medicinal and Scientific Cannabis including oil extraction machinery and the relevant equipment.
INNOVA will provide in this joint venture their licenses, lands and workforce in the region, thus creating a new joint Canadian/Colombian CBD development initiative.
The joint venture LOI and strategic business partnership also brings into the sphere of operations two more licensed companies, being MED GREEN MEDICAL CANNABIS SAS NIT No 901.203.596-8 and TECHNOCANN SAS NIT No 901.193.850.
ITOCO CEO Michael Paul said: "We are happy to report to our shareholders that by adding 3 more companies to the ITOCO Brand via joint venture we have nearly completed our first phase of development -ITOCO now has the base infrastructure, license and land position with the potential to produce significant quantities of dry hemp biomass and the resultant medical cannabis products.
INNOVA COO Francisco Pisciotti said "We are pleased to formalize our relationship with Itoco; we have had an excellent relationship with their local team for some time now and are excited to be working together in this way."
ABOUT ITOCO INC. www.itoco.net
ITOCO's mission is to be a global leader in processing, distributing, and producing medical cannabis in a compliant environmentally friendly manner. ITOCO has established itself in Colombia via a series of partnerships and joint ventures with local license holders and growers. The ITOCO management team has many years combined experience in business management and execution, raising capital and public company governance. ITOCO INC. trades on the OTC Markets, symbol: ITMC.
About CANNABIS INNOVA GROUP www.cannabisinnovagroup.com/
Cannabis Medical Innova Group is a Colombian company legally constituted in the Chamber of Commerce of Barranquilla, currently with approved national licenses for cultivation, production, manufacturing, distribution and export of cannabis derivatives with THC and CBD content and hemp for various uses, as well as the registration of seeds for own production or for marketing with other companies. INNOVA crops are in the Municipality of Tubara, is located in a geographical area of excellent urban development and only 30 minutes from the Ernesto Cortizos International Airport of the City of Barranquilla, 30 minutes from the international seaport of Barranquilla and only 15 minutes from the Free Zone Las Cayenas and Green Park.
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, potential, intends, plans, hopes, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
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SOURCE: ITOCO INC.
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