MCOA Announces Shift in Business Strategy as it Expands into Legalized Cannabis THC Industry
LOS ANGELES, CA / ACCESSWIRE / August 18, 2021 / Marijuana Company of America, Inc. (OTC PINK:MCOA) ('the Company'), a diversified holding company with operations and investments throughout the cannabis industry, today announced a strategic shift in its business strategy as it expands into the Legalized Cannabis THC Industry. This move is reflected by potential acquisitions as well as MCOA's current direct investment interest in Natural Plant Extract (NPE), operator of a licensed cannabis manufacturing and distribution business in Lynwood, California.
'Our expansion in the legalized cannabis THC industry while still continuing to grow our CBD businesses is a historic time for our Company,' said Jesus Quintero, CEO of Marijuana Company of America, Inc. 'Everyone in our organization has played a critical role in this journey to where we stand today, and it is only through the hard work and dedication of our employees as well as the support of our loyal shareholders, that we have been able to reach this inflection point. MCOA has already identified and anticipates closing on new potential revenue producing cannabis acquisitions that will allow us to rapidly capture a large and growing percentage of the market.'
MCOA believes that the opportunity to expand its business will create a compelling structure that will enable one or more target companies to go public, thereby accessing significant capital for both organic growth and acquisitions of synergistic and often undercapitalized assets.
MCOA plans on further developing its newly formed joint venture with Cannabis Global Inc. (OTC: CBGL) to develop the manufacturing of licensed THC products at the Lynwood, CA facility. Additionally, the Company is looking to expand its partnership with Eco Innovation Group (OTC:ECOX) to develop the critical extraction technology and corresponding machine for ecofriendly THC extraction.
'This provides a unique opportunity to invest in distressed cannabis businesses and ground breaking cannabis intellectual property. We are confident these initiatives will allow us to better serve our customers, strengthen our vertical supply chain, accelerate the growth we have experienced in the recent past and position us to continue our organic growth. We look forward to expanding our customer base and reach within the sector, as well as to achieving profitable growth of the company through aggressive M&A initiatives,' concluded Mr. Quintero.
About Marijuana Company of America, Inc.
Marijuana Company of America is a diversified holding company with operations and investments throughout the cannabis industry. MCOA focuses on acquisitions, as well as sales and marketing efforts of its wholly owned subsidiaries cDistro Distributor and hempsmart™ premium brand of hemp-based CBD (legal cannabidiol) products.
hempSMART™ offers an extensive full line of premium CBD organic products that are scientifically driven and double lab tested to ensure purity and potency. The Company will direct the sale of its products to wholesalers, distributors, the medical community, online e-commerce consumer platforms, and a proven network affiliate marketing program. The Company has also launched international sales, production, and marketing expansion.
About Natural Plant Extracts (NPE)
MCOA owns a direct investment interest in Natural Plant Extract (NPE), which it expects to explore mutual strategic business opportunities. NPE operates a licensed cannabis manufacturing and distribution business in Lynwood, California. NPE holds a Type 7 California Manufacturing and distribution license, allowing for cannabis product distribution anywhere in the state of California.
MCOA believes that NPE's processing technologies have true national implications. MCOA plans to work along with its other strategic investment Cannabis Global, Inc. (CBGL), who is the controlling shareholder of NPE. It is expected that the Lynwood NPE operation, combined with Cannabis Global Inc. technologies offer even greater opportunities after the expected removal of cannabis as a Scheduled Substance from the Federal Controlled Substances Act is completed.
The natural Plant Extract facility is expected to be fully operational during early 2021 with an initial focus on product manufacturing and distribution. We are especially excited about the existing Type 7 license, which allows NPE to produce cannabis products using volatile solvents. The California Department of Public Health and other regulators severely limit the issuance of this type of license. NPE plans to make full use of the valuable and rare Type 7 asset.
cDistro (Retail Service / Wholesale Prices) distributes CBD brands, along with smoke and vape shop related products to wholesalers, c-stores, specialty retailers, and consumers in North America.
This news release contains 'forward-looking statements,' which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as 'anticipate,' 'seek,' 'intend,' 'believe,' 'estimate,' 'expect,' 'project,' 'plan,' or similar phrases may be deemed 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission.
SOURCE: Marijuana Company of America, Inc.
View source version on accesswire.com:
Released August 18, 2021