BOSTON, May 8, 2014 /PRNewswire/ -- Verde Media Group Inc. (OTC: VMGI) and its Biotech Division ("VMBD") announce they have entered into negotiations for an overseas contract and ongoing joint venture in Asia to produce Cannabidiol oils "CBD" using select strains of Cannabis. The contract will be a joint venture with Phoenix Energy "PXE" that will co-finance 50% of the project cost. Using proprietary technologies developed by VMBD, highly concentrated CBD oil will be extracted and prepared for importation and distribution to the wholesale market.
CBD is a non-psychotropic phytocannabinoid that can be blended in food products for realizing medical benefits such as chronic pain treatments, cancer pains and neuro-protection for those afflicted by multiple sclerosis and epilepsy. The joint venture would use these selected strains highly concentrated in CBD and is expected to produce $5M revenues per annum.
Dr. Abidi, Ph.D. CEO of VMBD stated, "The oversea joint venture will complement our plans for US based production of Cannabis enriched CBD oils. We anticipate scaling the initial 20,000 sq. ft. facility to 500,000 sq.ft. in a few years to match the demand with linear increase in revenue output."
About Verde Media Group Inc.
Verde Media Group Inc. is a publicly traded company listed on the OTC Markets trading under the stock symbol: VMGI. Verde Media Group Inc. The company is consists of three divisions:
Agency Division- The innovative Agency division services- public relations, marketing, and transaction functions for corporate clientele. The agency is rapidly expanding its business in the Denver, Colorado.
BioTech Division- The VMBD division undertakes the business of developing and producing high value bio-products from renewable biomass. The focus and criterion is to develop proprietary microbial technologies with low risk scale-up methods employing low cost feedstock. VMBD will further develop the derivative and ester forms of CBD for increase potency and their use in different delivery systems, including sublingual, inhaled dosage forms and blending with food products.
Entertainment Division- The company operates a managed media company with production, distribution, development, and acquisition functions for film and television.
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The results described herein cannot be guaranteed. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions.
SOURCE Verde Media Group Inc.