ESCONDIDO, Calif., Oct. 1, 2020 /PRNewswire/ -- Marijuana Company of America Inc. ("MCOA" or the "Company") (OTCQB: MCOA), an innovative hemp corporation, announced today that in an effort to continue its shift to fully focus on its Hempsmart™ subsidiary, has recently launched two new subsidiaries MR Hemp Brazil and MR Hemp Uruguay to bring for the first time the Company's hemp-based hempSMART™ premium quality product line to the South American markets of Brazil and Uruguay.
This joint venture with MR Hemp Brazil and MR Hemp Uruguay which includes production and distribution opportunities will further drive MCOA's expansion globally and allow MCOA to distribute its CBD and hemp-derived hempSMART™ product line in Brazil, a country with a population of over 212 million consumers that has seen a recent surge in CBD popularity and sales. MR Hemp Brazil will engage in product manufacturing and selling of its products to the local Brazilian market. MCOA has also already begun collaborating with Brazilian Medical Physicians who have expressed a great interest in working with MCOA's CBD products as they continue to work with various vendors. However, the physicians feel there is an unmet need for high quality CBD products, such as our hempSMART™ products, at reasonable prices for their patients.
The MR Hemp Uruguay subsidiary will also include manufacturing and distribution in Uruguay that has a population of over 3.6 million consumers, and was the first country in the world to legalize recreational and medical cannabis. In addition, MCOA is also applying for a status in a "Free Trade Zone" which allows the entity exemption of local, sales and exportation tax. MCOA stands to benefit from a more cost effective cost structure for the products manufactured and sold to MCOA from the newly formed subsidiary.
Although CBD is legal in Brazil and Uruguay, access to quality products in these markets remains challenging for consumers due to low quality and/or prescription requirements.
According to Jesus M. Quintero, CEO of MCOA, "These specific joint ventures signify our diversified Cannabis business and will unlock the value of our hemp based quality CBD products into markets that have not fallen victim to market saturation. We are confident that we can act as a positive innovator in these markets with our proven team of local prominent business strategic partners and by offering effective pricing that should have a major positive impact on our future revenues. This has been part of our overall strategy since the new Management team began operating the MCOA business. This represents more efforts to provide our shareholders with greater value by offering the Company greater economic flexibility with respect to manufacturing and global distribution of hempSMART™ products, increasing sales, and by reaching an international audience of consumers in need of quality CBD products at good prices."
Quintero added, "The partnerships will be led by one of our prestige Board Directors, Mr. Marco Guerrero, who is a Brazilian national, and has a two-decade experience in insurance and reinsurance. For the past five years, he serves as a director at Truster Brasil, a reinsurance company which he co-founded. Marco has the relationships needed that will drive this international business through his extensive list of contacts and relationships in Latin America. He is a valued member of our Board and is one of the most respected reinsurance industry leaders with relationships within the medical and business communities in both Uruguay and Brazil."
Marco Guerrero , MCOA Board Director said, "I am excited to work with the MCOA team in penetrating these markets which will also align with MCOA's socially responsible initiatives by providing the markets of Brazil and Uruguay with job opportunities, local business development, and meet a need by consumers seeking affordable quality CBD products. These ventures offer ways for the local economies in Latin America to make earnings as well as will drive MCOA's expansion globally, by significantly expanding our consumer base and affording the Company greater economic flexibility with respect to manufacturing and global distribution of hempSMART™ products."
Guerrero added, "I look forward to assisting the Company in bring their products to these markets and help navigate their way through the prescription requirements for CBD in Brazil and other Latin America Markets."
For more information, please visit: https://www.marijuanacompanyofamerica.com/
About Marijuana Company of America, Inc.
MCOA is an emerging industry leader with focus in product development and sales & marketing with its proprietary botanical ingredients legal hemp-based cannabidiol ("CBD") quality products under the brand name "hempSMART™". The Company's premium quality products are double lab tested for purity and potency and sold to wholesalers, distributors, via online e commerce consumer platform, and a proven network affiliate marketing program. The Company recently announced plans for international sales, production, and marketing expansion.
About hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA's jurisdiction.
Forward Looking Statements
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. For more information, please visit www.sec.gov.
SOURCE Marijuana Company of America, Inc.