CALGARY, AB / ACCESSWIRE / February 14, 2019 /
Asia Cannabis Corp. (“ACC” or the “Company”) (CSE:ASIA), announced today that, after the successful closing of the Company’s IPO and subsequent listing of common shares on the CSE Exchange, ACC has made the first significant steps to initiate hemp-oriented research and development activities in Cambodia with execution of a share purchase agreement pursuant to which the Company will acquire all of the issued shares of a Cambodian private company. Targeted because of its existing and early participation in the hemp industry, ACC will continue to work with the principals of this company and intends to build on these initial activities in Cambodia. The Company will acquire the issued shares for $1.00(US) and the assumption of the Cambodian entity’s existing debt of approximately $150,000 (US).
The initial focus of these activities Cambodia will be the securing of a license to conduct research and focused testing activities in the local environment. This research will be coordinated through consultations with the principals of InPlanta Biotechnology Inc. (“InPlanta”). InPlanta is the technical partner of the Corporation that has granted a License Agreement to ACC entitling the Company to access the hemp-oriented horticultural, scientific, genealogical and related advice produced by InPlanta for application in the general Asian market. The initial phase of this activity is aimed at determining and selecting three of more varieties of hybridized hemp strains identified by InPlanta for testing in the specific ecological conditions found in Cambodia. This phase is underway and will be completed before the end of February.
In commenting on these developments, Johannes Kingma, President of ACC, stated: “We have been confident that Cambodia represents an excellent location to commence our hemp and CBD-oriented extraction research and development activities in Asia, and the execution of this agreement provides ACC with an excellent launching point in that regard. Our partners at InPlanta have been anxious to commence the initial activities aimed at identifying strains of hemp plants with superior growth and CBD production characteristics in the SE Asian theatre, and we are happy to have now provided them with the tools to aggressively move this process forward. While working with InPlanta, we will also be taking next steps in Cambodia aimed at providing the working base to conduct the exciting research and development activities we have planned for that country.”
*This comes after the recent request by the Minister of the Interior to do more research into the potential benefits of marijuana.
ACC is an early stage international agri-technology company which has begun the process of creating a business focused on the development, evaluation, testing, application and, ultimately, supply to the market of proprietary organic hybridization technology and certain products derived from that technology. The core approach of the business will be centred on the planting, growth and harvesting of new and valuable strains of hemp and related crops in commercial quantities under the terms of the InPlanta License Agreement.
In conjunction with InPlanta, the Corporation plans to develop varieties of hemp with superior growth and production characteristics in the various environments found in the licensed territories With the data and associated knowledge gained from these activities, the Corporation intends to leverage the technology to develop a portfolio of strategic hemp investments to take advantage of both the changing social climate relative to hemp use and the historic acceptance of the use of these products and their derivatives in certain of the jurisdictions granted under the License Agreement.
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SOURCE: Asia Cannabis Corp.