ESCONDIDO, Calif., May 08, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTCQB: MCOA), an innovative hemp and cannabis corporation, is pleased to announce that its wholly owned subsidiary, hempSMART, Ltd., is taking steps to list on the Vienna Stock Exchange (H Smart SARL), with the intention of raising sufficient capital to expedite the rollout of its hempSMART™ product line in Europe.
Marijuana Company of America plans to sell a minority interest of hempSMART, Ltd., currently engaged in developing and marketing the hempSMART brand in Europe, for up to $10 million. The Company expects that all of the necessary steps to trade on the Vienna exchange will be completed by the beginning of the third quarter of 2019.
Once listed, hempSMART, Ltd. will be one of the first U.S.-based hemp-derived cannabidiol (CBD) companies to do an initial listing on a European exchange, as most cannabis and hemp public companies opt to list in Europe as a secondary listing. This is a result of the Company’s commitment to prioritizing its marketing efforts in the burgeoning European cannabis, hemp and CBD markets, with future plans to expand further.
“We are very excited to do an IPO of hempSMART, Ltd. on such a reputable European exchange,” said Don Steinberg, CEO of Marijuana Company of America. “This is a huge leap forward to obtain the necessary capital to bolster our European launch and become a top hemp brand in Europe. Europe’s cannabis and hemp markets are undergoing a critical phase in their growth and this is the optimum time to establish our brand as a leader. To date, we have exceeded expectations at our London event in March. In order to capitalize on this positive market momentum, we have planned two additional events in England, with two more following in Liverpool and Birmingham.”
hempSMART, Ltd. is expected to enter Portugal later this month, with future plans to extend further in France, Germany and Austria. hempSMART, Ltd. markets and sells the Company’s hemp and hemp-based personal wellness products, including the U.S.-patented hempSMART Brain™, an effective wellness product formulated with proprietary composition of natural ingredients and CBD to enhance brain function.
Jesus Quintero, CFO of MCOA, stated, “This offering on the Vienna exchange will help to strengthen the worldwide valuation for our hempSMART brand. We are highly optimistic about the prospects of this offering and the financial success of hempSMART.”
Ian Harvey, COO of hempSMART, Ltd., commented, “The U.S. patent issuance is indicative of the advances the Company achieved, and is a testament to the Company’s continued commitment to produce unique products of the highest quality, which distinguishes hempSMART as a leader of hemp-based CBD products.”
About Marijuana Company of America, Inc.MCOA is a corporation that participates in: (1) product research and development of legal hemp-based consumer products under the brand name “hempSMART™,” which targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreational use; and (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
About Our hempSMART Products Containing CBDThe 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 StatementsThis news release contains “forward-looking statements” that 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 10-12G, 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.
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