ITOCO Biomed Has Sights Set on Acquiring a New Processing Facility in the Colombian Free Trade Zone.
TORONTO, ON / ACCESSWIRE / July 17, 2019 / ITOCO INC. (OTC Pink: ITMC) is pleased to announce it has engaged Agro Business Group SAS to acquire a new processing facility in the Colombian Free Trade Zone.
Free trade zones are areas in which taxes, tariffs, customs, financial or regulatory advantages are offered to companies that establish themselves within them.
In Colombia free trade zones are indispensable for attracting foreign investment as well as to promote the exportation of different national products to market to internationally due to their legislative standing and location.
Under the terms of the Agreement, the Parties will assess and implement various synergies that may exist through the utilization of the Zona Franca facility and the various processing and other opportunities that Agro Business Group SAS will provide.
ABOUT AGRO BUSINESS GROUP SAS
Agro Business Group SAS is one of Colombia’s leading companies for structuring, managing and creating synergies between different agricultural sectors and includes a division specializing in Cannabis.
They have been involved in important agricultural and industrial projects in Colombia with a strong focus on environmental and social impact that benefits both their investors and communities.
Agro Business Group core executives pride themselves on their ability to successfully structure projects with the benefits of Free Trade Zones, Government support, community acceptance, and environment protection.
The company has an impressive track record implementing agricultural projects with large Colombian companies and multinationals.
ITOCO recognizes the benefits of the Colombian government free trade zone and sees them they as a tool that encourages job creation and the investment of new capital. Some are established in specific departments to promote that region’s competitiveness, encouraging the generation of economies of scale and facilitating some procedures in the buying and selling of goods and services.
ABOUT ITOCO INC.
ITOCO’s mission is to be a global leader in processing, distributing, and producing medical cannabis in a compliant environmentally friendly manner.
Itoco Inc. trades on the OTC Markets, symbol: ITMC.
Contact:
ITOCO: Michael Paul, ir@itoco.net +1 (905) 829-5000.
Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, potential, intends, plans, hopes, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
Resources:
International Drug Policy Consortium
MJ Biz Daily
The current Regulation on Medicinal Cannabis, Decree 613 of 2017 is available in Spanish in the following link:
https://www.minsalud.gov.co/Normatividad_Nuevo/Decreto%20613%20de%202017.pdf
SOURCE: ITOCO INC
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