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Marijuana Company of America Announces Strategic Shift to hempSMART® with Dissolution of Joint Venture with Global Hemp Group, Inc.
Marijuana Company of America Announces Strategic Shift to hempSMART® with Dissolution of Joint Venture with Global Hemp Group, Inc..
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\n\n\n\nMarijuana Company of America Announces Strategic Shift to hempSMART® with Dissolution of Joint Venture with Global Hemp Group, Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMarijuana Company of America Announces Strategic Shift to hempSMART® with Dissolution of Joint Venture with Global Hemp Group, Inc.\nPR Newswire\nESCONDIDO, Calif., Sept. 30, 2020\n\n\n\nESCONDIDO, Calif., Sept. 30, 2020 /PRNewswire/ -- Marijuana Company of America Inc. (\"MCOA\" or the \"Company\") (OTCQB: MCOA), an innovative hemp corporation, announced today that in an effort to shift to fully focus on its hempSMART ™ CBD Consumer Products Division it has dissolved itself of a Joint Venture with Canadian-based Global Hemp Group, Inc. (CSE: GHG/ OTC: GBHPF).\n\n \n \n \n \n \n \n\n \nAccording to Jesus Quintero, CEO and CFO, \"This was the perfect time for us to exit our Joint Venture as we plan our year end of 2020 and start of 2021 focusing on building up our hempSMART CBD business. We're committed to adapting to the changing cannabis market in order to maximize our Company's growth. We have already begun our new phase of development, and expect to see an increase in revenue during the remainder of the year with added international expansion.  We feel confident, that by building this new company strategy together with new Management, we can achieve our goal of becoming one of the most innovative players in the field with product development.\"\nAccording to the terms of the dissolution:\nGHG accepts to make a two cash payment to MCOA, one on or before September 30, 2020 and the other on or before November 15, 2020. GHG will grant to MCOA common stock from its treasury for an amount equal to $185,000 based on the trading price of GHG's stock at the time the settlement agreement is fully executed before September 30, 2020. The parties agree that the settlement results in GHG owning 100% of the Joint Venture implies that there will be no need to liquidate the Joint Venture, save and except for any other ancillary agreements that may be necessary to give full f...