Business
Organto Provides Update as Medicannabis Receives THC Processing Licence in Colombia
Organto Provides Update as Medicannabis Receives THC Processing Licence in Colombia ...
About this update from Organto Foods, Inc.
[{"type":"text","content":"\n\n\n\nOrganto Provides Update as Medicannabis Receives THC Processing Licence in Colombia\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 6, 2019\n\n\n\nOrganto is the Largest Shareholder of XEBRA Brands\n VANCOUVER, Aug. 6, 2019 /CNW/ - Organto Foods Inc. (TSXV: OGO) (OTC: OGOFF) ('Organto\"). Organto today announced that its former subsidiary, Medicannabis S.A.S., (\"Medicannabis\") has received a THC Processing Licence in Colombia, an important licence necessary to move to full cultivation, processing and ultimately exporting. On June 27, 2019, Organto announced the sale of its shares in Medicannabis to Xebra Brands Ltd. (\"Xebra\") for a combination of shares of Xebra, cash and forgiveness of debt, which is subject to shareholder and TSX approval. Prior to this Agreement, Organto owned 100% of the outstanding shares of Medicannabis, a privately held Colombian company focused on the development of medicinal cannabis. Xebra is an emerging, privately held Canadian cannabis company developing high-margin cannabis-based consumer products, with a major focus on cannabis infused beverages. Xebra intends to seek a public listing on the TSX Venture Exchange.\nXEBRA also announced the closing of the acquisitions of Elements Bioscience and Sativa Group Bioscience in Mexico; companies that are applicants for approval of various CBD cannabis products. These acquisitions coupled with the closing last month of a CDN$2.3 million private placement has positioned Xebra to become an important emerging player in the cannabis business in Colombia and Mexico.  \n\"We are excited to be a significant shareholder of Xebra Brands, providing Organto with an important asset for the future,\" commented Steve Bromley, Organto's Chair and Interim CEO. \"We believe the continued execution of their business plan should create tremendous shareholder value that will also benefit Organto's shareholders,\" added Mr. Bromley.   \nON BEHALF OF THE BOARD\nSteve BromleyChair and Interim Ch...