One World Pharma Inc. (OTCQB: OWPC), is pleased to announce the execution of a Letter of Intent (LOI) between Hemp Inc. (OTC Pink: HEMP) and its affiliated company, One World Pharma SAS.
The LOI outlines a purchase agreement through which Hemp Inc. would purchase CBD Crude and CBD Distillate, non-psychoactive ingredients. Hemp Inc. anticipates the purchase of 3,000 kilograms every 3-4 months. The LOI states that the price per kilo will be based on the prevailing U.S. market price less mutually agreed volume discounts. The LOI sets forth a due diligence period and the shipment of a sample from Colombia to the United States.
“One World Pharma is elated to now be entering our anticipated commercialization phase of our Colombian grown CBD ingredients,” stated Brian Moore, President, One World Pharma. “This opportunity to work with one of the most well-known and well-established hemp companies is an important seminal transaction and clearly our 30% discount to most U.S. CBD pricing was very attractive to Hemp, Inc.”
“Upon finalization of a Definitive Agreement OWP will quickly provide to Hemp Inc. the requisite ingredients and prove an international sales channel for economically grown CBD ingredients from our expansive operations in Colombia,” added Moore.