ESCONDIDO, Calif., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Marijuana Company of America Inc. ("MCOA" or the "Company") (OTCQB: MCOA), an emerging company and leader offering unique exposure to the global cannabis sector, today announces that it has named Board Member Marco Guerrero as vice president of the company’s hempSMART™ Brazil and hempSMART™ Uruguay subsidiaries.
“We are excited to have Marco take on this role and propel us to a higher level of international production and distribution opportunities,” stated Jesus M. Quintero, CEO of MCOA. “Marco is an excellent board member, and we have full confidence in his ability to help drive MCOA's global expansion. His expertise in Latin America in particular strengthens our ability to distribute our Premium CBD and hemp-derived hempSMART™ product line for the first time in Brazil, a country with a population of over 212 million consumers and there are 652 million consumers throughout Latin America.”
Marco Guerrero holds a bachelor’s degree in business administration and a post graduate degree in controllership from Instituto Presbiteriano Mackenzie, Brazil. He studied in the UK and worked for several years in the USA with Chubb, QBE and Marsh & McLennan before becoming co-founder of Truster Brazil, a highly reputable reinsurance company specializing in Latin America and the Caribbean.
“Marco is a trusted advisor who can ensure our success as we navigate our way through Latin America,” Quintero added. “His extensive professional experience is rooted in the reinsurance industry, medical and business communities in both Uruguay and Brazil. This will serve us well as we have initiated our efforts in communicating directly with medical professionals about bringing our products to Latin America.”
Uruguay has a population of over 3.6 million consumers and was the first country in the world to legalize recreational and medical cannabis. Although CBD is legal in Brazil and Uruguay, access to quality products in these markets remains challenging for consumers due to low quality and/or prescription requirements. The HEMPsmart™ Brazil and HEMPsmart™ Uruguay subsidiaries will include manufacturing and distribution to alleviate these challenges.
MCOA is also applying for status in a "Free Trade Zone" which allows the entity exemption from local, sales and exportation tax. MCOA stands to benefit from a more cost-effective structure for the products manufactured and sold to MCOA from the newly formed subsidiary. This will help to enhance the profitability of the U.S. parent company and reduce the tax burden of the overall consolidated group.
“I am honored to help lead and contribute to the Company’s overall business development and international growth strategy,” said Guerrero. “Jesus and the rest of the management team have built a culture with people and products that are truly special. This team is laser-focused on thoughtful execution and building sales while maintaining a genuine interest in meeting the needs of consumers seeking affordable quality CBD products.”
For more information, please visit: https://www.marijuanacompanyofamerica.com/
About Marijuana Company of America Inc.
MCOA is an emerging company and leader offering unique exposure to the global cannabis sector. The Company recently repositioned itself from Research & Development to reflect certain market opportunities identified by Management to a new revenue producing driven Cannabis Marketing Company with focus on sales & marketing of “hempSMART™” premium proprietary botanical legal hemp-based CBD (cannabidiol) products.
MCOA’s hempSMART™ offers an extensive full line of premium CBD organic products that are scientifically driven and double lab tested to ensure purity and potency. The Company will direct the sale of its products to wholesalers, distributors, medical community, online e commerce consumer platform, and a proven network affiliate marketing program. The Company recently announced launched international sales, production, and marketing expansion.
About hempSMART Products Containing CBD
The 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 Statements
This news release contains "forward-looking statements" which 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-K, 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.
Company Contact:
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SOURCE Marijuana Company of America, Inc.