BOULDER, CO -- (Marketwired) -- 05/20/14 -- Cannabis Therapy Corp. (OTCQB: CTCO) (the "Company") a development stage enterprise focused on the business of manufacturing and marketing pharmaceutical level products containing phytocannabinoids, an abundant and therapeutically active component of cannabis, for the treatment of various conditions and diseases, is pleased to announce the close of a commercial agreement which provides for an exclusive land lease and crop service agreement with Rocky Mountain Hemp Inc. of Springfield, Colorado.
The agreement includes a term lease of privately-held, certified organic, irrigated farmland in Southeastern Colorado. In addition, as part of the agreement, Rocky Mountain Hemp Inc. (http://rockymountainhempinc.com) has been engaged to provide hemp cultivation expertise and specialized crop management services on an ongoing basis.
Mr. Ryan Loflin, the principal of Rocky Mountain Hemp, is the first Colorado farmer in 57 years to grow, successfully harvest, and process a commercial-scale industrial hemp crop in the United States. This accomplishment has been chronicled internationally in major news outlets such as The Huffington Post, The New York Times, The Denver Post, The Guardian, LA Times, Yahoo news, etc. Ryan is a fourth generation Colorado farmer who was raised on an alfalfa, corn, wheat and cattle production farm in Southeastern Colorado. His company aims to pursue the development of hemp seed genetics while perfecting best practice hemp farming and processing in Colorado.
Cannabis Therapy Corp President & CEO Soren Mogelsvang advises, "This is a major step forward and a key component of our strategic plan to become a vertically integrated manufacturer of safe, pharmaceutical grade cannabinoid products. It is critically important that we control the cultivation and processing of our crops, and we are extremely pleased to partner with Rocky Mountain Hemp Inc to grow high-quality, outdoor, organic hemp. Concurrently, we will begin preparations for cannabinoid extraction and processing. We have an exciting mix of potential product concepts planned for development and testing later this year, and we believe that the yields which we anticipate from this initial acreage will be more than adequate to kick start our revenue model. We look forward to identifying which of these new product candidates will be first in line for introduction into this already exploding retail marketplace."
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer with the Securities and Exchange Commission ("SEC") available at www.sec.gov. For more information please visit www.cannabistherapy.com.
About Cannabis Therapy Corp. (OTCQB: CTCO)
Cannabis Therapy Corp. aims to develop and market safe, phytocannabinoid-based medicinal products and to apply rigorous manufacturing and quality control standards to become a global leader in the research, development, manufacturing, testing and marketing of cannabinoid ingredients and therapies. For more information visit www.cannabistherapy.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the availability of additional funding; and the Company's business, product development, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, the Company's current reports on Form 8-K. The Company does not undertake to update these forward-looking statements.
ON BEHALF OF THE BOARD,
Soren Mogelsvang, President & CEO
Cannabis Therapy Corp.