Preferred Commerce signs letter of intent with Mayan Sustainable Systems of Belize to grow industrial hemp for the Company’s upcoming exclusive premium CBD and Medicinal Cannabis product line. According to them, Mayan selected PCI for this Joint Venture due to the Company’s reputation for providing advanced solutions in horticulture and agriculture.
"The group that owns Mayan is one of the largest landowners and construction companies in Belize," the team with the company says. "Being the exclusive license/permit holder in Belize supported by government is a strong position to be in," said Michael Ferraro, co-founder and CEO of Preferred Commerce. "The owners of Mayan have a solid 20-year history working with the government in Belize on many projects and feel this enables the Company to capitalize on the potential production of multiple CBD hemp crops per year."
He continued, “Among the strategies to be announced soon are the plans to build a state-of-the-art distillery/refinery on the property for product production and global distribution. Mayan has international relationships that add value to the existing U.S. and Canadian relationships of Preferred, that should yield strong sales and ROI for our investors. Since the consideration of this project, we have received multiple contacts for product and contract growing opportunities."
“Our approach to gain land in strategic locations will allow us to penetrate the market without restraints that most will face. We have a focus on soil and temperature, as well as ease of shipping and receiving of finished products,” Ferraro said. “We want to be the company that anyone can call for product 365 days per year and we can deliver. We want to be able to contract-grow for large corporations and deliver when they need it without having to wait until the next growing season, and Belize is a great add-on to this approach.”
According to a new report by Grand View Research Inc., the global legal marijuana market size is expected to reach USD 66.3 billion by the end of 2025. It is anticipated to expand at a CAGR of 23.9% during the forecast period. Increasing legalization and use of marijuana in medical as well as recreational applications is expected to promote the growth.
A Brightfield report on CBD reveals that the sector “is growing faster than cannabis in the U.S., and will soon be a $22 billion industry. It’s been flying under the radar but is set to explode having profound impacts on CPG and Pharma.”
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