Vancouver-based pharmaceutical company Isodiol International (CSE:ISOL) (OTC:ISOLF) has announced that it has entered into an agreement to purchase 51% of Round Mountain Technologies (RMT) LLC.
Isodiol will purchase 52% interest in RMT for $250,000 USD in Isodiol stock and will also provide RMT with $400,000 in cash funding for working capital.
RMT holds a cultivation license from the State of Nevada for the production of organic hemp in Nye County. The company’s property is a total of 155 acres, and 70 of those acres will be planted by Isodiol international and RMT within the next several weeks.
According to Isodiol CEO and Marcos Agramont, the “transaction is another significant milestone in Isodiol’s storied path to success,” as RMT will help to “[increase] [the company’s] US organic hemp biomass supply for CBD production.”
Isodiol also specializes in the production of hemp-based health and wellness products and currently “has the ability to legally source, cultivate, and/or manufacture industrial hemp on three continents, North America, Europe, and Asia.”
The company’s subsidiary in the UK has recently “been approved as an Active Pharmaceutical Ingredient (API) by the United Kingdom Medicines and Healthcare Products Regulatory Agency (MHRA) for use in Finished Pharmaceutical Products (FPPs).”
All hemp produced by the Isodiol-RMT partnership will be processed within the State of Nevada, which is meant to help benefit the states’ economy.
Agramont has also said that he believes Isodiol international can “produce the purest, natural CBD [cannabidiol] in the industry” and the company will continue to “expand [its] distribution of CBD consumer products in new jurisdictions while continuing to expand [its] manufacturing capabilities throughout the world.”
Isodiol closed at a share value of $0.59 CAD on Tuesday after the announcement, a fall of nearly 1.67%, and was able to reach a high of $0.62 and a low of $0.58.
Comparatively, the company closed at $0.60 on Monday.
Do you think this new agreement played a role in Isodiol’s fall in share value?
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