GeoNovus to Pursue Development, Commercialization of Cannabinoids

GeoNovus Corp. (CSE:GNM) announced that it has signed definitive agreements with a private Uruguay SA company and Julian Strauss, its principal. Both are “working in multiple areas of the cannabinoid sciences, industrial hemp and medical marijuana industries in that country,” and GeoNovus plans to continue their work.

As quoted in the press release:

Pursuant to the agreements, GeoNovus will acquire all of the current assets of the private Uruguayan SA company and those of its principal that are used in their work in that field, and Strauss will provide his consulting services to GeoNovus.

Based on these agreements, GeoNovus will establish operations in Uruguay with a goal to produce intellectual property “IP” patents for licensing globally through the development of cannabinoid, industrial hemp and medical marijuana-based products

Mike England, president of GeoNovus, commented:

Signing this definitive agreement gives GeoNovus an ability to hand pick cannabinoid, marijuana and industrial hemp opportunities in Uruguay. We are conducting extensive due diligence to determine the highest priority target businesses with a view to bringing early stage revenue and making the best use of the opportunities available, including working with North American-based partners that currently find their research and product development restricted by existing US and Canadian legislation. We believe that Uruguay offers one of the best operating environments in the world for marijuana and hemp cultivation, distribution and research.

Click here to read the full GeoNovus Corp. (CSE:GNM) press release.