International Goldfields to Enter Cannabis Space
International Goldfields Ltd. (ASX:IGS) announced that it’s entered into a binding heads of agreement (HOA) to gain an 85-percent interest in Winter Garden Biosciences, an Uruguay-based biosciences and pharmaceuticals company.
As quoted in the press release:
Winter Garden is an advanced developer of mass market non-synthetic cannabis products, and is focused on the production of cannabis extracts, derivatives, delivery systems and related intellectual property for sale into the rapidly growing international marketplace for therapeutic medicinal cannabis products.
WG possesses a significant edge over other cannabis companies because of its first mover advantage and strategic base in Uruguay. Uruguay recently became the first nation in the world to fully legalise under its federal regulatory system the research & development, as well as cultivation, distribution, sale and consumption of nonsynthetic cannabinoids and hemp.
Laws outside of Uruguay prohibit growth and research on hemp with a THC content of more than .03%. This has altered every aspect of the plant to the point that it offers almost no useful research benefits. As a result only synthetic plants can be utilised in R &D and these are ineffective and inadequate for both research as well as pharma-grade medical applications.
The unique character of Uruguay’s cannabis laws, the Company’s existing licenses as well as world-class R &D and production facility give WG advantages not available to any other company focused on the development and sale of cannabis, and cannabis related products.