Marijuana Company of America (MCOA) and Global Hemp Group Enter Letter of Intent to Form Joint Venture with Space Cowboys, Inc.

Marijuana Company of America (MCOA) and Global Hemp Group Enter Letter of Intent to Form Joint Venture with Space Cowboys, Inc.
Marijuana Company of America (MCOA) and Global Hemp Group Enter Letter of Intent to Form Joint Venture with Space Cowboys, Inc.

Marijuana Company of America (OTC: MCOA) and Global Hemp Group (OTC: GBHPF) (CSE: GHG) this morning announced their entry into a letter of intent with licensed cannabinoid producer Space Cowboys, Inc. for the purposes of forming a joint venture. Per the terms of the agreement, the two companies will invest $2.5 million in exchange for a 25 percent equity interest in Space Cowboys, subject to their ability to obtain sufficient funding. These funds will be used to expand Space Cowboys’ cultivation operations in an effort to better capitalize on the strong demand for cannabinoid-based products within Colorado’s established legal cannabis industry. “MCOA has always been interested in developing hemp farms and processing here in the United States,” Donald Steinberg, CEO of MCOA, stated in the news release. “By initiating this Joint Venture, the Company will accomplish this objective along with securing its supply chain of raw cannabinoids. It is an important step in the continued development of the hempSMART brand, which distributes a hemp-based Cannabinoid product line.”

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