Wuhan Expands Capacity to Produce Medicinal Marijuana and Mushrooms
18 May 2019 - 3:34AM
InvestorsHub NewsWire
Wuhan Expands Capacity to Produce
Medicinal Marijuana and Mushrooms
Wuhan General Group (China), Inc. Signs LOI to Acquire
Significant Assets
From Biodelta Nutraceuticals, Ltd.
Barcelona,
Spain -- May 17, 2019 -- InvestorsHub NewsWire
-- Wuhan General Group (China), Inc.
(OTC
PINK:
WUHN) (the "Company" and
"Wuhan"), is thrilled to announce the signing of a very
remarkable Letter of
Intent
(LOI) with Biodelta.
The LOI
calls for
the purchase by Wuhan of 49% of the land, buildings, and
infrastructure including the specialized greenhouse
and
drying ovens. A full agreement
between the parties is expected to be reached in
45 days. More details will be made available after the signing of
the full agreement. The assets to be acquired include but are
not limited to:
-1.3
million square feet of cultivation space of which 300,000 square
feet is turnkey and ready to go as
necessary permits are approved and issued. The additional 1,000,000
sq ft. will be built out and readied for early 2021.
- Specialized
processing factory ISO 22000
- 8 Industrial GMP
compliant dryers
- Water
rights
"When we
visited Biodelta in South Africa last
month and saw first-hand the opportunity and possibilities we knew
this was a deal that had to be made. This puts Wuhan on the
global stage immediately in terms of sheer size and cannabis
production capacity. Preliminary forecasts would
see Wuhan produce
36,000 kg in phase one (300k sq. ft), and 175,000 kg (1.3M sq.
ft) at full capacity '' said MJ Medtech CEO
Jeff Robinson.
Leon Giese, Biodelta CEO added:
'' Biodelta has been at
the forefront of South Africa's algal biotech industry since 2004
through its growing and commercialization of Spirulina products
into the pharma market in Europe, Asia, and the Americas. Biodelta
recognizes the massive opportunity to exploit the growing
worldwide demand for South African medicinal herbs. Biodelta has
the facilities in place currently to grow under 300,000 square feet
of specialized greenhouse and to
evaporatively dry, process, formulate, brand and distribute a range
of value-added CBD
products into its retail pharmacy market throughout Southern Africa
as well as its customers worldwide."
About Biodelta Nutraceuticals
Biodelta
Nutraceuticals (ISO 22000 and organic certified) is a Cape
Town-based manufacturer and merchandiser of premium health products
to all pharmacy & health shop chains across South Africa. For
the past 12 years, Biodelta has developed, designed and produced
more than 1,000 products for these customers and is now
strategically positioned to launch CBD products through these
channels. In addition, Biodelta has license applications in process
for growing, extracting and product development as well as dossiers
for various CBD based products.
For further information contact:
Website:
https://biodelta.net/
Public
Relations E-mail: info@biodelta.net
About Wuhan General Group (China), Inc.
Wuhan
General Group (China), Inc. through its wholly-owned subsidiary MJ
MedTech is a nutraceutical biotechnology company that researches,
develops and commercializes a range of CBD-based products under
the Dr. AnnaRx brand. In addition,
its new division, M2BIO aims to explore
and develop additional indications for psilocybin new therapies
that will help patients who suffer from mental illness. Our mission
is to advance botanical-based medicine to the forefront by
deploying best practice science and medicine, clinical research
and emerging technologies.
For further information contact:
Publicly
traded company (OTC
Pink:
WUHN)
Website:
www.wuhn.org
Public
Relations E-mail: info@wuhn.org
Forward-Looking Statements:
Safe Harbour Statement - In addition to historical information,
this press release may contain statements that constitute
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements contained in this press release include
the intent, belief, or expectations of the Company and members of
its management team with respect to the Company's future
business operations and the assumptions upon which such
statements are based. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance, and involve risks and uncertainties and that actual
results may differ materially from those contemplated by
such forward-looking statements. Factors that could cause these
differences include, but are not limited to, failure to complete
anticipated sales under negotiations, lack of revenue growth,
client discontinuances, failure to realize improvements in
performance, efficiency and profitability, and adverse developments
with respect to litigation or increased litigation costs, the
operation or performance of the Company's business units
or the market price of its common stock. Additional
factors that could cause actual results to differ materially from
those contemplated within this press release can also be found on
the Company's website. The Company disclaims any responsibility to
update any forward-looking statements.
Source: Wuhan General Group (China), Inc.
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