In an effort to shift focus on hempSMART CBD Consumer Products Division, Marijuana Company of America (OTCQB:MCOA) has dissolved itself of a Joint Venture (JV) with Canadian-based Global Hemp Group (OTCPK:GBHPF).
According to the terms of the dissolution:
GHG accepts to make two cash payments to MCOA, one on or before September 30, and the other on November 15.
GHG will grant to MCOA common stock an amount equal to $185,000 at the time the settlement agreement is fully executed.
The parties agree that the settlement results in GHG owning 100% of the JV, which implies that there will be no need to liquidate the JV, save and except for any other ancillary agreements that may be necessary to give full force and effect to the transaction contemplated herein.
On May 8, 2018, the company, Global Hemp Group and TTO Enterprises entered into a joint venture agreement to develop a project to commercialize the cultivation of industrial hemp on a 109-acre parcel of…