Mr. John Anderson reports
AFRI-CAN ENTERS INTO MEMORANDUM OF UNDERSTANDING
FOR OPERATIONS IN UGANDA
Orofino Minerals Inc.'s target, EXMceuticals Inc. (formerly Afri-Can Cannabis Holdings Ltd.), has entered into a memorandum of understanding with Industrial Hemp Uganda Ltd. to form a joint venture company for the production and processing of cannabis in Uganda, and the sale and export of cannabis oil and ingredients. The MOU contemplates that the joint venture company will be owned 70 per cent by EXMceuticals and 30 per cent by Industrial Hemp. Industrial Hemp holds cannabis production and processing licences and over 50 acres of agricultural land in Uganda. Industrial Hemp and EXMceuticals will work together to develop and process cannabis products for export to wholesalers and retailers in Canada and worldwide where permitted by law. The parties are working to prepare a binding agreement that will formalize the terms governing the joint venture that will replace the MOU.
The proposed joint venture with Industrial Hemp is part of EXMceuticals's plan to operate several commercial cannabis farms, and process and export cannabis oil and ingredients from multiple production sites located in Africa.
Orofino previously announced (news release of Feb. 5, 2018) that it had entered into a letter of intent to acquire 100 per cent of Afri-Can, a private British Columbia company that indirectly holds a 70-per-cent interest in a licence to produce, process and export cannabis products from Democratic Republic of the Congo. Afri-Can and its affiliated subsidiaries plan to operate commercial cannabis farms, extract cannabis oils and ingredients, and export extracted cannabis oils and ingredients from production sites located in Africa.
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