NBA Legend Isiah Thomas Hopes To Score In His International Hemp Venture

One World Products (OTCQB: OWPC), a fully-licensed hemp and cannabis producer in Colombia — owned by former Detroit Pistons point guard Isiah Thomas — is one step closer to commercialization.

The news comes as OWP recently found $10 million in financing to help scale industrial hemp operations and work its way into the capital markets by 2023. Thomas has previously said that he wants the auto industry to trade plastic for hemp.

“We are delighted that our newest institutional investor clearly values the vision and tremendous growth potential that we see for OWP,” said Thomas, OWP’s chairman and CEO. “Furthermore, one of our original investors in OWP has increased his investment enabling us to restructure our debt with much more favorable terms.”

The company has filed its S-1 with the Securities and Exchange Commission as part of its recent common stock purchase agreement and registration rights agreement with an institutional investor for up to $10 million worth of shares issuable over a 36-month period.

Upon filing the S-1, the institutional investor has made its second fixed-price follow-on equity investment of $150,000. The fixed-price equity investments were priced at $0.15 per share.

Thomas noted that the second equity investment provides additional capital that will be used to continue to scale company operations in Colombia, enhance industrial sales of hemp products to customers and expand its carbon credits program.

“Of tremendous importance to us has been the faith and enthusiasm this institutional investor has demonstrated, evidenced by their $300,000 investment that is priced approximately 50% higher than our recent share price,” he said. “Even more supportive long term, they are allowing us control over the timing and amounts of future equity capital, which allows us to take advantage of sudden increases in our stock price.”

OWP is the largest Black-controlled hemp and cannabis producer with offices in Las Vegas, Nevada, as well as offices and operations in Bogota and Popayan, Colombia. The company planted its first crop of cannabis in 2018 at its cultivation site in Popayan, Colombia, and began harvesting commercially in the first quarter of 2020.

“What I see in Colombia is the opportunity to become the green capital of carbon capture by working with the indigenous farmers, growers and the Afro-Colombian community,” Thomas said in a May interview with Radio W Colombia, “…because this is a unique opportunity in a unique time where the environment is calling for us to change our behavior. And not only change our behavior, but make sure that we continue to reduce our carbon footprint.”

Thomas’ international holding company, Isiah International, as well as OWP and the remaining business consortium controls approximately 1.2 million acres of land in Colombia focused on the licensed production of industrial hemp for integration into sustainable, carbon-reducing products.

OWP expects to supply its global clients with industrial and commercial applications for cannabis, hemp, and hemp products — including derivatives in crude oil, distillate, and isolate forms — with industrial-scale production to serve global cannabis and hemp demand. Its products will be produced and tested according to GAP, GMP, and ISO standards.

“I would also like to highlight that I am personally an additional $500,000 at $0.15 per share in $100,000 increments over the next five months,” said Thomas. “As an ascendant international hemp and cannabis company focused on environmental, social, and governance (ESG) standards, we believe that these latest rounds of investment and refinancing position us well to elevate the company to the next level.”

Cover Photo: Rey Del Rio/Getty Images

The post NBA Legend Isiah Thomas Hopes To Score In His International Hemp Venture appeared first on Green Market Report.

NBA Legend Isiah Thomas Hopes To Score In His International Hemp Venture on Green Market Report