Primary Energy Metals is mulling acquiring a Colombian CBD based medical grade cannabis producer
Primary Energy Metals Inc () (OTCMKTS:PEMTF) revealed Wednesday that it is mulling acquiring a Colombian cannabidiol (CBD) based medical grade cannabis producer as it kick-started a review of potential opportunities.
The company says it will focus potential transactions in the cannabis sector, particularly the cultivation and production of cannabis outside North America.
READ: Primary Energy Metals closes C$1.1 million financing as new CEO's first order of business
It has now inked a non-binding letter of intent (LOI) with private firm NNZ Consulting to evaluate the existing assets of NNZ
NNZ, via its subsidiary, Ihuana SAS, is licensed to cultivate, produce and distribute cannabidiol (CBD) based medical grade cannabis in Colombia.
Ihuana SAS wants to become a large scale producer of naturally grown non-psychoactive cannabis, with its primary operations centralized in the Bogota savannah in central Colombia.
Primary Energy cautioned that this letter of intent entered into does not set out terms of a potential transaction nor have any such terms been finalized.
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