A Toronto marijuana producer is making plans to grow hemp in China to make CBD and other hemp products.
Pure Global Cannabis announced Tuesday it signed an agreement to grow roughly 17,000 acres of hemp in the Yunnan province.
Pure Global Cannabis says it will operate its China hemp operation with another company, KMT-Hansa Corp. KMT is a technology company headquartered in Anguilla that has a license to grow and process hemp in China.
Terms of the agreement were not released.
Pure Global Cannabis says the CBD products will be exported from China to other Asian markets and countries where CBD products are legal. The companies did not say when the hemp would be planted or how long before it expects the Chinese CBD to get to market.
Pure Global Cannabis trades on the TSX Venture Exchange as PURE. KMT-Hansa trades on the TSX Venture Exchange as KMC.H.