CALI, COLOMBIA--(Marketwired - Apr 20, 2017) - New Colombia Resources, Inc. ("the Company") (OTC PINK: NEWC), a Colombian natural resource company listed in the U.S., with premium metallurgical coal and medical marijuana assets, is pleased to announce their medical marijuana joint venture, Sannabis SAS, is the first company to pay Colombia's new Cannabis tax. This tax was presented as part of Articles 209-213 of the recent tax reforms in Colombia that went into effect earlier this year. Sannabis is the leading brand in Colombia for medical marijuana products with tremendous success in treating patients. "Sannabis is proud to be the first one to contribute taxes for the development of a new cannabis industry in Colombia for legal uses," stated Juan Pablo Guzman, President of Sannabis, S.A.S.
The new tax code imposes a 16% tax on finished goods derived from psychoactive or non-psychoactive cannabis products. The tax applies to all products made from cannabis such as creams, shampoos, pills, paper, textiles, animal feed, plastics, and medical preparations.
Sannabis is a pioneer in Colombia's new medical marijuana industry, legally producing medical marijuana products on an Indian Reservation in Colombia since 2014. This first mover advantage will benefit Sannabis as it maneuvers the recently approved licensing process to grow marijuana and manufacture products outside of the Indian reservation. For a brief video on the history of Sannabis visit, https://www.youtube.com/watch?v=xzuFtp5-Iyo
On April 10, 2017, the Ministers of Health, Justice, and Agriculture signed Decree 613 regulating the medical marijuana industry. This decree enables the government to accept cultivation license applications. Sannabis is working with the Ministry of Health to apply for their licenses to grow outside the reservation that won't go into effect until 2018. Until then, Sannabis will continue to legally sell their products increasing their domestic and international markets while others wait for their licenses. Sannabis is aggressively pursuing the U.S. market for non-psychoactive CBD and Hemp products with their new U.S. distributor that is majority owned by New Colombia Resources.
Sannabis was instrumental in gathering the mayors of several municipalities in the Colombia's Cauca Department, the largest marijuana growing region, to form a co-operative of marijuana growers now known as Caucannabis. Last year Sannabis hosted these mayors at their cultivation and manufacturing facilities in Cauca to showcase their efforts in the field. A recent article in the New York Times talks about the efforts of this region to transform itself into a leader in medical marijuana. The article speaks of a Canadian company's efforts in the region, Sannabis and Edward Garcia, mayor of the town of Corinto began this enterprise. In a recent interview by a U.S. film crew doing a documentary on Colombia's new industry, Mr. Garcia clearly acknowledges Sannabis as the first one in the region that began the movement. Sannabis has several projects including a new laboratory in Corinto that will be announced soon. Click here to read the article, https://www.nytimes.com/2017/03/09/world/americas/colombia-marijuana-farc-drugs-santos.html
New Colombia Resources will be making additional announcements concerning their medical marijuana and coal mining operations and shipments as soon as their much-anticipated annual report is filed.
To view a nationally televised documentary about medical marijuana in Colombia featuring Sannabis growers, patients, and management visit the first video on http://www.sannabis.co/video. This documentary interviewed Sannabis patients and their loved ones around the country using Sannabis products.
Follow Sannabis on Facebook for photos and testimonials at https://www.facebook.com/sannabis.cannamedicinal
New Colombia Resources, Inc.
New Colombia Resources, Inc. owns vast reserves of premium metallurgical coal mining titles and a medical marijuana joint venture in the Republic of Colombia. They are setting up a rock mining operation to supply the major road and infrastructure projects within miles of their properties. They own 100% of La Tabaquera metallurgical coal mine in Colombia with an estimated 15-17 million tonnes of reserves. They have an additional 1196 ha. metallurgical coal mining title that they are negotiating to develop with a foreign entity to build a coal fired power plant. New Colombia Resources holds a significant position in Sannabis SAS which legally produces medical marijuana products in the Republic of Colombia, visit www.sannabis.co. For more information on the Company visit www.newcolombiaresources.com
Forward Looking Statements
Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements might not occur. Factors that could cause or contribute to such differences include financing, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations. New Colombia Resources, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.