The cannabis industry continues to grow, every day. As Pharmaceutical Technology reported, Global legal cannabis sales in 2020 were up by 45% in 2019, with several leading companies reporting triple-digit revenue growth. With the opportunities ahead, these businesses are on the rise. This is exactly what the Black-controlled cannabis company One World Products, Inc. is aiming to advance. OWPC, a fully licensed cannabis and hemp producer in Colombia, announced this week that it has partnered with the National Association of Mayors of Municipalities with the Afro-Colombian Population (AMUNAFRO) to create socio-economic opportunities for Black Colombians within the cannabis industry. Colombia has one of the largest Afro-descendant populations in Latin America.
Created in 2017 to be a disruptive, pure-play cannabis business, it focuses on the future of cannabis and hemp manufacturing and distribution. OWP is a licensed producer and global supplier of hemp and cannabis-derived ingredients for use in manufacturing consumer packaged goods. The company OWP offers a global supply chain for chemical formulators, food and beverage producers, and personal care product manufacturers. With two corporate offices in Las Vegas, Nevada and Bogota, Colombia; this Black-controlled cannabis company operates its facility in Popayan, Colombia.
According to an article published by Benzinga, a financial media outlet, this new business association aims to enhance the economic environment of Black Colombians by utilizing One World Products’ existing partnerships and experience as a leader in the cannabis and hemp industry.
Through this strategy, the partnership is going to work to collaborate with the Afro-Colombian population to achieve this goal of economic development initiatives. Also, OWP and AMUNAFRO are working to create a business consortium of Afro-Colombian small and emerging business entities with an interest in the cultivation of industrial hemp.
“I’m excited for this opportunity to reaffirm our core commitment to ESG standards, and further expand our ability to perform in the marketplace. Most importantly, through this Memorandum of Understanding, we continue to build on a strong foundation with an organization which is rich in culture and heritage,” Isiah Thomas, chairman and CEO of One World Products, told Benzinga.
Thomas, who is an NBA Hall-Of-Famer, was named by the company as executive chairman of its board of directors in December 2021.
Thomas explained that OWP is working to create a database of public and private organizations in Colombia and a clearinghouse for synergy and growth. OWP and AMUNAFRO announced that this project will expand technical and economic cooperation in the areas of trade, education, sports, tourism and income generation for the benefit of the population.
This partnership is also planning to establish a task force to identify areas of sustainable growth while meeting with federal government officers, embassies, African-descendant mayors, sector representatives, and trade stakeholders to set further common goals. Being more sustainable to meet the United Nation’s 2030 Agenda for Sustainable Development is another commitment agreed upon in the partnership.