Insider Financial reports on Columbian company New Colombia Resources Inc (OTCMKTS:NEWC)
Will we start seeing this in other jurisdictions ?
Here’s their introduction
In our last review of New Colombia Resources Inc (OTCMKTS:NEWC), we noted that the company is primarily a mining company, and has ventured into the cannabis industry as a secondary business.
New Colombia Resources, Inc is focused on the acquisition and development of high-quality metallurgical coal properties and other available resources in the Republic of Colombia. The Company expects to have several revenue producing businesses including; metallurgical coal mining and rock quarry aggregates for domestic Colombian highway and railroad building projects. The Company owns 100% of La Tabaquera metallurgical coal mine in Colombia with an estimated 15- 17 million tonnes of reserves. The Company has another pending acquisition for 390 ha, and a solicitation contract for 184 ha metallurgical coal concession. New Colombia Resources also holds a significant position in Sannabis SAS which legally produces medical marijuana products in the Republic of Colombia.
For the purposes of this article, we will mainly focus on the medical marijuana side of the business. For starters, in Colombia, a law legalizing medical marijuana was passed in May 2016, but the regulations for possession of seeds, cultivation, transformation, and exportation have not been ratified. A Resolution regulating medical marijuana is expected at any time in accordance to Article 18 of Law 1787 of 2016 and Decree 613 of 2017. Like many other companies around the world, New Colombia Resources, Inc recognizes the potential opportunities in the emerging medical marijuana industry. Consequently, the Company is taking steps to capitalize on the increasing demand for quality medical marijuana.