Santo Mining Corp. (OTC Pink: SANP), dba PODWERKS, operates a co-working space for cannabis businesses and entrepreneurs. Shares of the cannabis company are down 33.33%, through early trading on Thursday, July 6, 2017. Over the past month, Santo Mining Corp. saw average daily volume of 85.23 million shares. However, volume of 248.39 million shares or dollar volume of $49,678, has already exchanged hands on Thursday.
Shares of Santo Mining Corp. are facing pressure today, after the company announced it has signed an exclusive joint venture memorandum of understanding (MOU) agreement with Yunnan Industrial Hemp, in order to develop hemp products for the United States market. A definitive agreement is expected to be signed within the next two to four weeks. Here is the full press release detailing of the joint venture MOU agreement:
Santo Mining Corp. Press Release:
KUNMING, CHINA July 6, 2017 — Santo Mining Corp. dba PODWERKS (the “Company”), (OTCBB:SANP) announces today it has signed an exclusive joint venture MOU with Yunnan Industrial Hemp for the US hemp market. Under the terms of this joint venture MOU both companies will work together in developing an international brand for all the hemp and CBD products Yunnan Industrial Hemp manufactures. The company is scheduled to sign a definitive agreement during the next 2 to 4 weeks in Beijing and outline a roadmap to market.
Mr. Frank Yglesias CEO stated, the fact that Yunnan Industrial Hemp can produce over 2 tons of high grade CBD a year is enormous, we will be developing a team in the weeks to come of professional Marketing and Financial Experts to create a goto-market plan for the US. This joint venture will be a subsidiary of PODWERKS, the business structure will be defined during the weeks to come and we will be announcing the structure and new directors.
Additionally Mr. Matthew Arnett CMO added, The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. With this joint venture and partners like Yunnan Industrial Hemp we can be a force to recon with in the CBD market. Our first goal will be to develop a delivery system for our CBD to make us unique in the market.
Mr. Andy Suo, General Manager of Yunnan Industrial Hemp, stated, We are impressed with the harmonious understanding of China and its culture that PODWERKS executives have, this is the foundation of this joint venture and its success, we are committed in making this joint venture a win-win for all.
About Yunnan Industrial Hemp Inc. (www.cnhemp.com)
Yunnan Industrial Hemp Inc. (founded in 2001), a wholly-owned subsidiary of Yunnan Hanpu Health Products Co., Ltd., is currently Chinas only government authorized institution that can plant, process and deal in industrial hemp products in a large scale and is Chinas first enterprise exclusively engaged in the development of industrial hemp. They specialize in the development, research, breeding, planting, industrialized production and marketing of industrial hemp.
About PODWERKS (www.podwerks.com)
PODWERKS is a co-working space for cannabis entrepreneurs in the United States, providing the necessary framework to grow, market, and sell all cannabis related products. Our aim is to create a sustainable and community driven workspace by providing an affordable, scalable and a safe business environment for our tenants. All Podwerks spaces will feature three types of pods:
1-Growing pods o Nursery, Production and Drying
2-Office Space pods o Desk space, Wi-Fi, printers, copy machines, meeting rooms
3-Retail Space pods o Coffee Shop, Hardware Supply Shop, Co-op Shop
PODWERKS spaces will be located in urban designated zones permitting the commercial cultivation, and sales of cannabis related products. Each site will have an average of ten modified steel shipping container pods with an onsite manager overseeing day-to-day operations. Working with local and state agencies, Podwerks container pods will comply with all building code requirements to ensure the safety of our tenants. Community is an essential part to Podwerks mission of Grow for Life. PODWERKS tenants can benefit from a series of social and professional events designed to foster collaboration and create a strong and expansive community. Some of these events will include speaker series, investor panels and local governments outreach, among others.
PODWERKS is a division of Santo Mining Corp, a publically traded company in the Over-the-Counter (OTC) market. It currently trades under the ticker symbol SANP.
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management’s intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will” and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company’s actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company’s forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company’s future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company’s future revenues or results of operations.