Itoco Inc. announced that it has executed a Letter of Intent with Mountain Trading SAS for a large-scale cannabis/CBD cultivation and production joint venture in Colombia on a premium 40-hectare site. This will give ITOCO a world class footprint for the processing and production of CBD cannabis derivatives for export into major legal world markets. The project will be directed by newly formed Itoco subsidiary, ITOCO BIOMED SAS, a COLOMBIAN corporation. Under the terms of the letter of intent, the joint venture will oversee the 40-hectare CBD cultivation and production site. The site has ample access to power and water, and will have access to genetics registrations for high CBD plants, as well as the required licenses from seed to processed exports. The terms of the joint venture provide for expansion of the production site up to 500 hectares (1,200 acres) of dedicated production. Itoco Inc. will own 50% of the joint venture cannabis production and will also participate as co-owner of the Colombia venture from the first funding, and is set to increase its ownership position as it successfully contributes to additional funding tranches for site development.