Rocky Mountain High Brands Announces Board Approves Exploratory Committee to Investigate Building Entire Supply Chain in Puerto Rico
DALLAS, March 03, 2020 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTCQB: RMHB), a healthy lifestyle Company specializing in high-quality health and wellness products, announced today that the Board of Directors has approved formation of an Exploratory Committee to investigate building an entire supply chain in Puerto Rico for both RMHB products and private label/white label products for other companies.
Michael R. Welch, President and Chief Executive Officer of Rocky Mountain High Brands, Inc., stated, “On February 25, 2020 at their invitation, RMHB met with officials of the Puerto Rico Department of Economic Development and Commerce (www.ddec.pr.gov) in San Juan to discuss the advantages of doing business in Puerto Rico. While there, over a two-day period, we met with over a dozen representatives of government, industry, public/private partnerships, lobbyists, and attorneys who educated us on the numerous benefits of establishing major operations in Puerto Rico.”
“We learned that the climate is ideal for growing hemp, the location and ports have easy access to worldwide shipping lanes, several lucrative grants are available, multiple tax incentives are available, products manufactured in Puerto Rico are marked “Made in the USA”, an abundant local work force is available, and, for employing and training certain groups of Puerto Ricans, we can trigger eligibility for an array of grants.”
“This repositioning move for RMHB would allow the Company to enter hemp farming, cultivation, CBD extraction, CBD product production, and co-packing for CBD beverages. As opposed to relying on third party suppliers, we would be responsible for our own supply chain. We're actively exploring grants, tax incentives, industrial stipends, and a variety of other valuable incentive programs currently being offered to help make this operational move more attractive to our shareholders and investment partners alike. We understand the complexities of such a decision but believe that the benefits offered in Puerto Rico will position our brand in a more financially viable light and help accelerate growth as a first to market enterprise in the Hemp and CBD space.”
Mr. Welch concluded, “We are actively working with the Department of Agriculture and Department of Economic Development and Commerce, along with private organizations like Invest Puerto Rico (www.investpr.org), who are dedicated to helping new multi-million-dollar ventures like ours grow and thrive. We are excited about the warm reception and the great strides that RMHB has taken in working with the people of Puerto Rico to realize this ground-breaking initiative. We look forward to returning to Puerto Rico to map out our available tax accreditation, review site selections, conduct partnership interviews with farmers, and develop a roadmap to be the first major Hemp and CBD market player in Puerto Rico. This strategy will make RMHB a worldwide leader in Hemp and CBD products.”
