The board of Rocky Mountain High Brands Inc (OTCMKTS:RMHB) gave nod for the creation of an exploratory committee to explore the possibility of establishing a supply chain for the supply of white label, private label products, and its products in Puerto Rico.
Discusses the benefits of doing business in Puerto Rico
Chief Executive Officer and President of Rocky Mountain, Michael R. Welch, said its team discussed the benefits of conducting business in Puerto Rico with the officials of the Department of Economic Development and Commerce on February 25 and 26, 2020, in San Juan. He said the team is apprised of the benefits of doing business in Puerto Rico when they met the representatives of private/ public partnerships, industry, government, attorneys, and lobbyists.
Climate is conducive for growing hemp in Puerto Rico
Michael said the climate in Peru is conducive to growing hemp. Additional benefits include multiple tax incentives and access to the shipping lanes worldwide. The company can label the products “Made in the USA.” It can also benefit from quality manpower. The company also gains additional grants by training and employing certain categories of Puerto Ricans.
Michael said it eliminates the need to rely on third-party supplies. It can engage in hemp cultivation, farming, CBD product manufacturing, CBD extraction, and co-packing for CBD packages. The company will have control over its supply chain and qualify for industrial stipends, tax incentives, and grants. It can also benefit from several incentive programs and derive dividends for the investors and shareholders going forward. Rocky Mountain can make use of its expertise in the CBD and hemp space and accelerate growth in Puerto Rico.
Michael said the company is actively working with the Department of Economic Development and Commerce and the Department of Agriculture and private firms such as Invest Puerto Rico to become a multi-million dollar venture. The company will review the site selections, available tax accreditation, and develop a roadmap to become the first major player in marketing hemp and CBD in Puerto Rico. It helps Rocky Mountain to become a leader in CBD and Hemp across the world and offer rich dividends to the investors.
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