LAS VEGAS, NV – South American Gold Corp. (OTC PINK: SAGD) has begun cannabis production at the first two government authorized facilities in Uruguay.
Sales of cannabis products through authorized pharmacies is expected to begin as early as June of 2016. Each licensee is authorized to produce up to two tons of finished product per year.
“After working through some growing pains, we are quite pleased to see that authorized production is underway in Uruguay,” said SAGD’s CEO Marianne Rasmussen. “The full legalization and regulation of the cannabis production and distribution in Uruguay is an important step down the path toward a more normalized market in all of South America and we feel that a successful implementation in Uruguay is an important first step towards further liberalization in some of the more populated markets in the southern cone.”
In addition to the two licenses granted by the Uruguayan government for cannabis production and distribution for recreational use, Uruguay has yet to open up for bidding licenses to produce for the therapeutic or medicinal market in Uruguay.
“The medicinal market in Uruguay is incredibly important,” continued Rasmussen. “While a complete cessation of prohibition may take years to accomplish in some of the more hard-line administrations in the region, the acceptance of cannabis for medicinal purposes is gaining ground and will likely be the first significant source of growth for legitimate producers in the region.”
About South American Gold Corp.
South American Gold Corp. is focused on becoming the premiere provider of value added products and services for the cultivation and processing of cannabis for the South American medical and recreational markets with an initial focus on the Uruguayan market.
This release contains forward-looking statements that are based on beliefs of South American Gold Corp. management and reflect South American Gold Corp.’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words “estimate,” “project,” “believe,” “anticipate,” “intend,” “expect,” “plan,” “predict,” “may,” “should,” “will,” “can,” the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of South America Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, South American Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company’s filings with the SEC including 10K, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance South American Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company’s due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations from the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.