Isiah Thomas has invested $3 million into hemp and cannabis ingredient producer One World Pharma Inc. OWPC.
Thomas, the former Detroit Pistons player-turned-entrepreneur, was named CEO of One World Pharma last June. One World secured the funds through Thomas' holding company, Isiah International, which will complete the new funding round in six $500.000 monthly tranches over the next six months.
According to management, the funding will allow One World Phara to build a THC and CBD extraction facility in Colombia, and subsidize future growth.
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Following this move, Thomas will become one of the largest minority business owners in the Pan-American cannabis space, joining a select list that includes fellow NBA legends Al Harrington and John Salley, as well as hip-hop artists Berner and B-Real.
‘A Tremendous Opportunity’
Thomas explained that, after conducting an extensive analysis of the Colombian and global markets, he now believes “there is a tremendous opportunity" to build a valuable and ESG-compliant (environmental, social, and governance) company that is a significant player in the global cannabis and industrial hemp industry.
“There are few, if any, reliable, industrial scale, global supply chain companies in this space and we intend to be one. I am pleased to initiate this next chapter of growth,” Thomas added.
Dr. Kenneth Perego, executive chairman of One World Pharma commented, praised Thomas for lending One World his "world-renowned leadership and business acumen."
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"Today, he provides the catalytic funding for the Company to truly execute on its plan to become a leading international supplier of the finest cannabis ingredients," Perego added.
One World Pharma recently received approval for its high-THC strains in Colombia. Management expects that, with the cannabis industry being deemed one of national interest by the Colombian government, export permits are expedited.
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