News>HMI Group Intends to Sell 51% Equity Interest in Suma Bio to Grandshores Technology Group for the Development of Industrial Hemp
HMI Group Intends to Sell 51% Equity Interest in Suma Bio to Grandshores Technology Group for the Development of Industrial Hemp
November 22nd,2019 by HMI Group

On 22 November 2019, Grandshores Technology, HMI Group and Yunnan Suma Bio-tech Co., Ltd. (SMBT) entered into the Framework Agreement, pursuant to which the Company intends to acquire, and HMI Group intends to sell, 51% equity interest in Suma Bio. HMI will become the shareholder of Grandshores Technology.

HMI Group is a leading company focusing on the whole chains of industrial hemp owning high CBD content breed. The combination of HMI Group & Grandshores Technology will make the industrial hemp industry more better and bigger.

Grandshores Technology Group Limited (“Grandshores Technology”, stock code: 1647) is principally engaged in construction, blockchain and industrial/medical related businesses. In March 2019, the company further expanded its business to industrial and medical related fields, such as the cultivation, and processing of industrial hemp and the application of its extracts in medical and consumer goods industry.

HMI Group‘s subsidiary Yunnan Suma Bio-tech Co., Ltd. (SMBT) is a modern biotechnology enterprise which is committed to promoting the development of Chinese industrial hemp industry from breeding, cultivation to promotion. SMBT has signed a 10-year exclusive strategic cooperation agreement with the Hemp Research Institute of Chinese Academy of Agricultural Sciences to work closely on industrial hemp breeding and cultivation. At present, SMBT successfully bred new industrial hemp with CBD content of more than 5%. It is expected to be put into mass production and cultivation in 2020.

SMBT obtained Yunnan Industrial Hemp Planting License.In the near future, SMBT will make use of the unique advantages of the industrial hemp planting base in Yunnan to build photovoltaic traditional Chinese medicine plant factory and develop energy-saving ecological sightseeing agriculture & three-di-mensional soil-less wisdom agriculture.

SMBT and CAAS’s Hemp Research Institute together breed new seed named CN Hemp No.1 with technical conditions for commercial cultivation through the identification of experts of Yunnan Seed Management Station. The content CBD over than 3% of CN hemp No.1 is larger than any other hemp seed in China. It will improve our country competitiveness on industrial hemp industry.

HMI Group & Grandshores Technology will expand the industrial hemp over the world promoting the coordinated development on business, which will greatly enhance the domestic and international status of both parties.