Pervasip Corp. (OTC: PVSP) and its subsidiary Artizen Corp. have received approval to be the exclusive expert group and support for the development of the indoor smart growing section of the Korean Hemp development project.
On Tuesday, the company announced that its team of experts will be working with Kyeung-Il Park, the head of the department of horticulture and life science at Yeungnam University, in partnership with KRTL International Corp., a wholly-owned subsidiary of KRTL Holding Group Inc. (OTC: QENC).
The Korean government has committed $40 million to assist in the development of the industry by funding greenhouse trials, research, policy development and testing efforts.
Under the agreement, KRTL and Artizen have been hired by Park to act as the main consulting groups for the “Hemp Regulation Free Special Zone Project Promotion Team” in Kyeongbuk Institute for Bio-Industry, a local public enterprise.
The goal of the project is to establish a platform for nurturing the hemp front and rear industries and establish a foundation to verify the stability and commercialization of hemp and CBD industrialization in order to prepare a management system.
Two years ago, the Korean government designated the southeastern province of Gyeongbuk as a regulation-free zone for hemp growing.
“We are excited about the opportunity to work with KRTL on this project. It allows us to become trusted partners in what will become a true center of excellence for developing CBD/Hemp opportunities throughout Asia,” Artizen CEO German Burtscher said.
“We look at this as another step in supporting our development of market-disrupting wellness products and distribution.”
Pervasip –a developer of companies in high-value emerging markets– owns Artizen Corporation and its subsidiary, Zen Asset Management LLC, an asset management company founded to acquire, develop, and support companies and technologies in the cannabis industry.