Shineco, Inc. ((", Shineco", or the ", Company", , NASDAQ:TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, hemp products, and various health and well-being focused plant-based products in China, announced today that the Company, through its subsidiary Shineco China Hemp Technology Co., Ltd. (“SCHT”), has entered into a strategic cooperation agreement (the “Agreement”) with Pacific Islands Trade and Investment Commission (“PITIC”) to explore business opportunities of Industrial Hemp in Pacific Island areas.
PITIC is the largest and only Trade Promotion Organization (“TPO”) representing 16 Pacific island countries across the region. (Cook Islands, Fiji, FSM, Kiribati, Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tahiti, Tonga, Tuvalu and Vanuatu.) PITIC works directly with the private sector to develop, grow and promote business in the region. PITIC creates jobs in the Pacific Islands by developing and promoting Pacific Islands exports, investments, tourism and creative arts across international markets. PITIC is a lead agency in the region promoting and supporting emerging and established enterprises of the Pacific Islands with a particular focus on women owned or managed business.
Pursuant to the Agreement signed on December 29, 2019, both parties agree to jointly promote the implementation of integrated industrial hemp projects in 16 Pacific island countries and co-found Pacific-New Zealand Industrial Hemp CBD Research Institute. PITIC agrees to support and endorse 2020 International Industrial Hemp Summit in Shanxi, China of the Industrial Hemp Development Industry Committee of Trade & Association (Singapore) (“TIAS”) and assist the Company and its subsidiaries to learn Pacific and New Zealand industrial hemp legalization processes and emerging industry technologies. The Company agrees to work with PITIC to plant 15,000 mu (approximately 2,471 acres) of industrial hemp in Papua New Guinea.