Net Savings Link Inc. said its cannabis division will open an office in Shanghai, China, next month to expand its medical marijuana technology business into the world’s most populous country.
The company, based in Cresco, Pennsylvania, said in a news release it is moving into China because it sees a sizable opportunity there.
China is the world’s largest producer of cannabis sativa seeds, producing nearly 40% of the world’s supply, according to Net Savings Link, which trades on the over-the-counter markets under the symbol NSAV.
Chinese companies have 309 out of the 606 patents filed around the world that relate to cannabis,” company president James Tilton said in the release. “
Net Savings Link’s goal is to establish a tech firm that provides turnkey technological solutions to the medical marijuana industry, according to the release. The company also plans to provide services that include software solutions as well as advisory and financial services.
The Shanghai office is the company’s latest China-related venture. Net Savings Link previously announced an agreement in principle to acquire Chinese medical software company Shanghai Hua Si Tai Medical Consultation Co. Ltd., which owns and operates a medical research firm in Shanghai called Vital Strategic Research Institute.
All plant-touching marijuana businesses remain illegal in China, but the country does grow hemp and exports it to the United States.