LAS VEGAS, Nov. 18, 2024 (GLOBE NEWSWIRE) -- One World Products, Inc. ("OWP") (OTCQB: OWPC), renowned for its innovative approach to eco-friendly materials, proudly announces significant progress that solidifies its influence in the rapidly expanding industrial hemp market. Celebrating the receipt of its first royalty payment, Isiah Thomas, Chairman and CEO of OWP, states: "Our strategic partnerships with industry giants such as Stellantis, Flex-N-Gate, Orbis, and West Michigan Compounding are pivotal as we drive forward the integration of green practices into mainstream markets. With their support, we are setting new benchmarks for what it means to operate responsibly within the automotive industry." OWP highlights its readiness to capture growing business opportunities and invites significant industry attention.

This significant progress coincides with the global industrial hemp market's projected growth, expected to reach $16.82 billion by 2030, expanding at a compound annual growth rate (CAGR) of 17.5% from 2024, as highlighted in a 2024 Grand View Research report. The surge in market value is largely attributed to hemp's expanding applications across a variety of sectors including automotive, construction, food and beverages, personal care, and textiles, reflecting its increasing integration into mainstream industries.

OWP's strategic initiatives have successfully penetrated high-growth areas, and the Company is currently finalizing another significant order for its pioneering hemp-based containers, reflecting strong market confidence in OWP's eco-responsible solutions. This development is bolstered by strategic collaborations with industry leaders, showcasing a collective move toward more sustainable industrial practices.

In the packaging sector, the push towards renewable materials accelerates as major companies pledge to reduce single-use plastics. OWP, in collaboration with partners like Orbis and Flex-N-Gate, offers viable, sustainable hemp-based packaging solutions that could dramatically reduce the ecological footprint of the packaging industry.

Leveraging insights gained from Isiah Thomas's extensive connections within the professional athlete community, OWP's Pro-11 wellness line caters to the increasing consumer preference for eco-friendly and health-conscious options, positioning OWP to capitalize on this lucrative market trend.

As OWP transitions from its earlier focus on Colombian cannabis operations to embrace new opportunities, the strategic shift ensures alignment with global sustainability goals and market demands. This change leverages OWP's strengths in innovation and market responsiveness, fostering long-term growth and environmental integrity.

A key focus this quarter has been enhancing the financial reporting processes at One World Products, significantly advanced by the streamlined procedures implemented by CFO, Todd Peterson. This effort underscores the Company's commitment to meet scheduled filings, marking a substantial step in strengthening its operational capabilities under Peterson's leadership.

With robust industry backing and clear strategic directions, OWP invites investors and stakeholders to join as it ascends to new heights in these dynamic sectors. Positioned at the forefront of the green materials revolution, OWP presents a compelling opportunity for those committed to innovation and sustainability.

For more information, please visit #HempIsTheNewPlastic (TM)

Forward-Looking Statements:

This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at www.sec.gov.

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.

Investor Contact:
One World Products, Inc.
chris.wolven@owpv.com
800-605-3210 x506