Substantiation of Industrial Hemp Cultivation <User Notice>

Substantiation of Industrial Hemp Cultivation

Nongboo Mind Co., Ltd.

1. Area and period of Special Zone

ㅇ Special Zone for substantiation : Gyeongsandbuk-do Industrial Hemp Special Regulation Zone

※ Announcement of Ministry of SMEs and Startups No.2020-54

ㅇ Period of substantiation : December 1st, 2020 ~ May 31st, 2023 (6 month expansion)

2. Condition of safety regarding Article 86, Clause 4

ㅇ(Production Report) Reporting on the cannabis production with information of surface area of cultivation, production status, and production quantity. Report should be made whenever a new production is made.

ㅇThorough seciruty management on access and transfer, regarding entrance of an outsider, or biological contamination.

3. Content on Liability Insurance or Compensation for Damages

ㅇLiability Insurance : Payment in personel 180 Million won, Payment in substitutes 1 Billion won

※ Compensation will be made based on Laws on Regional Special Zone Article 60 (Liability Insurance and Resistration)

4. Other matters designated by the Minister related to the use of products and services

ㅇ Not applicable

5. Related grounds

ㅇ ACT ON SPECIAL CASES CONCERNING THE REGULATION OF REGULATION-FREE SPECIAL ZONES AND SPECIAL ECONOMIC ZONES FOR SPECIALIZED REGIONAL DEVELOPMENT

ㅇ Designation as regulation-free special zone (Notification No. 2020-54/2020.07.28 by the Ministry of SMEs and Startups)