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2018 Farm Bill Nears Passage For Hemp Based CBD Products Creating Tremendous Opportunity For PSIQ
PSIQ POSITIONED TO SUBSTANTIALLY EXPAND ITS HEMP BASED CBD OPERATION WITH THE PASSAGE OF THE 2018 FARM BILL
PSIQ SEEKS TO JUMP TO THE TOP TIER OF HEMP BASED CBD COMPANIES WITH THE PASSAGE OF THE 2018 FARM BILL
SUNRISE, Fla., Dec. 18, 2018 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) announces it is pleased to join the industry in applauding the Senate and House for passage of the 2018 Farm Bill, awaiting the expected President’s signature this week. While PSIQ expands globally, it has also positioned itself to grow rapidly within the USA, amid the passage of the Farm Bill, giving it a competitive advantage by way of early to market.
Some recent developments outlined below as follows:
- Initial Approval to establish an Exclusive growing farm and processing plant for medical Cannabis & Hemp in the Kingdom of eSwatini
- Filing of Form S-1 as First Step in Uplisting to OTCQB
- Acquisition of Exclusive Distribution Rights to Cheech & Chong Men’s Grooming Products for brick & mortar in the United States and Israel
- Exclusive Distribution Rights for Mexico and Argentina With First Year Minimum Guarantee of $500,000
- Signed agreement with Saboneto Soap Company to Exclusively Produce Hemp Infused Natural Soap
- PSIQ Reports Record Breaking September 30th, 2018 Nine Month Revenue Increase of 850% as compared to 2017 Nine Month Revenue
With the passage of the Farm Bill, PSIQ plans to rapidly expand within the USA in addition to global expansion. The House of Representatives passed the final version of a massive Farm Bill on Wednesday December 13th, 2018, clearing a major, must-pass item from the legislative agenda before the end of the year and the start of the next congressional session. The bill, which passed both the House and Senate with strong bipartisan support, next heads to President Donald Trump's desk for his signature. In the Senate, the vote on Tuesday December 12th 2018 was 87-13, and in the House, it was 369-47. Negotiators also agreed to include legislation that would legalize industrial Hemp, a significant development for producers of cannabidiol, or CBD oil.
Senate Majority Leader, Mitch McConnell referenced that this bill removes industrial Hemp from the federal government's list of controlled substances, making it a lawful agricultural commodity. But of interest to public cannabis companies is the bill's implications for the U.S. market for cannabidiol, a "non-psychoactive" chemical found in Hemp and Marijuana. According to industry analysts, this new version creates far more certainty around the legality of the commercial sale of Hemp-derived products (with less than 0.3 percent THC, namely CBD), and clarifies the legality of interstate commerce.
Industry publication Hemp Business Journal estimates the total retail value of hemp products sold in the U.S. in 2017 to be at least $820 million, with help derived CBD products constituting 23 percent of sales. CBD products, such as PSIQ’s family of products that include the non-psychoactive compound CBD, cannabidiol are used for a wide range of medical conditions, ranging from epilepsy and multiple sclerosis to arthritis and chronic pain. Laws involving CBD products differ in each state. Hemp Industry Daily projects the hemp-derived CBD retail market will reach between $2.5 billion and $3.1 billion by 2022, which assumes growth in retail penetration but a scenario of no major change in current federal policies concerning hemp.
PSIQ is a manufacturer of proprietary Hemp based CBD non-psychoactive cannabinoid products extracted from the Hemp plant focused on the medical and consumer market. Its product line includes but not limited to gummies, muscle and joint salves, cookies, creams, tinctures and honey (of various concentrations) as well as Natural Healthy Soap with Dead Sea Salts infused with Hemp.
Dan Oran, CEO stated, "The 2018 Farm Bill, opens the floodgates for the industry to grow very rapidly and scale on a national level," Mr. Oran added, "PSIQ is positioned to produce quality Hemp based CBD products competitively priced to have a head start in the marketplace.” Oran concluded, “This is a very exciting time for our Hemp based CBD products that have the potential to change people’s lives.”
ABOUT PROFILE SOLUTIONS, INC.:
Profile Solutions, Inc., through its subsidiary Elite Products International, Inc., is a leading distributor and manufacturer in the cannabinoid (CBD) industry. The Company's products contain cutting-edge CBD industrial hemp extracts in the form of edibles, creams, oils, salves and others. Financial information can be found at www.otcmarkets.com/stock/PSIQ/profile. Please visit the Company website at www.profilesolutionsinc.com,
Subsidiary at www.elitehempproducts.com
Facebook at www.facebook.com/EliteProductsINTL/,
Instagram at www.instagram.com/elite_hemp/,
Linkedin at www.linkedin.com/in/elite-hemp-products-3a863914a/,
Twitter at www.twitter.com/Elitehemp_intl
Blog at www.elitehempproducts.com/blog.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
FOR INFORMATION, PLEASE CONTACT:
Dan Oran, President
Profile Solutions, Inc.
8411 West Oakland Park Blvd.
Sunrise, FL 33351