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PSIQ Executes Agreement with Saboneto Soap Company, Amid Farm Bill, to Exclusively Produce PSIQ’s Hemp Infused Organic Soap with Dead Sea Salts
SUNRISE, Fla., Dec. 12, 2018 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) announces it has executed an agreement with Saboneto Soaps (“Saboneto”) for Saboneto to exclusively produce PSIQ subsidiary Elite Products, International, Inc. (“Elite”) Organic Healthy Soap with Dead Sea Salts infused with Hemp (“Soap”). See https://youtu.be/_TyFWgqyEfA
"In addition to Hemp and Dead Sea Salts, Elites Soap will include fresh Olive Oil containing 100% natural, vegan, gluten-free, soy-free, cruelty-free, non-GMO, food-grade ingredients that transform into a premium product targeting the skin care industry."
Shlomo Keshet, CEO of Saboneto stated “We see tremendous opportunity in the sale and distribution of Elites Soap. With the expected passage of the 2018 Farm Bill in the US, the market is unlimited and embryonic.”
The skin care market is oft characterized by lengthy ingredient labels and dubious marketing claims, but organic products incorporating hemp-based cannabidiol ("CBD") offer promising results. Many cosmetic giants have avoided the use of Hemp due to its uncertain legal status, although the industry has experienced significant liberalization in recent years. Researchers have begun to focus on the plant while over-the-counter manufacturers release products.
Data from market research Hemp Business Journal (www.hempbizjournal.com) supports an estimate of total retail sales of Hemp food, supplements and body care products in the United States at $553 million for 2017 with estimates to reach $1.9 billion in the U.S. by 2022. Sales of popular Hemp items like non-dairy milk, shelled seed, soaps and lotions have continued to increase, complemented by successful Hemp cultivation pilot programs in several states, and increasing grassroots pressure to allow hemp to be grown domestically on a commercial scale once again for U.S. processors and manufacturers.
As the U.S. Hemp market continues to grow at a double-digit pace annually, American consumers continue to demonstrate their strong interest in Hemp products,” said Eric Steenstra, President of Vote Hemp. “We expect the rate of growth of the market to increase, as Congress has indicated its intention to finally lift federal prohibition on industrial Hemp farming. Few other industries can so clearly prove the market demand for their products, whereas the Hemp market has essentially tripled in the last 5 years as Hemp farming advocates have made advancements in legalizing the crop at the state and federal levels,” he continued.
On April 12, 2018, Senate Leader Mitch McConnell (R-KY) with strong bi-partisan support from Senator Ron Wyden (D-OR), and further support from Senator Jeff Merkley (D-OR), introduced The Hemp Farming Act of 2018. If passed, the bill would place federal regulatory authority of Hemp solely with USDA and require State departments of agriculture to file their Hemp program plans with USDA but allow them to regulate hemp cultivation per their State specific programs. In addition to defining Hemp as Cannabis that contains no more than 0.3% THC by dry weight, the bill asserts a ‘whole plant’ definition of Hemp, including plant extracts; and would remove roadblocks to the rapidly growing Hemp industry in the U.S., notably by authorizing and encouraging access to federal research funding for Hemp, and remove restrictions on banking, water rights, and other regulatory roadblocks the Hemp industry currently faces. The bill would also explicitly authorize crop insurance for Hemp.
Dan Oran, CEO of PSIQ stated "We are excited to be adding this new line of Organic Healthy Soaps with Dead Sea Salt to our brand. Research clearly shows that hemp oil is extremely beneficial to the skin. This aligns with our brand mission of using the most highly effective ingredients that are natural and food-grade quality. With the U.S. Senate voting to pass the Farm Bill and US Congress expected to follow suit, there are expectations of imminent passage of the Farm Bill of 2018. Hemp would be completely removed from the Controlled Substance Act creating tremendous opportunity for PSIQ making the timing perfect to introduce our newest product."
Saboneto Soaps (www.saboneto.com) are all natural. The process starts with fresh organic plants from the Binyamin mountains in Israel, cooked in hot water mixed with choice oils that are part of its unique recipe, including olive oil, coconut oil, palm oil, castor oil, almond oil, sesame oil and shea butter, which together make a pure and rich composition that accompany all of its soaps and give them a texture that simultaneously lathers, stimulates and indulges. Next comes the Dead Sea mud taken from the depths of the Dead Sea creating unique soaps that soothe the soul and refresh the body is added. Known for its healing powers, it penetrates the pores of the skin, refreshing and renewing your skin. It's also rich in minerals that stimulates blood flow and prevent the aging of the skin, while the high concentration of salts, clay and sulfur all help make Dead Sea mud an effective natural remedy. After a few days, the “block” is cut and it is set aside to dry and age for about a month. The high-quality ingredients and cold pressing (until 38 degrees Celsius) preserve the healing properties that nature generously provides, leaving a rich and healthy soap. Medical studies have shown that Dead Sea Minerals are effective in treating psoriasis, acne, rheumatism, eczema cellulite, dermatitis, dry skin, wrinkles, arthritis, hair loss and dandruff.
The founders of Saboneto, Shlomo and Naomi, are the parents of six boys, their fourth son, Elnatan, was born with down syndrome. Elnatan fills their life with light and love and gives them the drive to change the world for people and families with special needs. With a pioneering spirit and a commitment to include and value all people, they set out to create a workplace for people with special needs and intellectual and developmental disabilities (IDD).
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