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PSIQ Now Expanding CBD Operations Domestically and Internationally Amid Successful Passage of 2018 Farm Bill
SUNRISE, Fla., Dec. 21, 2018 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) announces it is thrilled to announce the federal legalization of Hemp farming in the U.S., allowing PSIQ to aggressively expand its current line of CBD and Hemp products domestically and internationally.
The 2018 Farm Bill signed into law by the President on December 20, 2018, includes Section 10113 titled “Hemp Production,” which removes Hemp from the Controlled Substances Act, places full federal regulatory authority of Hemp with USDA, and allows State departments of agriculture to file Hemp programs and regulate Hemp cultivation per their State specific programs. It has been widely noted that the Hemp market could surpass $20 billion in revenue over the next few years, and Kristen Nichols, editor of Hemp Industry Daily, referred to the bill as “seismic” for the cannabis market. CBD as a market already grossed north of $600 Million in 2017, before full legalization. It is not difficult to see why the optimism surrounding this market has been so high and continues to grow.
Dan Oran, CEO of PSIQ stated, “The passing of the 2018 Farm Bill should have a monumental positive impact for PSIQ by increasing the availability of our Hemp based CBD products and creating new businesses and jobs in the Hemp industry. Now that the federal prohibition on Hemp farming has been lifted, we can expand our operation for Hemp products domestically and internationally so PSIQ and its shareholders can reap the benefits of this historic event. We intend to aggressively expand our product line which includes but not limited to Cheech & Chong Men’s grooming products, Sabonetto Soap Factory line of Soaps and potential grow facility in eSwatini.”
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 removes roadblocks to the rapidly growing Hemp industry in the U.S., notably by authorizing and encouraging access to federal research funding for Hemp, and removing restrictions on banking, water rights, and other regulatory roadblocks the Hemp industry currently faces. The bill also explicitly authorizes crop insurance for Hemp.
Furthermore, Hemp Production expands federally legal commercial Hemp cultivation to tribal lands, reservations and U.S. territories—lands that had previously been omitted in Sec. 7606 of the 2014 Farm Bill, which allowed only for Hemp farming programs in States.
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