VANCOUVER, BC / April 10, 2019 / EastWest Bioscience (the “Company” or “EastWest”) (TSX.V: EAST) expands into Kentucky, USA with TSX approval.
On April 1st, 2019, the TSX Venture Exchange gave EastWest Bioscience Inc. the green light to sell its products containing CBD in Kentucky, USA. Until recently, because of rules imposed by the TSX due to legal uncertainty regarding business operations involving any products derived from hemp, the Company was restricted from doing business in the USA. Now, with the TSX-V lifting those restrictions, the Company is free to manufacture and sell its CBD infused products under both US Federal and Kentucky State Law.
“This is a significant milestone for EastWest as it immediately makes available to the consumer market, all our existing product SKUs and sets the stage for strong growth across our CBD infused product lines,” states Rodney Gelineau, CEO of EastWest Bioscience.
EastWest is moving rapidly, incorporating a wholly owned subsidiary, EastWest Science USA to distribute its line of CBD products.
In accordance with its product roadmap, EastWest has been developing products in the USA for the CBD market. The Company now has a clear regulatory path to move these products from development, to manufacturing and distribution in the state of Kentucky. The Company has been in negotiations with consumer products manufacturers and distributors and will move products into consumer markets rapidly. The Company’s first CBD products will be six CBD infused supplements under the Natural Advancement PLUS brand and two CBD infused hemp pet treats under the brand Natural Pet Science PLUS.
“We started early with product development, a strategy which is now paying off,” continues Gelineau. “Our business and product development teams have been carrying on the planning and development work for our CBD infused products, and the Company is excited to have this regulatory hurdle out of the way so we can begin the real work of doing business in the US, starting with the state of Kentucky”.
EastWest is now able to finalize a key partnership for a CBD processing and consumer goods manufacturing facility in Kentucky which will give it the ability to manufacture CBD directly, in an in-house facility. This partnership will provide EastWest exclusive access to an 18,000 sq. ft. facility situated on 6 acres in Marion County the heart of hemp country in Kentucky, USA, an area known for its premium hemp, excellent growing conditions, and long history of industrial scale hemp farming. The partner also has CBD equipment and a Kentucky License for growing and processing hemp and CBD.
“Exclusive access to this facility will give EastWest a strategic US footprint in prime hemp country,” states Gelineau. “Not only is this facility strategically important to our plan it is also the next step toward export to the EU.”
About EastWest Bioscience Group
EastWest Bioscience is a vertically integrated wellness company with the infrastructure to become a global giant in the Hemp & CBD consumer health market. Since it was founded in 2016, EastWest continues to grow as a high-quality producer, manufacturer and distributor of multiple lines of premium hemp products. EastWest is strategically positioned in mainstream consumer markets with wholistic natural products and has developed distribution channels into mainstream stores and markets in Canada. The Company has a Health Canada licensed, GMP (Good Manufacturing Practices) certified manufacturing facility and produces premium brands offering natural products for a preventive care lifestyle. EastWest consumer product lines are divided into four distinct brands: 1) Natural Advancement – natural biopharmaceutical health supplements; 2) Earth’s Menu – all-natural hemp superfoods; 3) Natural Pet Science – pet food and pet supplements; and 4) Chanvre Hemp – all-natural health and beauty products. The organization will continue to focus on ongoing development of innovative, hemp-based consumer products through advanced science with clean, natural ingredients to complement its current product offerings.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
Co-Founder, Chief Executive Officer and Director
TSXV – Symbol: EAST
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the Acquisition. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.