EastWest Bioscience Negotiating Major Strategic Hemp and CBD Opportunities.
VANCOUVER, BC / December 19, 2018 / EastWest Bioscience Inc. (the “Company” or “EastWest”) (TSX-V: EAST) is hopeful for an early Christmas present with continuing progress of the U.S. Farm Bill. The federal legalization of hemp in the US, once passed, opens up significant opportunities for EastWest to follow through on its long held strategic plans to market hemp products to the 50 States and beyond.
The U.S. Farm Bill is pivotal to the future of the hemp-cannabidiol industry and it has advanced to within a hair’s breadth of becoming law. On Dec. 11, 2018, the Senate voted overwhelmingly in an 87-to-13 vote to approve the $867-billion farm bill. The legislation now heads to the House, where it will be considered before the New Year. President Trump has also expressed his support for the Bill.
“We’ve been focused on the hemp and CBD side of the Cannabis business since the beginning,” says Rodney Gelineau, EastWest’s CEO. “The legalization of hemp in the US has been foundational to EastWest’s market strategy. Once the U.S. Farm Bill is signed into law the legal barrier restricting our ability operate and sell into the US markets essentially evaporates.”
“It’s really hard to underestimate the importance of this to our strategy,” continues Gelineau. “From the beginning, a critical strategic question was should we run with the others on the THC and marijuana play or stay the course with a more off-the-radar strategy for hemp, and anticipate the long-play for CBD? Even though the past couple of years the marijuana play, especially in Canada, has been more exciting then hemp, our economic and political instincts told us the 2019 legalization of hemp and CBD in the US, would be a safer, less red-tape encumbered and more lucrative long-term goal.”
“For Canadian cannabis companies, the contrast of a US marijuana market still years away from federal legalization, compared to a now fully legalized US hemp and CBD market, creates significant business confidence. Hemp is going to offer exponential growth for us now and for years to come.”
EastWest’s hemp-based products including its nutraceutical supplements, food and snacks, pet treats, and body care products now selling in Canada will also have almost immediate market opportunities into the huge national US markets, giving EastWest significant early US market advantage.
The Company is currently negotiating market distribution deals with CBD distributors in the US and with medical distributors and natural health clinics the EU. Also being negotiated is the acquisition of a Kentucky company selling CBD oil and isolates to several CBD product brands and which owns manufacturing and warehousing facilities in the heart of Kentucky’s hemp industry.
About EastWest Bioscience Group
EastWest Bioscience is a seed-to-sale organization that offers world class manufacturing and premium hemp-based consumer goods. 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
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