NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) -- Blake Insomnia Therapeutics, Inc (OTC: BKIT, “The Company”) announces that it is rebranding and changing its business model to take advantage of the huge opportunity in the burgeoning cannabidiol (CBD) sector by rolling up and consolidating the growing number of CBD providers under one platform to become the leading source and distributor of CBD in the marketplace. Reflecting this transition, the Company has submitted a name change request to rebrand as BioHemp International (www.biohempinternational.com), complementing its new role in this expanding industry.
The Company is positioning itself to be the market front-runner for distribution in the growing CBD industry. According to Brightfield Research, the CBD market is expected to reach $22 billion by 2022. Currently, there are no dominant distributors in the CBD market as the nascent industry has been dominated by "mom & pop" sellers who have been in the industry since its infancy, and lack the sophistication that would be prevalent in a mature industry. The number of entrants is only expected to rise with the rapid expansion of the sector, but an inflection point is about to occur. According to Harvard Business School, the first stage of industry consolidation begins when the combined market share of the three largest companies drops between 30% and 10%. The CBD market is at the precipice of consolidation, and the Company is positioned to accomplish this and become the market leader.
With a strategy to roll up mono and multi-branded e-commerce and brick & mortar retailers under one platform, the Company is focusing on acquiring strong CBD assets that will make the Company the market force in consolidation across the CBD industry. By creating economies of scale for brands and vendors, the Company is positioning itself to be the CBD distribution market leader, and capitalize off the beginning of a seismic shift in this fast growing industry.
Following the approval of name submission and change in business direction, the market ticker will remain the same under BKIT.
About Blake Insomnia Therapeutics
Blake Insomnia Therapeutics, Inc. (BKIT) previously operated as a pharmaceutical company providing insomnia remedy. Following the rebrand and approval of its name change to BioHemp International, Inc. The Company will be focused on rolling up a distribution platform for CBD providers to become the leading consolidation force in the CBD industry.
For more information please visit: www.biohempinternational.com
Safe Harbor Notice
Certain statements contained herein are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. Blake Insomnia Therapeutics, Inc undertakes no obligation to revise these statements following the date of this news release. Additional details of the Company's business can be found in its public disclosures as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
This press release is issued on behalf of the Board of Directors of Blake Insomnia Therapeutics, Inc
Blake Insomnia Therapeutics Contact:
244, 5th Avenue
New York, NY 10001