SUNRISE, Fla., May 21, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) announced today that its wholly owned subsidiary, Elite Products International, Inc., reported revenues for the first quarter ending March 31st, 2019 of $453,732 compared to revenues of $208,236 for the quarter ending March 31st, 2018, representing an almost 120% increase.
“In addition to developing a tremendous line of quality Hemp based CBD edibles, topicals and cosmetics, I would especially like to give thanks and show my appreciation to our family of support personnel at Elite. It’s their hard work, dedication, honesty, integrity, being on time and overall commitment to excellence that make it both motivating and rewarding to serve and contribute to the overall health of our customers,” stated PSIQ Subsidiary Elite Products International Chief Executive Officer, Shimon Fhima.
Mr. Fhima continued to state, “This is just the tip of the iceberg of our business plan. As we execute, watch us grow…..”
A wildly popular nutritional supplement and food additive, oil-based hemp derived products like CBD racked up $1.1 billion in 2018 domestic sales and, after the Agriculture Improvement Act of 2018 (“Farm Bill”) removed them from the Controlled Substance Act, 21 U.S.C. §§ 801, Et. Seq (1970) and Drug Enforcement Administration’s (“DEA”) clutches, 2019 hemp production and sales exploded.
A fast-growing, sustainable, and inexpensively produced plant, “Industrial Hemp” is a variety of Cannabis sativa L. containing less than 0.3% plant chemical delta-9 tetrahydrocannabinol (“THC”). Agricultural Act of 2014, 7 U.S. Code §5940. Unlike Marijuana, which is cultivated to yield psychoactive THC, Industrial Hemp yields more than 25,000 oil and fibrous products embraced by farmers as a hedge against lower-value soy, cotton, and alfalfa crops.
Seventy-eight percent (78%) of all hemp grown in 2018 was for CBD, an oil-based hemp-derived product offering broad health and wellness uses that achieved $641 million in domestic sales according to the Hemp Industry Journal. The U.S.’s largest CBD firms achieved record Q3 2018 revenues including $17.7 million by Charlotte’s Web (maker of products sold in 3,000 U.S. stores and up 57% from prior year); $16.8 million by “hemp and CBD-based products portfolio companies owner” Medical Marijuana Inc. (up 116% over Q3 2017); and $13.6 million by manufacturer CV Sciences (whose Plus CBD oil is sold in 2,000 natural health food stores).
Cannabidiol (CBD) is the part of the cannabis plant that doesn't get you “high” like the THC side of the plant. It is typically used for health reasons instead of for recreational purposes. The CBD products are either derived from industrial hemp plants or marijuana plants.
The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That's a 700% increase from 2016. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million, plus another $112 million in marijuana-derived CBD products which were sold through dispensaries – bringing a total CBD market to $202 million last year.
Matt Karnes of Greenwave Advisors is even more optimistic about the growth of the CBD market saying, “In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Right now, there are 15 states that allow CBD only -- this is in addition to the 28 states plus DC that have legalized medical marijuana.”
About Profile Solutions
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 and salves. Financial information can be found at https://www.otcmarkets.com/stock/PSIQ/profile. Please visit the company website at www.profilesolutionsinc.com, Facebook at https://www.facebook.com/EliteProductsINTL/, Instagram https://www.instagram.com/elite_hemp/, Linkedin at https://www.linkedin.com/in/elite-hemp-products-3a863914a/, Twitter at https://twitter.com/Incprofile and Blog: https://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