HENDERSON, Nev., Dec. 17, 2019 (GLOBE NEWSWIRE) -- US Lithium Corp. (OTC QB: LITH) and its Board of Directors announce that it is conducting a strategic review of the Company in order to identify future prospects and opportunities that could deliver exceptional growth and increase shareholder value. Further announcements will be made as the strategic review progresses.
“Our Board continues to be committed to evaluating all options that maximize shareholder value,” said Gregory Rotelli, Chairman of the Board. “One such industry which holds much promise for corporate growth, while improving the lives of individuals, is the medical CBD and cannabis industry.”
According to the Brightfield Group, CBD sales in the US are projected to grow from around $600 million in 2018 to $23.7 Billion by 2023, a CAGR in excess of 100%. Numerous studies have shown that CBD supports the mind and body in several ways including seizure suppression, anti-anxiety, analgesic, and anti-inflammatory properties.
CBD sales were made legal across the US in December 2018 when the Farm Bill was enacted by President Trump. This legislation legalized industrial production of Hemp as well as CBD and other THC-free cannabinoids derived from Hemp. The CBD industry has already experienced significant growth since the Farm Bill went into effect.
According to BDS Analytics and Arcview Market Research, sales growth will come from products sold through licensed dispensaries, pharmaceutical companies, and in general retail markets- from cafes and smoke shops to grocery stores, pharmacies and mass merchants. Major retailers and pharmacies continue to announce their stocking and private label development of CBD products. CBD is also becoming a component of many medical products and pain relief topicals.
CBD is in a unique position compared to other nutraceutical or supplement ingredients for two reasons: 1) as an active ingredient in cannabis, it has a history of health and wellness use with demonstrated evidence of efficacy, and 2) it is one of the few natural remedies with scientific support for the claims being made about its curative powers.
A sampling of BDS Analytics’ comprehensive CBD retail data, consumer insights, and market intelligence includes:
BDS Analytics predicts US sales of cannabis- and hemp-derived CBD products to surge from $1.9 billion in 2018 to $20 billion by 2024, a compound annual growth rate of 49%.
CBD product sales in dispensaries since 2014 have grown at an even faster rate than overall sales in dispensaries.
The CBD consumer profile is also notably different from that of the cannabis consumer: BDS Analytics reports that CBD consumers have nearly a 1:1 gender ratio, whereas only one-third of cannabis consumers are female.
CBD consumers are an average age of 40, with a higher level of education, and more likely than non-consumers to be employed full time.
These forecasted growth and market factors, coupled with the proven efficacy of CBD in the medical industry, supports the Company’s decision to explore a move into this dynamic market place. CBD helps people have better, healthier and more pain free lives. The Company looks forward to keeping the market and its shareholders informed of the progress of its strategic review and the potential business opportunities that arise in this exciting new growth industry.
Notice Regarding Forward-Looking Statements
Disclaimer: This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of US Lithium Corp. and members of their management and Board of Directors as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.