BARCELONA, Spain, March 28, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Wuhan General Group (China), Inc. (WUHN) (the "Company" and "Wuhan"), announced today that its subsidiary MJ MedTech, Inc. (MJ MedTech) has commenced formulations and prototyping for the Dr. AnnaRx line of hemp and CBD based products.
The products listed below are being developed in Phase 1 and readied for sale for Q2 2019 onward. These products come under the Cosmetics and Food segments.
- Day Cream
- Night Cream
- Facial Cleanser
- Facial Exfoliator
- Shampoo & Conditioner
- SPF 50+ Sunblock
- CBD Olive Oil
- CBD Salad Dressing
- Infused Coffee
- Infused Tea
- Infused Honey
- CBD Chocolate
In Phase 2 and 3, the range of products will fall under the Topicals and CAMS (Complementary and Alternative Medicines) segment, respectively. The Company is expected to launch its range of Phase 2 and 3 products to the market in Q4 2019 onward.
- CBD Balms for pain and inflammation
- CBD Ointments for joint care
- CBD Creams for mind and mood
- Soft gels
- CBD Extracts
- Immune Booster
- The Company forecasts revenues for Q2, Q3 and Q4 2019 of the amount of $585,000, $2,047,500 and $5,265,000, respectively.
- Wuhan management executives will be visiting South Africa in April to ensure operational performance and conduct product testing by Wuhan's Chief Medical Officer against our quality standards.
- MJ Medtech will officially relocate the head office to Barcelona, Spain in anticipation of the European launch in 2020 where the Dr. AnnaRx line of hemp and CBD-based products will be sold as well as across South Africa and surrounding countries in more than 1,000 pharmacies in 2019.
Wuhan management believes in the transition to the cannabis industry as a strategic move that will ensure future company growth and shareholder value. We are eager to share our vision and success.
About Wuhan General Group (China), Inc.
Wuhan General Group (China), Inc. through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company that owns, develops and commercializes a range of CBD-based products. At Wuhan, our mission is to advance CBD-based medicine to the forefront by deploying best practice science and medicine, clinical research and emerging technologies.
For further information contact:
Publicly traded company (OTC Pink: WUHN)
Public Relations E-mail: firstname.lastname@example.org
Safe Harbour Statement - In addition to historical information, this press release may contain statements that 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. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon 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. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Source: Wuhan General Group (China), Inc.