PALM BEACH, Florida, December 20, 2018
PALM BEACH, Florida, December 20, 2018 /PRNewswire/ --
Financialnewsmedia.com News Commentary
The already thriving CBD market is set for another boost from the passing of the Farm Bill, which will essentially legalize hemp in the United States. The status of cannabis component CBD may be cemented this week if all goes according to what many believe a favorable outcome. It has been widely noted that the Hemp market could surpass $20 billion in revenue over the next few years, and Kristen Nichols, editor of Hemp Industry Daily, referred to the bill as "seismic" for the cannabis market. CBD as a market already grossed north of $600 Million in 2017, before full legalization. It is not difficult to see why the optimism surrounding this market has been so high and continues to grow. Active cannabis companies in the markets this week include Earth Science Tech, Inc. (OTC:ETST), Isodiol International Inc. (CSE:ISOL) (OTC:ISOLF), Tilray Inc. (NASDAQ:TLRY), Altria Group Inc. (NYSE:MO), New Age Beverages Corporation (NASDAQ: NBEV).
Earth Science Tech, Inc. (OTCQB:ETST) BREAKING NEWS: Earth Science Tech, an innovative biotech company focused on the cannabidiol (CBD), nutraceutical and pharmaceutical fields, medical devices, and research and development, today announces it is taking advantage of the new Farm Bill, which is set to legalize hemp cultivation and hemp-derived CBD and other products in the United States, by signing David Barbash as its chief sales officer beginning in 2019. Mr. Barbash is a results-driven sales and marketing professional with more than 20 years of new business development to his credit and is a proven negotiator, manager and motivator.
As has been widely publicized, the 2018 Farm Bill, being signed soon, removes hemp (including hemp-derived cannabinoids containing less than 0.3% THC) from the Controlled Substances Act and transfers oversight of these products from the Drug Enforcement Agency to the U.S. Department of Agriculture. The new classification will allow domestic banks to now accept and process transactions related to hemp-derived cannabinoid-based products and opens doors to commercialize these products in the mass market. New Frontier cannabis market data projects the American CBD market will reach $2.3 billion in revenues by 2022.
To further take advantage of and capitalize on this amazing new opportunity, the Company has transitioned Jill Buzan, ETST's current chief sales officer, to direct the Company's sales in Florida while Mr. Barbash steps in as the new chief sales officer beginning in 2019. Mr. Barbash will begin distributing ETST's cannabinoid products through his nationwide small, medium and large chain retail accounts.
Mr. Barbash brings to the Company more than 25 years of natural products industry experience in both the U.S. and U.K. markets, having previously worked with niche forward-thinking companies like Health From The Sun/Arkopharma, Pure Essence Labs, and Harmonic Innerprizes. He brings extensive international experience and a high level of enthusiasm to his new role at ETST.
"It's an incredibly exciting time at ETST, and I am very thankful to be heading up the team that is going to lead the way in the cannabinoid sector when it comes to product efficacy, purity and clinically backed effectiveness," Mr. Barbash states. "In 2019, through increased distribution, an expanded sales force, further emphasis on education and projected record sales, we hope to provide a banner year for our customers, future customers and, ultimately, the consumer."
Nickolas S. Tabraue, president, director and chairman of ETST, states, "We are thrilled to add David to our team, and we look forward to an exciting year as he steps in as ETST's new chief sales officer. His expertise and enthusiasm will be tremendous assets as we ride the wave opportunity afforded by the legalization of hemp cultivation and hemp-derived CBD in the United States." Read this and more news for ETST at https://www.financialnewsmedia.com/news-etst
Other recent developments in the cannabis industry include:
Isodiol International Inc. (CSE:ISOL.CN) (OTCQB:ISOLF) recently announced it entered into an agreement on November 12, 2018 with Record Street Brewing Co., a music culture and lifestyle branded craft-beer company based in Reno, Nevada, for the research and development of hemp-based beers and functional beverages. On August 20, 2018, the Company announced its hiring of a lead brewer and the acquisition of a pilot brewing plant, including a 7-bbl brewhouse, four 15-bbl fermentation tanks, a 30-bbl fermentation tank, a 15-bbl brite tank, and a 30-bbl brite tank. In addition, the Company acquired a 12-ounce bottling line and a 22-ounce bottling line. This partnership with Record Street will give that equipment and Isodiol's internal R&D operations a strategic home in a state that has legalized both adult and medicinal cannabis use and embraces the sale of both hemp-derived and cannabis-derived CBD products. While federal and state regulatory restrictions generally prohibit cannabis activities by licensed breweries, there are significant opportunities to develop both alcoholic and non-alcoholic beverages in which Isodiol's hemp-derived ingredients can be utilized.
Tilray Inc. (NASDAQ:TLRY) recently announced a partnership with AB InBev to research non-alcohol beverages containing tetrahydrocannabinol (THC) and cannabidiol (CBD). The partnership is limited to Canada and decisions regarding the commercialization of the beverages will be made in the future. The research partnership combines AB InBev's deep experience in beverages with Tilray's expertise in cannabis products. AB InBev's participation will be through its subsidiary Labatt Breweries of Canada, one of the country's founding businesses and its leading brewery, and Tilray's participation will be through its Canadian adult-use cannabis subsidiary High Park Company, which develops, sells, and distributes a portfolio of socially responsible cannabis brands and products in Canada. Each company intends to invest up to $50 million USD, for a total of up to $100 million USD.
Altria Group Inc. (NYSE:MO) announced this month that it has entered into an agreement to acquire newly issued shares in Cronos Group Inc. (TSX:CRON) (NASDAQ:CRON), a leading global cannabinoid company, headquartered in Toronto, Canada. The transaction represents a 45% equity stake in Cronos Group, at a price of CAD $16.25 per share, for an aggregate investment by Altria of approximately USD $1.8 billion (approximately CAD $2.4 billion). As part of the agreement, at closing, Altria will have the right to nominate four directors, including one independent director, to serve on Cronos Group's Board of Directors, which will be expanded from five to seven directors. The agreement includes a warrant to acquire an additional ownership interest in Cronos Group at a price of CAD $19.00 per share exercisable over four years from the closing date. If exercised in full, the warrant would increase Altria's ownership in Cronos Group by 10% to approximately 55%.
New Age Beverages Corporation (NASDAQ:NBEV) recently announced a formal statement in response to the Farm Bill passing through the US Senate. The Company, establishing itself as a the leading authority in the CBD-infused beverage space, is poised to aggressively expand its portfolio of CBD-infused beverages, addressing different key consumer need-states. The Company is completing initial production runs by Christmas for the full portfolio, including sparkling water (CBD WTR™), green tea (CBD TEA™), and a shot offering (CBD SHOT™). It is prepared to distribute nationally as more clarity is brought to the regulatory landscape following passage of the Farm Bill. New Age's CBD-infused products contain 25mg of 'full spectrum' CBD, with zero THC, are non-psychotropic, and are third-party tested for safety, stability, efficacy, dosage accuracy, and are Farm Bill Compliant. In anticipation of a full national rollout, the Company has already secured retailer and distributor commitments in key legal states including Colorado, California, Washington, and Oregon, and commitments spanning over 125 thousand points of distribution in the independent and DSD channels alone.
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