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SUNRISE, Fla., April 30, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) announced today that its wholly owned subsidiary, Elite Products International, Inc. (“Elite”), has entered into a Reseller Agreement with Shopcbd.com, a subsidiary of Cannara Biotech, Inc. (CSE: "LOVE") (FRA: "8CB") to market and sell Elite’s line of products within the United States.
Cannara Biotech Inc. ("Cannara"), an emerging vertically integrated cannabis company focused on cultivation and cannabis-infused products, recently announced its subsidiary Global ShopCBD.com Inc. ("Global shopCBD.com") closed private rounds of financing for aggregate proceeds of $8,865,849.15 to create, build and promote sales for the listings on its website www.shopcbd.com. Global shopCBD.com's strategy is to offer a wide variety of products from leading CBD brands such as Elite www.elitehempproducts.com with competitive pricing and delivery times across the U.S. The rise in popularity for CBD products is driven by consumers seeking natural-wellness solutions to treat various ailments from inflammation, anxiety to insomnia amongst many others. As a result, the hemp-derived CBD market has been estimated to reach U.S. $22 billion by 2022, according to cannabis industry analysts at the Brightfield Group.
“Our careful due diligence and research in selecting each vendor is a large part of the true value we provide our customers at Global shopCBD.com. That’s why we are excited to partner with Elite to provide U.S. consumers premium hemp-CBD products that meet strict quality control requirements that are in line with Global shopCBD values,” said Zohar Krivorot, President and CEO of Global shopCBD and Cannara.
Shimon Fhima, CEO of PSIQ subsidiary Elite stated, “We are extremely pleased and honored that ShopCBD.com has elected to list and promote Elite’s line of premier CBD products. We firmly believe the partnership will generate substantial revenues for both companies as well as provide a true benefit to ShopCBD.com consumers as the source for quality CBD products competitively priced.”
ABOUT CANNARA BIOTECH, INC. (CSE: “LOVE”) (FRA: 8CB”)
Cannara Biotech is building one of the largest indoor cannabis cultivation facilities (625,000 square feet) in Canada and the largest in Quebec. Leveraging Quebec's low electricity costs, Cannara Biotech's facility will produce high-grade indoor cannabis and cannabis-infused products for the Canadian and international markets. ShopCBD.com, a subsidiary of Cannara Biotech, is a U.S. online retailer of hemp-based CBD products focused on delivering a wide variety of high-quality tested products. ShopCBD.com is set out to offer U.S. consumers with a trusted, convenient and fast way to shop for CBD products through its online e-commerce platform. For more information concerning Cannara Biotech, please visit the company’s website at www.cannara.ca.
ABOUT PROFILE SOLUTIONS, INC. (“PSIQ”)
Profile Solutions, Inc., has two operating subsidiaries. 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, topicals and cosmetics. Financial information can be found at https://www.otcmarkets.com/stock/PSIQ/profile. CannBerry Tek, Inc. is a Hi-tech innovative Biotechnology Company which manages various Research & Development (“R&D”) activities with the major focus on the Medical Cannabis industry. Please visit the company website at www.profilesolutionsinc.com and www.elitehempproducts.com and Facebook at www.facebook.com/eliteproductsintl/, https://www.facebook.com/EliteProductsINTL/, Instagram www.instagram.com/elite_hemp/, Linkedin at www.linkedin.com/in/elite-hemp-products-3a863914a/ , Twitter at https://twitter.com/incprofile 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
Alex Wolfe, Vice President of Business Development