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SUNRISE, Fla., June 11, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to announce the acquisition of a license to prepare 10,000 square meters of farm land located in Arava, Israel to grow, cultivate, distribute and export Medical Cannabis in and from Israel.
The license shall be assigned by Gidon Blum (“Blum”) to Green Horizon Ltd. or such other name as shall be mutually agreed upon by the Parties, provided that such name is approved by the Israeli Registrar of Companies (“Green Horizon”). Green Horizon shall be owned 74% PSIQ and 26% Blum. The parties shall (a) prepare the farm to grow, cultivate, distribute and export Medical Cannabis based upon the most advanced agricultural and medical know-how and experience according to best-in-class quality standards and policies, including Good Agricultural Practices (b) attain all required licenses and permits required to grow, cultivate, distribute and export Medical Cannabis (c) transfer temporary license as soon as possible to Green Horizon and all future licenses and permits issued directly to Green Horizon. PSIQ shall advance the required funds to prepare the farmland with the intent of a permanent license to grow, cultivate, distribute and export Medical Cannabis.
The facility shall include (a) agricultural farm with large open areas for advanced greenhouse complex for growing medical cannabis (b) processing and Extraction facility for medical cannabis (c) advanced nursery to produce medical cannabis plants (d) security to prevent the leakage of material to unauthorized parties. Private operation coordinated with local police including local armed guards 24 hours per day, 365 days per year (e) water in enough quantity and flow for grow and cultivation and (f) electric in enough quantity and flow for grow and cultivation.
Dan Oran, CEO of PSIQ stated, “While Israel has been world-renowned for pioneering cannabis cultivation and extraction technologies, export licenses are now available subject to the approval of the Health Ministry and police clearance. With anticipation of great success, we agreed to partner with Gidon Blum, an experienced high-tech grower of over forty years to prepare the farmland located in Arava, Israel to grow, cultivate, distribute and export Medical Cannabis in and from Israel. We project to have the land ready to grow with the appropriate grow license and first crop ready for sale by the third quarter of 2020.”
ABOUT GIDON BLUM
Gidon Blum, for more than 40 years has specialized in the production, packaging and sales of vegetables for Europe and the United States. Blum is an experienced high-tech grower from an agricultural and sales perspective. Blum is known to distribute quality, new, best of brand products to retail chains in Europe and the United States. For more information, please see https://youtu.be/OsuLOrkyrZ8.
ISRAEL’S POSITION ON MEDICAL CANNABIS
The Israeli Cabinet approved the 16th amendment to The Dangerous Drugs Ordinance on January 27th, 2019 that concerns the governance and regulatory aspects of exporting medical cannabis from Israel. This final approval enables farmers to export medical cannabis, a move expected to generate significant revenue for the state. The law conditions growing cannabis on a health ministry license, with police providing approval and monitoring growers and investors.
ABOUT PROFILE SOLUTIONS, INC. (“PSIQ”)
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.elitehempproducts.com and www.profilesolutionsinc.com 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/EliteHemp_Intl and 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