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SUNRISE, Fla., April 04, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) announced today that its wholly owned subsidiary, Elite Products International, Inc. (“Elite”), reported Revenues for the year ending December 31st 2018 of $876,448 compared to Revenues of $208,236 for the year ending December 31st 2017, representing an increase of over 400%. The financial statement can be viewed in its entirety at https://www.otcmarkets.com/stock/PSIQ/disclosure.
The increase in revenues is primarily due to execution of the Company’s business, sales and marketing plan which nurtured a growing pipeline throughout the year which resulted in many new and repeat customers. Elite prides itself with excellent products, competitively priced, on time deliveries and friendly and supportive customer service.
The FDA has now taken steps to advance the agency’s continued evaluation of potential regulatory pathways for cannabis-containing and cannabis-derived products, allowing for extensive new growth for PSIQ in the USA, with plans to expand domestically. See https://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm635048.htm.
Cannabidiol (CBD) and Cannabis stocks have had a significant run so far in 2019, with no signs of slowing down. CBD-infused food is a hot industry sub-sector for a lot of companies to take advantage of, offering the greatest potential to tap into the exploding cannabis market. Analysts project that infused CBD food and beverages could outpace general demand for marijuana products by a factor of 2, taking nearly 20% of the already existing market for cannabis edibles by 2022.
However, many of the top Cannabis and CBD companies are unsure how to add their CBD and Cannabis products to food, drinks and dietary supplements purely due to current regulation guidelines which remain unclear. Some of the big-name retailers have entered the market. Recently, mega retailer CVS announced it has taken the leap and will begin selling CBD products, which prompted Walgreens to follow suit, announcing it will also carry CBD products soon after. This comes after a leading drink manufacturer, New Age Beverages, unveiled a new line of cannabis-infused drinks that will utilize the highly recognized name of late reggae star Bob Marley in launching Marley+CBD. PSIQ plans to monitor these trials, set to take place this month to look into how the FDA might legalize CBD-additives in food products. PSIQ stands to benefit significantly from a positive out-come of the trials, which ultimately aim to loosen the constraints of adding cannabis related products to food and drinks.
Dan Oran, CEO of PSIQ stated, “2018 was a fantastic year for PSIQ, but just the beginning. We significantly grew our Revenues by over 400% and extremely confident that 2019 will continue our path of explosive growth and success for our company and its shareholders.”
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 in Israel 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