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SUNRISE, Fla., March 27, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to announce the signing of a letter of intent for the assignment of a temporary license to prepare farm located at Hatzeva 37 Arava, Israel to grow and cultivate Medical Cannabis on 10,000 square meters therein with the intent to receive a permanent license to grow, cultivate, distribute and export Medical Cannabis.
The assignment shall be made by Gidon Blum (“Blum”) to a to be formed US or Israeli subsidiary of PSIQ. The parties shall make every effort to (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 Global Good Agricultural Practice standard (“GLOBALGAP”). GLOBALGAP is a Pre-Farm Gate standard, which means that Blum shall document the process in detail to certify the product from before the seed is planted until it leaves the farm. The GLOBALGAP standard requires that producers establish a complete control and monitoring system. Products are registered and can be traced back to the specific farm unit where they were grown. GLOBALGAP rules are relatively flexible about field practices such as soil fumigation and fertilizer usage. There are strict regulations about pesticide storage and pesticide residue limits. (b) attain all required licenses and permits required to grow, cultivate, distribute and export Medical Cannabis (c) transfer temporary license as soon as possible with PSIQ and all future licenses and permits issued directly to PSIQ sub. PSIQ shall advance the required funds to prepare farm land to grow and cultivate Medical Cannabis on 10,000 square meters therein 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.
The closing between PSIQ and Blum is subject to the satisfaction of due-diligence by both parties and execution of definitive agreements but in no case later than March 29th, 2019 unless mutually extended in writing by PSIQ and Blum.
Dan Oran, CEO of PSIQ stated, “According to the latest available estimates from Israel’s Ministry of Finance, exporting marijuana could result in up to $1 billion in tax revenue for the country. The global legal cannabis market is expected to grow to $57 billion by 2027, and there is a clear economic advantage to entering the international market early. PSIQ is positioning itself to seize its part of the opportunity with its proposed facilities in The Kingdom of eSwatini and Israel.”
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.
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/,
LinkedIn at www.linkedin.com/in/elite-hemp-products-3a863914a/ ,
Twitter at https://twitter.com/EliteHemp_Intl and https://twitter.com/incprofile
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