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LiveWire Ergogenics, Inc., Through Its International Partner, Receives Chinese Government Approval for CBD Production in China
LiveWire Ergogenics Inc. (OTCQB: LVVV), through its international partner, Lu'an Kaixuan Hemp Company Ltd., has obtained Chinese government approval for CBD (Cannabidiol) extraction from industrial hemp in China. This landmark approval is believed to be the first time a partnership between a Chinese and a U.S-based company has been given approval for CBD production in China, the world's largest producer of industrial hemp. This opportunity came together after four months of designing strategic relationships with the local government, university, and the largest hemp-related company in Lu'an, China.
Simultaneously, LiveWire announced that it has appointed Graham Earnshaw of South China Investments and resident of China, with extensive experience in the Chinese market, as President of China operations for LiveWire Ergogenics, Inc.
LiveWire reached an agreement with Lu'an Kaixuan Hemp Company Ltd, located in China's major hemp production region in Anhui Province, and is the largest hemp related company in Lu'an. This agreement is for the development of hemp oil and CBD production.
Lu'an City's vice-mayor Wang Qi instructed senior officials recently to provide full support to the project. The application was approved and sealed by the Administrative Service Center of Jin'an district government, with approval for the related operational activities of CBD production for the Kaixuan Company on behalf of LiveWire Ergogenics, Inc.
"We are planning for significant production of LiveWire products containing hemp oil and CBD and locking in a significant industrial hemp supply is crucial to our strategy," said LiveWire's CEO Bill Hodson. "China is by far the world's biggest producer of hemp, a source from which hemp oil and CBD can be extracted, and we have established relationships and infrastructure which we believe will allow us to become a major producer and international supplier of hemp oil and CBD."
Mr. Zhang Huaiping, CEO of Lu'an Kaixuan Hemp Company Ltd, said he was looking forward to cooperating with LiveWire.
"Lu'an has abundant hemp resources, and Kaixuan has a long history of developing hemp products," he said. "We believe CBD production will bring more tax revenue to the government, more income for the farmers, and help the company to expand and develop. We will fully co-operate with LiveWire to achieve this goal."
Graham Earnshaw, President of LiveWire China operations, said, "It's my goal, and that of the entire team based in the States, to make Lu'an City the largest production base for hemp oil and CBD in the world."
"China is the world's largest hemp producer, and Lu'an accounts for more than half of hemp production in China. Senior local officials have expressed full support for the LiveWire plan and we are working on designing the extraction and production process with the best researchers at West Anhui University, Lu'an's finest university that has decades of experience with this plant," Earnshaw added.
Hemp is grown in China primarily for use in textiles and there are no known CBD production operations currently in the country. Hemp oil has the optimum balance of essential fatty acids, and is widely used in various health care and nutritional products.
LiveWire has plans for a wide range of hemp oil and/or CBD-infused products including chews, drinks, powders and e-liquids to take advantage of the rapidly changing outlook for hemp-based dietary supplement products generally in the United States and around the world. LiveWire will also offer private label programs, as well as raw material supplies to manufacturers and marketers worldwide.
"Hemp has been used for food, fiber, industrial uses, and medicinal purposes in Asia for centuries and we intend to be a major player in this product both in the United States and around the world, hence our determination to lock in an unlimited supply. But we understand there is confusion in the marketplace regarding CBD and hemp oil, and there is a lot of research that needs to be done. We invite industry professionals to contact us to learn more about our partnership and possibly tour the acreage and research facility," concluded Hodson.
http://money.cnn.com/news/newsfeeds/articles/marketwire/1140079.htm