ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
FORMATION OF WHOLLY OWNED SUBSIDAIRY
On March 14, 2017, Aquentium, Inc. board of directors approved the incorporation of Aquafitt Beverage Company, Inc. as a wholly owned subsidiary for the manufacturing of mineral spring bottled water infused with cannabidiol “CBD”.
Hemp-based CBDs have been developed as both supplements (e.g. oils and pills) and consumer products. Aquentium is in the process of developing its own proprietary CBD-infused bottled water product. This product targets the multi-billion dollar bottled water industry with an innovative new product that has potential health benefits.
Demand for hemp-based products is growing rapidly alongside the expanding market for health food and personal care products. Science shows that hemp has many health benefits as it is high in omega fatty acids, complete protein, fiber, magnesium, zinc, iron and other important nutrients. Hemp’s use as a superfood ingredient is expected to rise across a wide array of health food categories.
Some of North America’s largest retailers- including Costco, Superstore and Walmart -carry a variety of hemp products. The Hemp Industries Association estimates that the total annual retail sales of hemp food and body care products is approximately US$200 million in the United States and US$20 million to US$40 million in Canada.
Emerging CBD Industry
Tetrahydrocannabinol (“THC”) may be the most popular part of the cannabis plant for its psychoactive properties, but cannabidiol (“CBD”) has become the focus of a growing number of clinical studies. According to ProjectCBD, there are over 50 medical conditions where CBD has shown some promise in treating the underlying problems or alleviating symptoms, while many large pharmaceutical companies are engaging in new studies.
The legal hemp-based CBD market is projected to reach between $2.1 billion by 2020, according to Hemp Business Journal. Unlike psychoactive THC, the Industrial Hemp Farming Act of 2015 excluded hemp from the Drug Enforcement Administration’s controlled substances list, which effectively legalized hemp-derived CBDs. Many other countries around the world have similarly permitted the importation of hemp-based CBD products.
As of this filing Aquentium, Inc. has 93,967,403 common shares issued