Profile Solutions Inc. (PSIQ)

[shanak10]

Profile Solutions Inc. enters the emerging Cannabis, Cannabinoid and Hemp Industry with acquisition of Elite Products International, Inc.
8:37 am ET January 9, 2018 (Globe Newswire) Print
Via OTC PR Wire -- Profile Solutions, Inc. (OTC:PSIQ) announced today it has acquired Elite Products International, Inc.

Profile is entering the emerging Cannabis, Cannabinoid and Hemp market to distribute and manufacture cutting-edge Cannabis, Cannabinoid and Hemp extracts in the form of edibles, creams, oils, and salves for humans and pets (www.elitehempproducts.com). Profiles initial focus shall be Cannabinoid ("CBD").

CBD is the part of the cannabis plant that doesn't get you "high" like the THC side of the plant. CBD products are either derived from industrial hemp plants or marijuana plants. CBD is typically used for health reasons such as pain, stress and anxiety relief instead of for recreational purposes. According to a 2013 review published in the British Journal of Clinical Pharmacology, studies have found CBD to possess medical properties to act as an Analgesic, Anxiolytic, Anti-Depressant, Anti-inflammatory and others. The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources, a 700% increase from 2016. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million, plus another $112 million in marijuana-derived CBD products which were sold through dispensaries bringing a total CBD market to $202 million last year.

Currently there are 29 states plus DC that have legalized medical marijuana including 8 states which have legalized recreational marijuana.

"We intend to aggressively expand our operations by providing quality hemp-based products at affordable prices to satisfy the demand and requirements of our current and future clients," stated Dan Oran, CEO of Profile Solutions, Inc.