Upper Street Marketing to Grow 300 Acres of Hemp and Extract CBD in 2019 and up to 7,000 Acres in 2020
San Diego, CA, May 07, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Upper Street Marketing Inc. (OTC Markets: symbol UPPR) and its wholly-owned subsidiary, Growing Springs Holding Corporation, are pleased to announce that it has completed assembling all the resources for planting and nutrition for our hemp crop of 300 acres for crop year 2019. The acreage in question is certified organic. CBD yields through extraction may exceed $200,000 per acre at current wholesale pricing.
Upper Street Marketing Inc., through its wholly owned subsidiary Growing Springs Holdings Corporation, has an experienced cultivation team led by Roger Christensen of Center, Colorado. Mr. Christensen has over 25 years-experience in organic farming and product distribution.
Based on the 2019 crop estimates, UPPR expects harvest and CBD extraction in late September or early October. UPPR extraction with its pharmaceutical partner, PrimaPharma Inc., of San Diego, CA will target revenue in excess of $75 million in CBD extracts for 2019.
Upper Street CEO Joseph Earle stated, “Upper Street is now positioned for significant revenue growth for 2019 and we are already planning on expanding our hemp crops and CBD extraction by growing approximately 7,000 acres of hemp in 2020.”
Further to our news release of April 25, 2019, below is a corporate update.
We embarked on an ambitious plan in 2018 to become the first and likely the largest cGMP CBD producer and marketing company in the United States and a major player in the global market for what we see as the most significant new market in many years.
In a recent Fortune Magazine article, dated February 25th, 2019 they quoted a news analysis by Cowen & Co, nearly 7% of Americans are already using cannabidiol (CBD), placing the potential for the much-hyped cannabis compound at $35 Billion by 2025. They went on to say that they “conservatively” see CBD use growing to 30% CAGR of U.S. adults or 25 million consumers by 2025.
CBD is promoted as an effective treatment for everything from arthritis to insomnia. To date, the only FDA approved uses are for two rare forms of childhood epilepsy. We at UPPR see this changing and UPPR, through its wholly owned subsidiary, is at the forefront of this change. UPPR intends to be a leader in FDA cGMP (Current Good Manufacturing Practice) capabilities in the hemp and CBD marketplace. FDA cGMP standards are US requirements that will become the expected manufacturing requirements for all CBD products in the US. UPPR will be at the forefront of this trend and back it up with our strategic partnership with Primapharma Inc. (www.primapharma.net) which we announced on January 22, 2019, to develop fully cGMP CBD oils and isolate, as well as research and clinical studies. UPPR intends to be the industry leader in FDA cGMP standards.
