PSIQ Reports Record Breaking Revenue Increase of Almost 120% for Its Hemp Derived CBD Product Line – Yahoo Finance
“In addition to developing a tremendous line of quality Hemp based CBD edibles, topicals and cosmetics, I would especially like to give thanks and show my appreciation to our family of support personnel at Elite. It’s their hard work, dedication, honesty, integrity, being on time and overall commitment to excellence that make it both motivating and rewarding to serve and contribute to the overall health of our customers,” stated PSIQ Subsidiary Elite Products International Chief Executive Officer, Shimon Fhima.
Mr. Fhima continued to state, “This is just the tip of the iceberg of our business plan. As we execute, watch us grow…..”
A wildly popular nutritional supplement and food additive, oil-based hemp derived products like CBD racked up $1.1 billion in 2018 domestic sales and, after the Agriculture Improvement Act of 2018 (“Farm Bill”) removed them from the Controlled Substance Act, 21 U.S.C. §§ 801, Et. Seq (1970) and Drug Enforcement Administration’s (“DEA”) clutches, 2019 hemp production and sales exploded.
A fast-growing, sustainable, and inexpensively produced plant, “Industrial Hemp” is a variety of Cannabis sativa L. containing less than 0.3% plant chemical delta-9 tetrahydrocannabinol (“THC”). Agricultural Act of 2014, 7 U.S. Code §5940. Unlike Marijuana, which is cultivated to yield psychoactive THC, Industrial Hemp yields more than 25,000 oil and fibrous products embraced by farmers as a hedge against lower-value soy, cotton, and alfalfa crops.
Seventy-eight percent (78%) of all hemp grown in 2018 was for CBD, an oil-based hemp-derived product offering broad health and wellness uses that achieved $641 million in domestic sales according to the Hemp Industry Journal. The U.S.’s largest CBD firms achieved record Q3 2018 revenues including $17.7 million by Charlotte’s Web (maker of products sold in 3,000 U.S. stores and up 57% from prior year); $16.8 million by “hemp and CBD-based products portfolio companies owner” Medical Marijuana Inc. (up 116% over Q3 2017); and $13.6 million by manufacturer CV Sciences (whose Plus CBD oil is sold in 2,000 natural health food stores).
Cannabidiol (CBD) is the part of the cannabis plant that doesn’t get you “high” like the THC side of the plant. It is typically used for health reasons instead of for recreational purposes. The CBD products are either derived from industrial hemp plants or marijuana plants.
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. That’s 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.” data-reactid=”18″>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. That’s 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.
Greenwave Advisors is even more optimistic about the growth of the CBD market saying, “In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Right now, there are 15 states that allow CBD only — this is in addition to the 28 states plus DC that have legalized medical marijuana.”” data-reactid=”19″>Matt Karnes of Greenwave Advisors is even more optimistic about the growth of the CBD market saying, “In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Right now, there are 15 states that allow CBD only — this is in addition to the 28 states plus DC that have legalized medical marijuana.”
https://www.otcmarkets.com/stock/PSIQ/profile. Please visit the company website at www.profilesolutionsinc.com, Facebook at https://www.facebook.com/EliteProductsINTL/, Instagram https://www.instagram.com/elite_hemp/, Linkedin at https://www.linkedin.com/in/elite-hemp-products-3a863914a/, Twitter at https://twitter.com/Incprofile and Blog: https://www.elitehempproducts.com/blog. ” data-reactid=”21″>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.profilesolutionsinc.com, Facebook at https://www.facebook.com/EliteProductsINTL/, Instagram https://www.instagram.com/elite_hemp/, Linkedin at https://www.linkedin.com/in/elite-hemp-products-3a863914a/, Twitter at https://twitter.com/Incprofile and Blog: https://www.elitehempproducts.com/blog.
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For information, please contact:
Dan Oran, PresidentProfile Solutions, Inc.8411 West Oakland Park Blvd.Suite 201Sunrise, FL 33351Dan@ProfileSolutionsInc.com(844) 856-8838
