EastWest BioScience Group
EastWest Bioscience Receives TSX Approval for Operations in 20 Additional US States.
Wednesday, June 12, 2019 9:00 AM
VANCOUVER, BC / ACCESSWIRE / June 12, 2019 / EastWest Bioscience (the "Company" or "EastWest") (TSX.V: EAST) expands into 20 Additional US States with TSX approval.
On June 6th, 2019, the TSX Venture Exchange gave EastWest Bioscience Inc. the green light to sell its products containing CBD into 20 Additional States in addition to the previous approval for Kentucky by the TSX on April 16. Until recently, because of rules imposed by the TSX due to legal uncertainty regarding business operations involving any products derived from hemp, the Company was restricted from doing business in all US jurisdictions except Kentucky. Now, with the TSX-V lifting those restrictions, the Company is free to manufacture and sell its CBD infused products under both US Federal and State Laws in the following States:
- New York
- North Carolina
- Rhode Island
- South Carolina
- West Virginia
"EastWest continues to make significant progress in our US expansion; along with our pending Joint Venture with Azema Sciences, EastWest is setting the stage to offer a robust CBD product menu for our US customers" states Rodney Gelineau, CEO of EastWest Bioscience.
In accordance with its product roadmap, EastWest has been developing products in the USA for the CBD market. The Company now has a clear regulatory path to move these products from development, to manufacturing and distribution through the state of Kentucky. The Company has been in negotiations with consumer products manufacturers and distributors and will move products into consumer markets rapidly. The Company's first CBD products will be six CBD infused supplements under the Natural Advancement PLUS brand and two CBD infused hemp pet treats under the brand Natural Pet Science PLUS.
EastWest is finalizing its Joint Venture with Azema Sciences for a CBD processing and consumer goods manufacturing facility in Kentucky which will give it the ability to manufacture CBD directly, in an in-house facility. This partnership will provide EastWest exclusive access to an 18,000 sq. ft. facility situated on 6 acres in Marion County the heart of hemp country in Kentucky, USA, an area known for its premium hemp, excellent growing conditions, and long history of industrial scale hemp farming. Azema has the CBD equipment and a Kentucky License for growing and processing hemp and CBD with the Kentucky Department of Agriculture.
About EastWest Bioscience Group
EastWest Bioscience is a vertically-integrated wellness company with the infrastructure to become a global giant in the Hemp & CBD consumer health market. Since it was founded in 2016, EastWest continues to grow as a high-quality producer, manufacturer and distributor of multiple lines of premium health and hemp products. EastWest currently has more than 200+ NPN's in its stable of products.
EastWest's consumer product lines are divided into four distinct brands: 1) Natural Advancement - natural biopharmaceutical health supplements; 2) Earth's Menu - all-natural hemp superfoods; 3) Natural Pet Science - pet food and pet supplements; and 4) ChanvreHemp - all-natural health and beauty products.
In Canada, EastWest has a 34,000 Sq. Ft, Health Canada-licensed, GMP (Good Manufacturing Practices) - certified manufacturing facility and produces premium nutraceutical brands offering natural products for a preventive care lifestyle. EastWest and Benchmark Botanicals (BBT-CSE) also have a Joint Venture to accelerate acquisition of Processor, Analytical and Research and Development licenses under the Cannabis Act in EastWest's Penticton facility. These three classes of the Cannabis Act license will allow Benchmark and EastWest to build out an extensive extraction, laboratory, and research facility at EastWest's Health Canada Certified Penticton facility.
In USA, EastWest USA has entered into a Joint Venture with Azema Sciences, securing for EastWest first rights on Azema's output of bulk CBD and finished CBD products manufactured, and which are ready for sale in the USA and globally. EastWest Science USA ("EastWest USA"), EastWest's US operating division, will be the preferred distributor for Azema's finished goods. These finished products will include CBD creams, tinctures and salves which are products not currently in EastWest's catalogue. Additionally, EastWest will have first right of refusal to all potential opportunities relating to Azema's Kentucky based CBD processing facility. EastWest currently has TSX Approval for sale of its consumer products in 21 US States.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
Co-Founder, Chief Executive Officer and Director
TSXV - Symbol: EAST
Company Website: www.eastwestbioscience.com
Contact: Nicholas Vincent - Investor Relations on 1-800-409-1930 or [email protected].
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the Acquisition. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: EastWest Bioscience Group