EastWest BioScience Group
EastWest Science USA Signs Mutual US Distribution Agreement with CBD Manufacturer GM Health Wholesale
Thursday, June 27, 2019 8:30 AM
VANCOUVER, BC / ACCESSWIRE / June 27, 2019 / EastWest Bioscience (the "Company" or "EastWest") (TSX.V: EAST) announces that its subsidiary EastWest Science USA has signed a mutual distributor agreement with GM Health Wholesale ("GM Health") (www.gmhempco.com), a Kentucky company and a leading manufacturer and wholesaler of CBD Tinctures, Creams, Salves and Capsules. Under the terms of this agreement GM Health will become a distributor of EastWest's products and EastWest will become a global distributor for GM Health's all-natural CBD products.
"EastWest is excited to be associating themselves with experts in the field of CBD extracts and hemp cultivation. GM Health's products will add significant value to EastWest's offering" says Rodney Gelineau, CEO of EastWest Bioscience Inc. "And we're proud that GM Health will be adding EastWest's +CBD products, currently Natural Pet Science, to their wholesale catalogue." Gelineau continues.
The addition of GM Health's products to EastWest's CBD catalogue greatly accelerates time to market for several products and introduces new and unique distribution channels via GM Health's network of independent pharmacies stretching throughout multiple states.
GM Health's production operates from a 90,000 square foot USDA accredited facility with plans to expand to 360,000 square feet of greenhouse by the end of 2020. Their high CBD hemp clones, offered by Grundy Hemp Co, typically contain 10-17% CBD content and include Uno, Dos, Tres, and The Wife strains, from their own breeding program.
GM Health's hemp extract is the first naturally extracted oil on the market which is completely free of chlorophylls and carbonic acid. Using a patented flash activated process allows the plants natural terpene profile to be preserved with the true spectrum of cannabinoids, leaving a neutral nutty, sweet flavour which is barely noticeable and mixes well into all food products and nutritional supplements.
The agreement is effective as of June 26th 2019 and continues until terminated.
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 Intent 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 facility.
In the 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.
About GM Health Wholesale
GM Health Wholesale was formed in early 2018 to carry the retail side of its production partnership. GM Health Wholesale is a company focused on the highest degree of honesty, integrity, and superior quality with a zero-waste policy for the betterment of the hemp industry. We are vertically integrated from cell to sell and we stay with you all the way.
Jay Grundy, Co-Founder of GM Health Wholesale, LLC, has over 15 years of entrepreneurial success in real estate, retail sales, and most recently in the world of hemp. He is involved is all aspects of hemp including the extraction and sale of oils, indoor greenhouse and outdoor production of cannabis, and the brokerage of domestic hemp bio-mass throughout the US.
Ben Mudd, Co-Founder of GM Health Wholesale, LLC, graduated from the University of Kentucky College of Pharmacy in 2012 and is a practicing pharmacist at an independent pharmacy in central Kentucky. Ben uses his knowledge in pharmaceuticals to promote our premium products in multiple independent pharmacies throughout the US. He has become extremely knowledgably in the world of CBD giving input on new formulations and applications of these products.
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