EastWest BioScience Group
EastWest Science USA secures supply of organic CBD
Thursday, September 5, 2019 8:30 AM
VANCOUVER, BC / ACCESSWIRE / September 5, 2019 / EastWest Bioscience (the “Company” or “EastWest”) (TSX.V:EAST) announces that its joint venture partner Azema Sciences Inc’s (Azema) subsidiary KYBG, Inc. has signed a definitive joint venture agreement with a local Kentucky organic hemp propagator and broker to form Kentucky Extraction and Processing, LLC (KEP).
Thanks to an earlier joint venture between Azema Sciences and EastWest signed in May this year, KEP will provide EastWest and its subsidiaries with a guaranteed supply of high-CBD organic Hemp and CBD as crude oil, distillate and isolate, ready for wholesale and product manufacturing.
EastWest is focused and actively working on updating its extensive catalogue of wellness products for formulation with CBD where it is beneficial. The success of Azema ensures that EastWest will have an ongoing supply of CBD to fulfill its manufacturing requirements for the US and global market.
EastWest Science USA has received the first delivery of full spectrum CBD crude through its joint venture with Azema which the Company will be using in its first production run of CBD infused pet treats.
“Forming partnerships and B2B relationships is at the core of EastWest’s strategy. We are pleased to see the growth of our strategic partners, as their success is success for us also.” states Rodney Gelineau, CEO of EastWest Bioscience.
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.
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