SUGAR LAND, TX / ACCESSWIRE / March 20, 2020 / Neutra Corp. (OTC PINK:NTRR) has applied for a hemp handling license in Texas, the first step towards legal cultivation and processing of its own hemp in the Lone Star state. It also puts Neutra closer to its long-term goal of becoming a vertically integrated company with grow, produce and distribute hemp and hemp-based CBD products without having to rely on any outside sources.
"We were online the moment the application portal opened," said Neutra CEO Sydney Jim. "This is a big development for us. Obtaining a license will greatly help us accelerate our ongoing vertical integration plan. Having a hemp source close to home will also enable us to speed production and get products to market much faster and cheaper."
The Texas Department of Agriculture (TDA) opened its online application portal March 16. The online portal will help speed application processing and approval versus the traditional method of mailing in an application. Application processing and approval is estimated to take up to 60 business days, the TDA states.
The TDA has been quite supportive of hemp production in Texas under current Commissioner Sid Miller. Miller said it "is a great victory for Texas" when the U.S. Agriculture Department approved the Texas Hemp Plan, opening the door to legalization of cultivation and processing of the crop.
Neutra has been preparing and working towards vertical integration. The company has a fresh influx of private equity funding. It's also looking to integrate technology into its CBD production efforts.
The CBD marketplace has taken off in the past few years. Consumers have discovered the many health benefits of hemp-based oils, lotions and supplements and have opened up their wallets to buy CBD products. As a result, some market analysts expect CBD product sales to reach an estimated $16 billion by 2026, up from just a little over $1 billion in 2018.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.
Neutra Corp. (NTRR) is an early-stage research and development company that's bringing modern healthy living solutions to a multi-billion dollar market. Cutting-edge technologies within the nutraceuticals, food and drug, and environmental purification sectors are creating a new kind of world culture-one where consumers are demanding access to products that promote health and stave off potential health dangers. One of the nutraceutical sub-markets is the new thriving Hemp-based CBD market, in which we intend to participate.
SOURCE: Neutra Corp.