Naturally Splendid Enterprises Ltd. (“Naturally Splendid”
or “NSE”) (TSX-V:NSP) (OTCQB:NSPDF) (Frankfurt:50N)
is pleased to announce the acquisition of Absorbent Concepts
Inc.(“ACI”), an organic hemp processor located in Abbotsford, B.C.
Naturally Splendid CEO Mr. Douglas Mason states,
“The acquisition of ACI represents a major milestone for NSE
creating a critical link in becoming a truly vertically integrated,
industrial hemp biotech and consumer products company. In
addition to capturing more value chain margin with our existing
industrial hemp lines, the addition of the expertise within ACI
strengthens our Dealer License application and provides significant
resources as we continue on the path to add a cannabinoid
extraction facility.” As stated in a previous news release dated
February 6th, 2018, the regulatory purpose for a Dealer License is
to enable legal possession of regulated substances such as
cannabidiol (CBD) for the purposes of formulating, manufacturing,
distributing and import/export.
Absorbent Concepts Inc. (doing business as ACI
Foods) is a science-based, industrial hemp seed processing business
located in Abbotsford, BC. Listed as the only strictly organic hemp
seed processor in North America, ACI is a significant producer of
hulled seed, hemp seed oil and high percentage protein powder,
among a long list of in-development nutritional products and
processes. Although ACI has specialized in processing organic hemp
products, operations will be expanded to accommodate the ability to
provide a full range of conventional hemp products.
In business since November 2013, ACI was
conceived by Pete Scales, an entrepreneur, inventor/R&D
specialist, applied scientist, lecturer and long time believer in
the power and many gifts of hemp, including full plant utilization,
which in turn includes cannabinoid extraction. In addition to a
wealth of hemp processing knowledge and experience, the ACI team
brings to NSE a substantial body of technical expertise in
cannabinoid extraction, nutritional product development, laboratory
analysis, as well as long-standing contractual relationships with
farmers. These relationships will be leveraged to forge secure
supply agreements for organic and conventional industrial hemp for
the traditional seed harvest, and also for new opportunities in the
CBD cultivation pursuant to the anticipated Cannabis Act being
revised by the Canadian Federal Government later this year. In
fiscal 2017, ACI recorded total revenues of $1,080,869 (unaudited)
and a loss of $119,714 (unaudited). In ACI’s first quarter, total
revenues were $156,670 (unaudited) which resulted in a loss of
$114,644 (unaudited).
According to an article published by Hempster on
April 16th, 2018, “Hemp is a much richer source of CBD than
marijuana, and it makes economic sense to extract CBD from this
abundant crop. Currently, Canadian farmers are forced to destroy
the leaves and flowers of their hemp plants. But this will all
change when the Cannabis Act comes into effect, likely in the late
summer or fall of 2018. Once enacted, hemp farmers will be able to
sell their crops to licensed producers for CBD extraction.”
Canadian Hemp Trade Alliance President and
Naturally Splendid Director Russell Crawford states, “As holders of
a Dealers License, Naturally Splendid will be positioned to
leverage the upcoming whole plant utilization regulations. ACI’s
relationship with farmers is a great catalyst in securing acreage
for CBD production.”
The acquisition of ACI by Naturally Splendid is
pursuant to the terms of the share purchase agreement among ACI,
Pete Scales and Naturally Splendid. Naturally Splendid acquired all
of the issued and outstanding shares of ACI in consideration of
repaying and/or assuming certain bank loans of ACI that total
$640,018.
About Naturally Splendid Enterprises
Ltd.
Naturally Splendid is a biotechnology and
consumer products company that is developing, producing,
commercializing, and licensing an entirely new generation of
plant-derived, bioactive ingredients, nutrient dense foods, and
related products. Naturally Splendid is building an expanding
portfolio of patents (issued and pending) and proprietary
intellectual property focused on the commercial uses of industrial
hemp and non-psychoactive cannabinoid compounds in a broad spectrum
of applications.
Naturally Splendid currently has four innovative
divisions:
(1)
BIOTECHNOLOGY – Focused on three major platforms:
(1)
Proprietary HempOmega™ encapsulation
(2)
Extraction and formulation with Cannabidiol (CBD)
(3)
Hemp and plant-based proteins.
(2) CONSUMER PRODUCTS
-
·
NATERA® - brand of retail hemp and superfood products distributed
throughout North America, Asia and Europe.
·
Prosnack Natural Foods Inc. (Elevate Me™) - lifestyle brand of
healthy meal replacement products distributed throughout North
America. ·
Chi Hemp Industries Incorporated (CHII) - e-commerce platform for
natural and organic hemp products.
·
PawsitiveFX® - topical pet care products.
·
NATERA®CBD - retail hemp-based cannabinoid nutraceutical and
cosmeceutical products distributed in
Asia. ·
NATERA®Skincare - brand of retail hemp based cosmeceutical
products.
(3) NATERA® Ingredients
- bulk ingredients including
HempOmega™. (4)
Co-Packaging/Toll-Processing - packaging for house-brands (NATERA®
and CHII) and third-party partners.
For more information e-mail info@naturallysplendid.com or call
Investor Relations at 604-673-9573.
On Behalf of the Board of Directors
Mr. Douglas MasonCEO, Director
Contact Information
Naturally Splendid Enterprises Ltd.(NSP – TSX Venture; NSPDF –
OTCQB; 50N Frankfurt)#108-19100 Airport Way Pitt Meadows, BC, V3Y
0E2 Office: (604) 465-0548 Fax:
(604) 465-1128
E-mail: info@naturallysplendid.comWebsite:
www.naturallysplendid.com
Forward-Looking Statements
Information set forth in this news release
contains forward-looking statements that are based on assumptions
as of the date of this news release. These statements reflect
management's current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance.
Naturally Splendid cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
a number of material factors, many of which are beyond Naturally
Splendid's control including, Naturally Splendid's ability to
compete with large food and beverage companies; sales of any
potential products developed will be profitable; sales of shelled
hemp seed will continue at existing rates or increase; and the risk
that any of the potential applications may not receive all required
regulatory or legal approval. Accordingly, actual and future
events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, Naturally Splendid
undertakes no obligation to publicly update or revise
forward-looking information.
NEITHER 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.
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