The $867 billion bill includes a provision for industrial hemp legalization and a path forward for the commercialization of cannabidiol (CBD).
VANCOUVER, British Columbia, Dec. 24, 2018 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTCQB: ISOLF) (FSE: LB6B.F) (the “Company” or “Isodiol”) is pleased with the signing of the 2018 Farm Bill by U.S. President Trump on December 21, 2018. The enactment was preceded by the pivotal decisions of the U.S. House of Representatives to pass the 2018 Farm Bill by a vote of 369 to 47 on December 12, 2018, and by the Senate to pass the legislation in an 87-to-13 vote on December 2, 2018.1
This is a very significant development for the Company, as it makes agricultural production of hemp legal in the United States by removing its designation as a drug akin to marijuana under the Controlled Substances Act.2 Senate Majority Leader Mitch McConnell, R-Ky., who sponsored the language in the Senate bill, has said legalizing hemp could give farmers a new cash crop.
McConnell included language allowing hemp production for research in the 2014 farm bill, and the farm bill conference report lifts federal drug restrictions that have hampered expansion of the crop.3 The 2018 legislation also makes hemp farmers eligible for federally subsidized crop insurance.
“The Company is very pleased with the decisions of Congress and President Trump,” said CEO of Isodiol, Marcos Agramont. “The Company has long invested resources in the United States in anticipation of the legalization of hemp, and now we believe these investments are now being validated. We remain committed to continuing the development of hemp-derived CBD for the benefit of individuals worldwide.”
The Company also wishes to announce the divesting of its Canadian assets. The Company has sold its interest in Canadian National Pharma Group Inc. in exchange for a return of capital investment of CAD$900,000, which will be paid in installments over the next nine months. Over the course of this transaction, no stock was issued to CN Pharma. The divestiture marks a strategy shift whereby the company intends to make its products available in Canada through manufacturing and distribution partnerships with existing Licensed Producers in multiple jurisdictions, rather than through a captive Licensed Dealer in British Columbia.
“As laws affecting hemp, cannabis, and the commercialization of ingredients and products derived from those sources develop, it is necessary for us adjust our strategy from time to time to take advantage of these developments and properly allocate resources,” said Agramont. “We believe our divestment from self-distribution in Canada, which proved to be a slow process, will allow us to engage with third parties that can assist us in broad product distribution at a quicker pace.”
The Company also has terminated its agreement with Canopy Growth Corporation and brought the Canadian distribution rights for its Pot-O-Coffee products back in house, which will allow those products to be distributed through the Company’s Canadian manufacturing and distribution network as it develops.
The Company will continue to focus resources and attention to the United States and other growing markets around the globe, such as the United Kingdom and Mexico, for the commercialization of consumer goods made with CBD and other hemp-derived ingredients.
About Isodiol International Inc.
Isodiol International Inc. is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based consumer products and solutions.
Isodiol has commercialized a 99%+ pure, naturally isolated CBD, including micro-encapsulations, and nano-technology for quality consumable and topical skin care products. Most recently, the Company received approval for its CBD designated as an Active Pharmaceutical Ingredient for use in Finished Pharmaceutical Products, as was announced on April 26, 2018.
Isodiol’s growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe.
ON BEHALF OF THE BOARD
Marcos Agramont, CEO & Director
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
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