Vancouver, British Columbia--(Newsfile Corp. - February 7, 2018) - Naturally Splendid Enterprises (TSXV: NSP) (FSE: 50N) (OTCQB: NSPDF) will be applying to become a Licensed Dealer of cannabis extracts under Canadian regulations. The company has engaged Cannabis Compliance Inc., which has more than 10 years' experience providing risk mitigation, due diligence and regulatory compliance to commercial cannabis producers and resellers worldwide, to prepare the submission on behalf of the company.
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A Licensed Dealer application is generally processed much quicker than a license for a Licensed Producer, and has several advantages, such as permitting licensees to prepare formulations based on both hemp and marijuana. Licensed Producers are restricted from adding additives, such as flavour, stabilizer, or any other ingredient that would alter the cannabis product in the form of an edible, Natural Health Product, neutraceutical or pharmaceutical products.
Becoming a Licensed Dealer allows Naturally Splendid to expand Canadian operations and revenue streams to include CBD as well as other cannabinoids, as it relates to extraction, product development, manufacturing and marketing of cannabinoid fortified products.
Sid Hathiraman, Cannabis Compliance CFO, stated: "We are pleased to work with Naturally Splendid on their application for a Dealers License. Research and Development will be a key differentiator in the cannabis industry and securing a Dealer License is an important step in this direction."
Becoming a Licensed Dealer positions Naturally Splendid to be a supplier of CBD and CBD fortified products as well as the ability to perform a number of additional services such as:
• Preparation of R&D Formulations for future manufacturing
• Resale and distribution to other licensees, including pharmacies
• Importing and exporting for global sales
• Laboratory testing
• Contract activities for any of the above activities
Doug Mason, CEO, stated: "Retaining Cannabis Compliance to prepare and submit our Dealer License application is a significant move strategically for the Company. A Dealer's License allows Naturally Splendid to continue to evolve our business, and to execute our strategic plan in preparation for the upcoming amendments to the Canadian MMJ and Industrial hemp regulations anticipated in the summer of 2018. This also allows the Company to position itself as growing global trends towards CBD have become more acceptable, including approval by the World Anti-Doping Association (WADA), that now accepts CBD as an approved ingredient. 2018 will be a pivotal point for Canada and Naturally Splendid as CBD continues to gain acceptance and legal regulation in more than 25 countries around the world. Naturally Splendid intends to be at the forefront of that opportunity utilizing our IP; formulating and processing expertise; and distribution through our existing and developing distribution channels globally in jurisdictions that allow for CBD and CBD fortified products."
This is a big year for hemp-derived CBD, especially in Canada, with the country is on its way to legalizing CBD nationwide in 2018. Canada has proposed changes to hemp regulations allowing for the extraction of CBD, limiting to 10 ppm the amount of psychoactive THC they can contain.
Some expect sales of this product that doesn't get you high will reach $3 billion in the next five years. The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources, a 700% increase from 2016.
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
For more information please visit the company's website www.naturallysplendid.com, or contact investor relations at 604-673-9573 or email [email protected].
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