NEW YORK, Oct. 24, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – BioHemp International, Inc. (OTC: BKIT), (“Company”), a Company focused on consolidating distributors in the CBD industry, provides update on its current status, and outline of its future business model.
The Company is pleased to announce it has retained two law firms to begin the process of bringing the company back to 'current' tier status with OTC Markets and the Securities and Exchange Commission (SEC). The Company is working diligently to provide all requested documentation, and is working tirelessly to retain its fully reporting status.
The Company’s strategy remains to be a consolidating force in the CBD industry through a strategic roll-up of multi-branded e-commerce and brick & mortar retailers under one platform. By creating these economies of scale for brands and vendors, the Company is positioning itself to become the industry’s leading CBD distribution channel.
The Company’s business model is predicated on the following concepts:
- To establish multi-tier distribution channels for CBD products
- To acquire strong CBD assets and their channels through consolidation
- Provide consulting and compliance services to CBD companies
- Become funding bridge between CBD companies in New York
BioHemp International, Inc. is positioning itself as a player in the CBD market, which is expected to reach $22 billion by 2022, according to Brightfield Research Group. The Company’s rollup strategy is aimed at becoming the market leader by spearheading the natural consolidation of the industry through the creation of a distribution platform targeted at existing consumer CBD wholesalers and retailers. As the market begins to consolidate, the Company is poised to benefit from its first mover advantage.
Focus on International Distribution Channels
As regulatory frameworks are still a work in progress for the sale and marketing of CBD infused products in the US, the company will also look internationally to expand its network of channels, products, and sales. This will allow the Company to connect international operations with it’s US platform to create a truly worldwide CBD distribution channel that will give the Company a strategic advantage in establishing itself as a market force.
Daniel Blum, CEO of BioHemp International, commented: “Right now, our number one priority is getting the company back compliant and trading current. In tandem we will continue to work towards executing our business plan, building relationships, and focusing on acquisitions of distributors both domestically and internationally.”
About BioHemp International
Located in New York City, BioHemp International is an early stage venture firm focused on establishing a portfolio of product brands, and distribution channels, for the growing cannabidiol (CBD) market. The Company’s management team holds years of experience in private equity, startup development, and financial consulting, which they plan to utilize in developing out future growth through strategic rollups and acquisitions. www.biohempinternational.com
Safe Harbor Notice
Certain statements contained herein are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995) cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. BioHemp International, Inc undertakes no obligation to revise these statements following the date of this news release. Additional details of the Company's business can be found in its public disclosures as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
This press release is issued on behalf of the Board of Directors of BioHemp International, Inc.
Contact:
Daniel Blum
BioHemp International
244 5th Avenue, Suite A-154
New York, NY 10001
d_b@biohempinternational.com
646-453-4912