DELRAY BEACH, Fla., April 02, 2020 (GLOBE NEWSWIRE) -- Exactus, Inc. (OTCQB: EXDI) (the “Company”) a hemp farmer and manufacturer of specialty cannabinoids, today announced plans for the Company’s developing partnership with Hemptown USA and shares advancements in company growth, and offerings.
Exactus Inc. will focus its efforts on farming, supply chain development, and international expansion with Hemptown USA (Hemptown Organics Corp) broadening supply arrangements with Exactus. This partnership is an important milestone positioning Exactus for rapid growth through this mutually beneficial CBD and CBG partner.
The agreement includes aiding Hemptown’s management in the necessary compliance requirements for products, participating in discussions related to 2020 farming, harvesting and processing plans as well as joint supply scenarios. Exactus will interact with Hemptown’s ingredient and manufacturing divisions to facilitate the development of selected SKUs to service the white label market. In addition, Exactus will advise Hemptown’s senior management and will oversee the entire supply chain to establish best practices in quality and compliance, as well as lowering production costs to maximize scalability.
“While many industries are at a standstill, Exactus continues to move forward in order to keep up with supply and demand. We are seeing an increase of interest in CBD and CBG while people look for natural alternatives to manage the many stressful aspects of life surrounding the virus,” said Bobby Yampolsky, Chairman of Exactus. “Exactus Inc. Interim CEO, Emiliano Aloi will further develop the production platforms for both companies, working in the fields with Hemptown to provide immeasurable benefits to both companies.”
Hemptown USA announced the acquisition of Kirkman Group in 2019, through this acquisition, Hemptown offers an FDA licensed, cGMP 25,000 square foot nutraceutical manufacturing facility. Kirkman Group is vertically integrated multi-state operator within the thriving cannabinoid industry. The acquisition of the Kirkman Group offers opportunities for entry into the Consumer-Packaged Goods space. Hemptown recognizes that the nutraceutical industry standards for producing finished goods will soon be a requirement for all products being sold in the marketplace through retailers or online.
About Exactus
Exactus Inc. is dedicated to producing specialty phytocannabinoid products that meet the highest standards of quality and traceability into mainstream consumer markets. The Company has made investments in farming and has over 200 acres of CBD-rich hemp in Southwest Oregon. The Company is introducing a range of consumer products.
For more information about Exactus: www.exactusinc.com.
About Hemptown USA
Hemptown USA is growing some of the finest high-cannabinoid hemp plants in the world. Hemptown USA is meeting the ever-increasing global demand for cannabinoid products and is anticipating yielding more than 2.5 million pounds of flower and biomass this 2019 harvest season. Expanded farmland spanning three states together with extraction and processing capabilities are the foundation for Hemptown USA’s vertically integrated model as the Company pushes into the consumer-packaged goods sectors with top-quality branded product lines for the consumer market. Due in large part to the recent acquisition of The Kirkman Group, an FDA-licensed and cGMP (Current Good Manufacturing Practice) certified operating nutraceutical business based in Oregon, Hemptown USA is well-positioned to capitalize on a global market expected to exceed $22 billion by 2020. For more information visit www.hemptownusa.com.
Hemp is a federally legal type of cannabis plant containing less than 0.3% THC (tetrahydrocannabinol), which is the psychoactive component of the cannabis plant. After over 40 years of prohibition, the Agricultural Improvement Act of 2018, known as the 2018 Farm Bill, legalized hemp at the federal level. Hemp production is regulated by the United States Department of Agriculture (USDA) and the states. As a result, in 2019 hemp was generally removed from the Controlled Substances Act (CSA) and enforcement by the Drug Enforcement Administration (DEA).
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission (the "SEC") on March 29, 2019, and in other periodic and current reports we file with the SEC. If any of these risks were to occur, our business, financial condition, or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future.
Safe Harbor - Forward-Looking Statements
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic and current filings with the SEC, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor Contact:
Andrew Johnson
Chief Strategy Officer
Exactus Inc.
ir@exactusinc.com
PR Contact:
Kathleen Gonzales
kathleen@elevated-pr.com