NEW YORK, Feb. 25, 2019 (GLOBE NEWSWIRE) -- DailyOTC.com News Commentary –
The cannabis product testing market is likely to see immense growth upon legalization. There are more than 200 cannabis testing labs across the US, and this number is set to explode, as the industry is supposed to grow to a size of $2.2 billion in size, according to a report by Zion Market Research. With the establishment of its own laboratory which will focus on the testing the Company’s proprietary hydro-nano technology, American Premium Water Corporation (OTC: HIPH), is entering another sector of the booming cannabis industry, diversifying its business and becoming a major player in the early Hemp/CBD bio-lifesciences industry.
The laboratory will be setup in Southern California; the company has signed an LOI to lease the space and has ordered two high powered scientific instruments which allows the company to have faster turnaround time with a greater production capacity to more efficiently measure the size of nano-particles in its CBD and THC formulations.
Ryan Fishoff, CEO of American Premium Water Corporation commented, “I am excited to announce that the Company is setting up its own lab to further our commitment to technology, which I hope will further our reputation as a leader in hemp/CBD bio-lifesciences. Focusing on technology is one of our core strategic goals that I outlined at the beginning of the year, and setting up our own testing facility is major component of this emphasis. Technology is becoming part of our brand and part of our story. Eventually I hope to get the operation to the point that we can turn the lab from a cost center into a profit-center and solicit business for other companies in the cannabis space to provide testing solutions for them. In the coming weeks, after we get the lab setup, I look forward to providing some updates on how the Company intends to leverage the equipment to further develop the Company’s CBD and THC brands.”
In addition to establishing a foothold in the Cannabis testing space, the Company is also establishing a lead in the CBD infused cosmetics sector, which has the potential to be as large as the CBD and cannabis infused beverage sector.
Last month, the company announced that it has entered into a letter of intent to acquire a majority stake in Evoxe Laboratories (www.evoxelabs.com) and plant + body essentials (www.plantbodyessentials.com) which has the potential to add seven figures of yearly topline revenue. The company expects to close this transaction by the end of February.
This acquisition comes after the Company executed the acquisition of Canyon Create in November, the parent company of Vanexxe, a product that utilizes CBD to help mask varicose veins, and Prickly Pear, a product utilizing CBD and CBG that helps treat acne. HIPH is looking to leverage its marketing and branding prowess to promote these products in its existing distribution channels, including luxury department stores like Bloomingdale’s and Saks Fifth Avenue. Entry into both these sectors of the market are in addition to the Company's early lead in the infused CBD beverage category, which started when it launched its LALPINA CBD beverage last year.
American Premium Water Corporation has become fully committed to become a diversified leader in the consumer CBD market, which according to Greenware Advisors, is projected to grow at a compounded rate of 54% to reach $3 billion by 2020. Establishing a foothold in two high growth categories is enabling the Company to grab significant market shares across the overall CBD market. With the Company’s recent valuation, the acquisition and distribution agreements it has entered into, there’s no reason to believe that the company’s momentum will slow anytime soon, presenting a very compelling investment opportunity.
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