MIDLAND, Mich., Feb. 05, 2019 (GLOBE NEWSWIRE) -- HPIL Holding (the "Company") (OTC PINK: HPIL) is pleased to announce that the Company’s Joint Venture Partner, nuUnlimited Ltd. of the U.K. has launched their Cannabis Provenance Platform. The Joint Venture will be known as nuUnlimited North America Inc.
Details on the nuUnlimited Cannabis Provenance Platform can be found at this link https://www.slideshare.net/numberstim/cannabis-white-paper and at http://hpilholding.com/news/files/Cannabis%20White%20Paper.pdf. Provenance is the chronology of the creation, ownership, custody or location of an item. In this case it tracks a particular batch of Cannabis from seed to final consumption in an acceptable form. The primary purpose of tracing the provenance of a particular batch of cannabis is to provide contextual and circumstantial evidence for its original planting, production, harvesting, and as far as practicable, its later history. Specifically the sequence of the later history of the product, including the sequences of its formal ownership, custody, places of storage and eventual consumption by a customer are possible through the platform. In the cannabis industry this is often mandated by governmental regulation.
Mr. Nitin Amersey, Chairman and CEO of HPIL HOLDING, said, “We are of the opinion that this is a major innovation in that it provides a level of detail and continuous tracking at a very effective cost compared to existing product and technology. It also permits the grower / manufacturer to brand his product right through to final consumption. The technology and solution is also applicable to other areas such as the tainted lettuce problem, and enables manufacturers in a wide range of product areas to obtain critical and useful information throughout the product chain. The nuUnlimited solution builds on the original grow or manufacturing source to capture and store relevant information about a product. In this case, cannabis, from seed to consumption. The provenance is built dynamically as new data is added so that by the time the product is in the consumer’s hand the entire history can be seen."
The nuProduct builds a picture of value to consumers and medical users who can see how much care a producer takes to deliver a high quality product. For the producer, the provenance provides a rich set of insights into the consumer, the content access via the app, and the journey from factory to end user.
HPIL HOLDING previously filed an 8K with the Securities and Exchange Commission (SEC) on Nov 6, 2018 regarding the Company’s intention to form a Joint Venture (“JV”) with nuUnlimited Limited. A press release on the JV was issued on Nov 8, 2018.
In 2018 legal marijuana was a $10.4 billion industry in the U.S. with a quarter-million jobs devoted just to the handling of marijuana plants, said Beau Whitney, Vice President and Senior Economist at New Frontier Data, a leading cannabis market research and data analysis firm. Cannabis investment topped $10 billion In North America in 2018. Almost two-thirds of U.S. states have already legalized Medical Marijuana with others following suit. Recreational Marijuana is now legal in 10 States. Another 13 States have decriminalized aspects of marijuana. In the United States, the use and possession of cannabis is illegal under federal law for any purpose, by way of the Controlled Substances Act of 1970. Under the CSA, cannabis is classified as a Schedule I substance, determined to have a high potential for abuse and no accepted medical use – thereby prohibiting even medical use of the drug. The country of Canada has also fully legalized the recreational and medical marijuana industries albeit in a highly regulated manner.
The nuUnlimited platform provides a detailed provenance history and meets the requirements of the cannabis industry effectively and at a very reasonable and competitive price.
Mr. Ray Wong, COO of HPIL HOLDING, said, “The Cannabis Provenance Platform will provide a ‘seed to consumption’ audit and accountability unparalleled in the industry. The potential market in North America for our services is large and growing. Our JV partner has the technical knowledge and know how to take full advantage of what we believe is a very functional and marketable product.”
Mr. Tim Sandford, CEO of nuUnlimited, said, “Our goal is to establish our mobile platform as the ‘go to’ solution for any brand producing products that require or benefit from a detailed provenance history as part of the consumer engagement process. The cannabis industry is a sector where regulation and rapidly growing consumer demand for more information on the products they use, makes our Cannabis Provenance solution a perfect fit. The cannabis provenance solution is the first of a number of industry specific solutions we will be launching in North America in conjunction with our JV partner HPIL Holding this year.”
Mr. Nitin Amersey, Chairman and CEO of HPIL HOLDING, said, “Our management team has worked with nuUnlimited and assisted them in developing this platform. We are pleased to have contributed to its development and look forward to developing the market in Canada and the USA for this platform.”
HPIL Holding (http://hpilholding.com) is a diversified holding company listed on OTC Markets. HPIL Holding is focused on investing in both private and public companies in differing business sectors. HPIL Holding does not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, acquires various types of businesses. HPIL Holding also evaluates the acquisition of intellectual properties and technologies.
Safe Harbor / Forward-Looking Statements:
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect," "plan," "potential," "seek," and "intend," among others. These forward-looking statements are based on the Company's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ include, but are not limited to, substantial competition; our possible need for financing; uncertainties of technological changes; and dependence upon third parties. The Company does not undertake an obligation to update or revise any forward-looking statement. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.
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HPIL Holding
Investor Relations
Tel: +1 (248) 750-1015
Email: info@hpilholding.com
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HPIL Holding Tel: +1(248) 750-1015
Email: info@hpilholding.com