VANCOUVER, British Columbia, Aug. 17, 2018 (GLOBE NEWSWIRE) — Naturally Splendid Enterprises Ltd. (“Naturally Splendid” or “NSE” or “The Company”) (TSX-V:NSP) (OTCQB:NSPDF) (Frankfurt:50N) is pleased to comment on the positive amendment to Health Canada’s publication of Subsection 56(1) Class Exemption in relation to the use of hemp under the Industrial Hemp Regulations (flowering heads, leaves and branches).
The exemption, published on August 10, 2018, enables companies with the relevant licenses to commence using the whole hemp plant for commercial purposes, which was prohibited under previous regulations. The exemption will remain in place until the scheduled implementation of the Cannabis Act on October 17, 2018, which allows for whole plant utilization from that date onwards. The significance of whole plant utilization in the new regulations will allow for the extraction of CBD (cannabidiol) from hemp, which currently is illegal in Canada.
“The August 10th amendment to the Controlled Drugs and Substances Act, which will enable Canadian farmers to collect whole plant material from 2018 crops in advance of the official legalization of cannabis on October 17, 2018, is excellent news for the hemp industry. This action is in response to a request made by the Canadian Hemp Trade Alliance (CHTA) on behalf of its members and is a clear signal that Health Canada sees hemp in a very different light than marijuana,” noted Russ Crawford, a Director of Naturally Splendid Enterprises Ltd. and President of the CHTA. “We commend Minister Petitpas-Taylor, Health Canada and the Canadian government on their continued leadership regarding cannabis legislation on the global stage.”
For Naturally Splendid, a hemp food/ingredient company, this exemption order will allow the Company to work with feedstock suppliers to make use of plant material produced in 2018, once the October 17th legalization comes into effect. As this date passes, it will no longer be illegal to work with whole plant material from industrial hemp plants. This barrier has represented significant lost opportunities for farmers, processors and retailers of hemp and hemp-based products produced and processed in Canada. By allowing early access to hemp in the field in 2018, NSE will gain a full year on research and product development related to cannabinoids and terpenes. For shareholders of Naturally Splendid, this development represents an accelerated timeline on product development and placement in our established retail networks, and provides for a greater potential for a positive impact on sales and revenue opportunities.
“NSE has developed formulated products which will incorporate ingredients from the hemp plant. We are excited to actually work with these ingredients in the first year of legalization of cannabis and get products to market that much sooner. Our company has been working towards the proposed legalization date of October 17th, but we were unsure as to how we would be able to make any real progress on product development in the coming year without plant material to process. This pre-emptive action by Health Canada is a timely and important recognition of the realities of agriculture,” states Bryan Carson, Executive Vice President of Marketing & Innovation and NSE co-founder.
Douglas Mason, Chief Executive Officer of Naturally Splendid, commented, “This momentous decision allows for whole plant utilization, and permits NSE to execute its strategic plan and begin preparing for Cannabidiol (CBD) harvesting with our recently contracted and long established organic hemp farmer, Fresh Air Farms, on 330 acres of organic agricultural land. This also provides NSE with organic hemp production for the 2018 and 2019 growing seasons. The Company has the option to convert some or all the acreage to CBD (cannabidiol) production, which is of high interest with the recently announced exemption. Once NSE receives Dealers License approvals, we will be able to begin extraction and formulation of CBD and other raw cannabis materials to manufacture products enhanced with these value-added compounds, creating new revenue streams and opportunities. NSE has already developed products and established markets to enter this high growth potential market.”
Fresh Air Farms is an organic farm located in Marcelin, Saskatchewan, Canada with roots that go back to 1911, when the Grenier family first began farming there.
Health Canada : Controlled Drugs and Substances Act (CDSA) – Section 56 Revision : https://www.canada.ca/en/health-canada/services/health-concerns/controlled-substances-precursorchemicals/policy-regulations/policy-documents/section-56-class-exemption-industrial-hempregulations.html
About Naturally Splendid Enterprises Ltd.
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. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp and marijuana cannabinoid compounds in a broad spectrum of applications.
Naturally Splendid currently has four innovative divisions:
(1) BIOTECHNOLOGY – Focused on three major platforms:
Proprietary HempOmega encapsulation
Extraction and formulation with Cannabidiol (CBD)
Hemp and plant-based proteins
(2) CONSUMER PRODUCTS
NATERA® – brand of retail hemp and superfood products distributed throughout North America, Asia and Europe.
The Bar Makers (Prosnack Natural Foods Inc.) makers of (Elevate Me) – lifestyle brand of healthy meal replacement products distributed throughout North America.
Chi Hemp Industries Incorporated (CHII) – e-commerce platform for natural and organic hemp products.
PawsitiveFX® – topical pet care products.
NATERA®CBD – retail hemp-based cannabinoid nutraceutical and cosmeceutical products distributed in Asia.
NATERA®Skincare – brand of retail hemp based cosmeceutical products.
(3) NATERA® Ingredients – bulk ingredients including HempOmega
Naturally Splendid Hemp Processing is a science-based, industrial hemp seed processing business located in Abbotsford, BC. Listed as the only strictly organic hemp seed processor in North America
(4) Co-Packaging/Toll-Processing – packaging for house-brands (NATERA® and CHII) and third-party partners.
For more information e-mail firstname.lastname@example.org or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. Douglas Mason
Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture; NSPDF – OTCQB; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid’s control including, Naturally Splendid’s ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; the ability to complete the sales of all bulk hemp seed purchase orders; and the risk that any of the potential applications may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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