SUNRISE, Fla., Oct. 10, 2018 (GLOBE NEWSWIRE) — Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to announce preliminary approval from the eSwatini Ministry of Economic Planning and Development to establish an exclusive growing farm and processing plant for medical cannabis & hemp in The Kingdom of eSwatini f/k/a Swaziland (“eSwatini”).
The purpose of the proposed agreement is to (1) grant PSIQ the exclusive license to operate an advanced Hemp & Medical Cannabis manufacturing facility to grow and cultivate Cannabis in accordance with strict GMP global health standards (2) export Hemp & Medical Cannabis worldwide (3) operate exclusive licensed Medical Cannabis R & D lab and (4) create training facility to create jobs for local eSwatini citizens. The exclusivity shall be for 10 years.
The proposed agreement calls for PSIQ to form a subsidiary in eSwatini to operate the Cannabis operations. eSwatini would grant PSIQ the required licenses and permits to research, grow, distribute, import, export and provide 1000 hectares of secured land in the Simunye City area. eSwatini shall provide permits, land and tax-free status at no cost to PSIQ. PSIQ shall pay for water, electric, cost to build facilities, labor, materials, supplies, transportation and security.
The agreement is subject to due diligence, execution of definitive agreements and an up to $ 5,000,000 investment by PSIQ.
Dan Oran, CEO of PSIQ stated, “Based upon available government and commercial data for Israel and Australia, which have similar climate and agriculture to The Kingdom of eSwatini and the online cbd Hemp calculator found at http://oregoncbdseeds.com/Simple%20Per%20Acre%20Farm%20Worksheet.xlsx which confirm our projections, we believe this opportunity could generate $ 20 to $ 30 million in annual Revenues for PSIQ after we establish our facility which is expected to take approximately 6 months plus another 3.5 months for the initial grow. We anticipate our first flowers to be ready to be sold within 12 months. After the initial crop, we plan to grow year-round. We anticipate $ 12 – $ 20 million to come from the sale of Medical Cannabis and up to $ 10 million to come from the sale of CBD Hemp.”
The Kingdom of eSwatini, f/k/a Swaziland, is a country in Southern Africa bordered by Mozambique and South Africa. eSwatini is one of the smallest countries in Africa populated with approximately 1,400,000 residents. The population is primarily ethnic Swazis, whose language is siSwati. The sovereign state is an absolute diarchy, ruled jointly by Ngwenyama (“King”) Mswati III and Ndlovukati (“Queen Mother”). eSwatini is a developing country with a small economy. With a GDP per capita of $9,714, it is classified as a country with a lower-middle income. As a member of the Southern African Customs Union (SACU) and the Common Market for Eastern and Southern Africa (COMESA), its main local trading partner is South Africa; in order to ensure economic stability, eSwatini’s currency, the lilangeni, is pegged to the South African rand. eSwatini’s major overseas trading partners are the United States and the European Union. The majority of the country’s employment is provided by its agricultural and manufacturing sectors. eSwatini is a member of the Southern African Development Community (SADC), the African Union, the Commonwealth of Nations and the United Nations.
About eSwatini economy
eSwatini has been one of the best growth records in Africa and has pursued liberal policies towards foreign and private investment – especially in mining and industry – since independence in 1968. GDP grew by 6.7 per cent p.a. 1980–90 and 3.4 per cent p.a. 1990–2000.
The economy grew well in the late 1990s, but growth was generally slower in the 2000s, due to the deteriorating investment climate, erosion of trade preferences, declining competitiveness, weak institutional capacity and devastation of the workforce by HIV/AIDS. Average GDP growth was 2.6 per cent p.a. in 2000–08. In response to the world economic downturn of 2008–09 eSwatini’s economy slowed in 2009–10 and underwent a small contraction in 2011, before returning to growth of about two per cent p.a. in 2012–15.
Its vulnerability lies in heavy dependence on soft drink concentrate and sugar cane, and on South Africa, which provides imports, investment and employment. It does, however, have established wood pulp, fruit-canning, and clothing and textiles industries, and manufactures a variety of consumer goods, including refrigerators, footwear and plastic domestic goods.
About Oregon CB Seeds
Oregon CB Seeds (www.oregoncbdseeds.com) provides technically advanced cultivars that allow other growers to push the agronomic boundaries of cannabis cultivation. The principals (Seth and Eric Crawford) have 25 years of combined cannabis production experience and bring unique skill sets to the hemp industry. Eric earned two degrees from Oregon State University (Horticulture and Environmental Science), then founded and successfully sold a leading Eugene-based sustainable landscaping construction company. Seth earned degrees from OSU (BA (English), MPP (Public Policy)) and from the University of Oregon (MS and Ph.D. (Sociology)), published research on the political economy of cannabis, and is a recognized cannabis policy expert. Both were cannabis breeders and medical growers before entering the newly legalized domestic hemp industry in 2015. Today, these southern Oregon brothers operate one of the world’s leading cannabis breeding companies in the heart of the Willamette valley.