SUNRISE, Fla., Aug. 28, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE — Profile Solutions, Inc.(USOTC Pink: PSIQ) announced today that its wholly owned subsidiary, Elite Products International, Inc. (“Elite”), reported revenues for the six months ending June 30th, 2018 of $421,439 compared to revenues of $33,183 for the six months ending June 30th, 2017, representing an almost 1300% increase.
“Due to lots of hard work, dedicated employees, loyal best of class suppliers/vendors and quality products competitively priced, Elite is becoming a go to industry source for Hemp based CBD products. With certain marketing initiatives, we expect revenues and market share to continue to increase,” stated Shimon Fhima, Chief Executive Officer of Elite.
Elite will be exhibiting at the BIG Industry Show (www.bigindustryshow.com) on August 30th August 31st, 2018 at the Los Angeles Convention Center. The BIG Industry Show features the industry’s leading smoke, vape, cannabis and grow products in a business-to-business setting. The BIG Industry Show provides over 100,000 square feet of space dedicated to serve as a retailer’s one stop shop to stock their shelves for the upcoming year as well as meet face-to-face with the manufacturers, distributors and innovators. According to Statista, cannabis market sales for recreational use in the United States are projected to rise from $998 million in 2015 to $11.67 billion in 2020. The industry is experiencing such explosive growth that there is vast scope for innovation in terms of the products available. The BIG Industry Show serves to harness some of this creativity and spread the word about it, ensuring that exciting new products and those who make them come to the attention of vendors from across the US.
CBD isolate derived from hemp has no psychoactive effects; therefore, the purchase, sale or possession of hemp-based CBD products are typically legal in all 50 states. The U.S. CBD market is projected to grow to a value of $2.1 billion by 2020, according to the Hemp Business Journal (HBJ). The HBJ partnered with consumer data experts SPINS and BDS Analytics to author The CBD Report (https://www.hempbizjournal.com/the-cbd-report/) which identifies CBD as one of the hottest growing cannabis industries based on its compound annual growth rate of 59 percent. The report estimates that $450 million of the $2.1 billion in CBD consumer sales in 2020 will originate from hemp-based sources.