SUNRISE, Fla., April 03, 2019 (GLOBE NEWSWIRE) — Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to announce the signing of a letter of intent for the assignment of a temporary license to prepare farm located at Hatzeva 37 Arava, Israel to grow and cultivate Medical Cannabis on 10,000 square meters therein with the intent to receive a permanent license to grow, cultivate, distribute and export Medical Cannabis.
The assignment shall be made by Gidon Blum (“Blum”) to a to-be-formed US or Israeli subsidiary of PSIQ as soon as possible. The parties shall make every effort to (a) prepare the farm to grow, cultivate, distribute and export Israel Medical Cannabis (“IMC”) based upon the most advanced agricultural and medical know-how and experience according to the Company’s best-in-class quality standards and policies, including Good Agricultural Practices (“GAP”). GAP is quality and control of agricultural products. It is based on the principals of risk prevention, risk analysis, sustainable agriculture and the means for continuous improvement of farming systems. GAP is essential for international trade in food to developed countries where GAP is used. Consumers are increasingly concerned about food safety, how food was grown, produced, and how it is handled within the supply chain. GAP provides the consumer with a sense of quality that they require. In terms of GAP, it can be applied in the same way to medical cannabis cultivation as it can for other herbs and food items. GAP is not limited to food, it includes herbal medicines as well. The quality in herbal medicines play a major role on its function and lack of quality may result in adverse effects on patients. The safety and quality of raw herbals and finished products made from herbals depends on the genetics of the plat or growing conditions (environment, nutrients, pesticides, cultivation, harvest, post-harvest processing, and storage). Proper sanitation, pest and microbiological control should be implemented during growing and through the supply chain in order to maintain the safety and quality of the herbal products. GAP includes the following fields: Security for the farm, Safety of the food, Environment, Farming systems, livestock care and proper nourishment. GAP requires having an additional control for growing using controlled documents, working instructions, product testing, handling, storage and data control. (b) attain all required licenses and permits required to grow, cultivate, distribute and export Medical Cannabis (c) transfer temporary license as soon as possible with PSIQ and all future licenses and permits issued directly to PSIQ sub. PSIQ shall advance the required funds to prepare farm land to grow and cultivate Medical Cannabis on 10,000 square meters therein with the intent of a permanent license to grow, cultivate, distribute and export Medical Cannabis.
The facility shall include (a) agricultural farm with large open areas for advanced greenhouse complex for growing medical cannabis (b) processing and Extraction facility for medical cannabis (c) advanced nursery to produce medical cannabis plants (d) security to prevent the leakage of material to unauthorized parties. Private operation coordinated with local police including local armed guards 24 hours per day, 365 days per year (e) water in enough quantity and flow for grow and cultivation and (f) electric in enough quantity and flow for grow and cultivation.
The closing between PSIQ and Blum is subject to the satisfaction of due-diligence by both parties and execution of definitive agreements but in no case later than March 29th, 2019 unless mutually extended in writing by PSIQ and Blum.
Dan Oran, CEO of PSIQ stated, “According to the latest available estimates from Israel’s Ministry of Finance, exporting marijuana could result in up to $1 billion in tax revenue for the country. The global legal cannabis market is expected to grow to $57 billion by 2027, and there is a clear economic advantage to entering the international market early. PSIQ is positioning itself to seize its part of the opportunity with its proposed facilities in The Kingdom of eSwatini and Israel.”
ABOUT GIDON BLUM
Gidon Blum, for more than 40 years has specialized in the production, packaging and sales of vegetables for Europe and the United States. Blum is an experienced high-tech grower from an agricultural and sales perspective. Blum is known to distribute quality, new, best of brand products to retail chains in Europe and the United States.
ISRAEL’S POSITION ON MEDICAL CANNABIS
The Israeli Cabinet approved the 16th amendment to The Dangerous Drugs Ordinance on January 27th, 2019 that concerns the governance and regulatory aspects of exporting medical cannabis from Israel. This final approval enables farmers to export medical cannabis, a move expected to generate significant revenue for the state. The law conditions growing cannabis on a health ministry license, with police providing approval and monitoring growers and investors.