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Earth Science Tech Executes First Purchase Order and Agreement to Be Exclusive Distributor of Cromogen Biotechnologies Cannabinoid Class Compound "CBD" or "Cannabidiol"
|By Marketwired .
|June 9, 2014 07:00 AM EDT
LAS VEGAS, NV -- (Marketwired) -- 06/09/14 -- Earth Science Tech, Inc. (OTCQB: ETST) ("ETST" or "the Company"), a unique biotechnology company focused on nutraceuticals, bioceuticals and dietary supplements, today announced it has executed an exclusive distribution agreement with Cromogen Biotechnologies ("Cromogen") focusing on the purchase of raw hemp-based CBD (Cannabidiol) rich oil. Moreover, ETST has placed its first major purchase order of raw hemp-based CBD (Cannabidiol) rich oil from Cromogen.
ETST will leverage this strategic relationship with Cromogen to bring innovative and economically accessible healing products to be sold in the US Natural Health and Wellness Market(s). Under the terms of the agreement, Cromogen has appointed ETST as its exclusive distributor to formulate, market, and sell its raw hemp-based CBD-rich oil to Public Companies trading on the OTC Markets. ETST may further formulate, market and sell CBD-rich hemp oil on a non- exclusive basis to Non-OTC Market.
ETST has already initiated the required payment in order to secure a $350,000 purchase order of raw hemp-based CBD-rich oil. CEO of ETST, Harvey Katz PhD, stated, "As an emerging nutritional and dietary supplement hemp wellness company, ETST is looking forward to working jointly with Cromogen to create, develop and manufacture innovative products designed to promote health and wellness benefits by utilizing CBD (Cannabidiol). By leveraging Cromogen, ETST looks to have a significant cost advantage in the CBD arena. Cromogen's ability to scale provides ETST with flexibility to innovate and create significant inroads in this high growth market. ETST sees this as a very high growth opportunity that enables the company to market the highest level of CBD infused quality products with food safety certification."
Michael Brubeck, CEO of Cromogen, stated, "Earth Science Tech has proven to our organization that they can develop unique revenue channels not previously available. This new approach to the cannabidiol supplement industry is of great value to both Cromogen and Earth Science Tech and has already generated excitement on both teams. We look forward to showing the market the true value of this partnership."
Hemp oil is a well-known dietary supplement and the naturally occurring CBD in hemp is providing overwhelming evidence of significant health and wellness benefits. CBD possesses no psychoactive properties and therefore is a ready for market hemp based ingredient. According to scientific and clinical studies, CBD has the potential to help a range of conditions, including epilepsy, diabetes, rheumatoid arthritis, chronic pain, alcoholism, schizophrenia, PTSD, antibiotic-resistant infections, and various neurological disorders (Source: National Center for Biotechnology Information http://www.ncbi.nlm.nih.gov). CBD has demonstrated neurogenic and neuroprotective effects and its anti-cancer properties are currently being investigated at several academic research centers in the United States and abroad.
The Food and Drug Administration (FDA) currently considers hemp based Cannabinoids, including CBD, to be "food based" and therefore legal. These new non-psychoactive CBD-rich hemp oil products that ETST will look to market and distribute are legal and available to consumers in all fifty states and in more than forty countries. CBD (Cannabidiol), a naturally-occurring constituent of the industrial hemp plant, promotes and supports the nutritional health of aging bodies. Source: US Government patent #6,630,507 "Cannabinoids as antioxidants and neuroprotectants."
ABOUT: Cromogen Biotechnology applies a decade of research and development in plant science and phytocannabinoid studies to the manufacturing of cannabidiol-rich hemp foods and ingredients. The technology currently in place allows for the processing of 5 metric tons of hemp fiber per day, which can isolate trace amounts of phytocannabinoids as low as 300 parts per million. Common quality control concerns in the phytocannabinoid industry have been mitigated by Cromogen's R&D team through leveraging pharmaceutical processes and technology for hemp food and oil production. For more information on Cromogen visit: http://www.cromogenbiotechnology.com.
ABOUT: ETST is a unique biotechnology company focused on delivering cutting edge nutraceuticals, bioceuticals and dietary supplements designed to excel in industries such as health, wellness, sports and alternative medicine to improve the quality of life for consumers worldwide. ETST is also dedicated in providing natural alternatives to prescription medications such as nutritional supplements and dietary supplements that help improve common disorders and illnesses. This may include products such as vitamins, minerals, herbs, botanicals, personal care products, homeopathics, functional foods, CBD (Cannabidiol) as a natural constituent of hemp oil and other products. These products will be in various formulations and delivery forms including but not limited to capsules, tablets, soft gels, chewables, liquids, creams, sprays, powders, and whole herbs.
ETST does not grow, sell or distribute any substances that violate United States Law or the controlled substance act.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE: These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
FORWARD LOOKING DISCLAIMER: This release contains forward-looking statements that involve risks and uncertainties. Readers are referred to the Securities and Exchange Commission filings filed by the Company on EDGAR at http://www.sec.gov/edgar.shtml, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to publicly release any revisions to any forward-looking statements. The information contained in this press release should not be construed as any indication of the Company's future stock price, its revenues or results of operations.
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