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Naturally Splendid Establishes 100% Owned US-Subsidary in Colorado
|By Marketwired .
|July 22, 2014 03:11 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/22/14 -- Naturally Splendid Enterprises (the "Company") (TSX VENTURE: NSP)(OTCQB: NSPDF)(FRANKFURT: 50N) is pleased to announce the formation of a wholly-owned subsidiary in the state of Colorado in the United States of America. The name of the US Corporation is Naturally Splendid USA Ltd.
Naturally Splendid CEO Craig Goodwin states, "Forming a US subsidiary is an important strategic step for Naturally Splendid for several reasons. A U.S. subsidiary allows the Company to expand distribution of the existing 100% NATERA superfood brand to US retailers, as well as penetrate US markets more efficiently for the plant based omega products and technologies that we have exclusive marketing rights throughout North America for in an agreement that we secured with Boreal Technologies. As importantly, it is the first step in commercializing the cannabinoid technology that we are in advanced stages of negotiations on with Full Spectrum Labs as announced on July 16, 2014."
On January 1st 2014 Colorado became the first US state to open recreational marijuana stores and became the first place in the world where marijuana will be regulated from seed to sale. Retail marijuana will have a 25% state tax plus the usual state sales tax of 2.9%, making the additional revenue to the state initially amount to $67 million a year, with $27.5 million of it designated to build schools, state tax officials say.(i)
By making legalizing marijuana, Colorado has opened its doors to considerable research and development opportunities in the field of cannabinoids. A prominent cannabinoid present in marijuana and hemp is Cannabidiol (CBD) known for its multiple therapeutic, nutraceutical applications. More specifically, Cannabidiol, or CBD, is a compound in industrial hemp that potentially has significant medical benefits, but does not make people feel "high" and can actually counter the psychoactivity of THC.
The reduced psychoactivity of CBD-rich cannabis may make it an appealing nutraceutical product for individuals seeking anti-inflammatory, anti-pain, anti-fungal, anti-bacteria and/or anti-spasm effects without disconcerting lethargy or dysphoria. Because CBD is only sold as a medical marijuana product in Colorado, people have to be Colorado residents to obtain it.
The process to locate a corporate headquarters for the U.S. subsidiary of Naturally Splendid has already begun. The Company is fortunate that CFO Chuck Jenkins is very familiar with operating in the state of Colorado. Mr. Jenkins states, "Having worked for several years with a Colorado operating company, I have found the business environment, infrastructure and geographic location to be quite advantageous as a base for US operations."
About Naturally Splendid Enterprises Ltd.
Naturally Splendid's 100% owned NATERA line of hemp-based superfood products are carried nationwide by Canada's leading health food distributors and a network of retail stores across Canada including major retailers and specialty stores. Naturally Splendid's 100% owned "NATERA" line of products includes natural and flavored shelled hemp seeds as well as natural and flavored hemp protein powders.
Naturally Splendid has an exclusive sales agreement to market and distribute, in North America, the full complement of patent pending, plant-based omega products created by Boreal Technologies. The products include HempOmega and H2Omega, as well as the FlaxOmega, CanolaOmega, and ChiaOmega plant based omega products. These novel products utilize microencapsulation and liposome technologies and are available in both a powder format and an aqueous solution for increased flexibility in ingredient applications and stand-alone products.
For more information e-mail [email protected] or call 604-559-8051.
On Behalf of the Board of Directors
J. Craig Goodwin, CEO, Director
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. Such factors include, among other things: risks and uncertainties relating to Naturally Splendid's ability to complete proposed private placement financing. 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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