SUNRISE, FL / ACCESSWIRE / May 17, 2018 / Profile Solutions, Inc. (OTC PINK: PSIQ) announced today that its wholly owned subsidiary, Elite Products International, Inc., reported revenues for the first quarter ending March 31st, 2018 of $262,277 compared to revenues of $20,323 for the quarter ending March 31st, 2017, representing almost 1300% increase.
"With great excitement, we are proud to report a profound increase in revenues establishing our company as a recognized leader of quality products in the cannabidiol ("CBD") industry," stated Chief Executive Officer, Dan Oran.
On May 2nd, 2018, PSIQ formed a new subsidiary, Elite Isolate Corp. (http://eliteisolate.com/) to produce, process and sell CBD isolate derived from hemp. CBD isolate is cannabidiol in its purest form. To produce this extract, CBD is isolated and then refined to remove any additional cannabinoids, terpenes, and plant components found in the hemp plant. The final product is a fine white powder that contains approximately 99% cannabidiol. Isolates contain only one cannabinoid: CBD. This means that CBD isolate does not contain any THC, a psychoactive cannabinoid, making CBD isolate a perfect option for those who seek a THC-free product. CBD isolate has no taste or odor and can be used to formulate many varieties of CBD products, such as edibles and topicals. Since CBD isolate is more than 99% pure, manufacturers have control over exactly how much CBD is added to a product (a milligram of CBD isolate equates to about a milligram of CBD.) 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.
About Profile Solutions
Profile Solutions, Inc., through its subsidiary Elite Products International, Inc., is a leading distributor and manufacturer in the cannabinoid (CBD) industry. The Company's products contain cutting-edge CBD industrial hemp extracts in the form of edibles, creams, oils and salves. Financial information can be found at https://www.otcmarkets.com/stock/PSIQ/profile. Please visit the company website at www.profilesolutionsinc.com, Facebook at https://www.facebook.com/EliteProductsINTL/, Instagram https://www.instagram.com/elite_hemp/, Linkedin at https://www.linkedin.com/in/elite-hemp-products-3a863914a/, Twitter at https://twitter.com/EliteHemp_Intl and Blog: https://www.elitehempproducts.com/blog.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
For information, please contact:
Dan Oran, President
Profile Solutions, Inc.
8411 West Oakland Park Blvd.
Sunrise, FL 33351
SOURCE: Profile Solutions, Inc.