Business
Amarantus Engages Evolution Venture Partners to Evaluate Strategic Alternatives for Expansion into the Emerging Legal Hemp Industry
Amarantus Engages Evolution Venture Partners to Evaluate Strategic Alternatives for Expansion into the Emerging Legal Hemp Industry.
About this update from Amarantus Bioscience Holdings, Inc.
[{"type":"text","content":"\nNew York, NY, May 28, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amarantus Bioscience Holdings, Inc. (OTC Pink: AMBS) (the “Company,” or AMBS), a US-based JLABS-alumnus biotechnology holding company developing first-in-class orphan neurologic, regenerative medicine and ophthalmic therapies and diagnostics through its subsidiaries, today announced that it has engaged Evolution Venture Partners (www.evovp.com), a crossover-focused biopharmaceutical advisory and investment firm that is expanding its business into the legal cannabis sector, to assist the Company in evaluating potential business opportunities and strategic alternatives in the emerging legal hemp industry. The engagement is for a period of six months, during which time the Company will continue to execute on its biopharmaceutical holding company financing and spinoff model while it evaluates launching or acquiring hemp-based operations.\n “With the recent passing of the Farm Bill in the fourth quarter of 2018, the legal hemp industry has emerged as one of the fastest growing industries in the United States, projected to grow from less than $1 billion in 2018 to over $20B by 2023,” said Gerald E. Commissiong, President & CEO of Amarantus. “As we have continued to evaluate business models and management candidates to fulfill our mission of creating value for shareholders, it has become crystal clear that focusing on generating free cash-flow will give Amarantus and its various stakeholders the best opportunity to unlock the tremendous value inherent in the Amarantus subsidiary portfolio. A transition to hemp operations is potentially an attractive and exciting addition to the slow-moving, binary, cash-draining biotechnology industry, and provides potential investors in our pending Regulation A+ offering the ability to not only get direct exposure to the Amarantus portfolio of subsidiaries, but also to an industry experiencing exponential growth in the United States and globally. By focusing on hemp, Amarantus remains eligible to list on a national stock exchange in the United States.” On December 20, 2018, President Trump signed into law the Agricultural Improvement Act of 2018, which legalized hemp and hemp-derived products, including cannabidiol (CBD) and other non-psychoactive cannabinoids, at the federal level in...