Business
IofinaEX Application Conditionally Approved
IofinaEX Application Conditionally Approved.
About this update from Iofina Plc
[{"type":"text","content":"\n \nRNS Number : 0370C Iofina PLC 13 June 2019 \n\nTHE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014.\n \n \n13 June 2019\n \nIofina plc\n(\"Iofina\", the \"Group\", or the \"Company\")\n(LSE AIM: IOF)\n \nIofinaEX Application Conditionally Approved\n \nIofina, specialists in the exploration and production of iodine and manufacturers of high quality specialty chemical products, is pleased to provide an update on the development of its new subsidiary, IofinaEX Inc. (\"IofinaEX\").\nIofinaEX, which will explore the production of CBD oils (a mixture of cannabinoids including cannabidiol) and other valuable compounds and uses of industrial hemp, has received conditional approval for its Hemp Processor/Handler License Application from the Kentucky Department of Agriculture. Although IofinaEX will be restricted from processing hemp until fee payments and a scheduled orientation are complete, it is expected that these events should be complete by mid-July, at which time research can begin.\nSince the 2018 Agriculture Improvement Act (\"2018 Farm Bill\") legalised the cultivation of hemp at a federal level, new opportunities have opened up for the CBD market in the USA. IofinaEX, which is in research and planning stages, will utilise the Group's specialty chemistry knowledge and apply it to the extraction and isolation of purified CBD products. The new subsidiary would complement the specialty chemical products Iofina provides to global markets.\nCommenting, President and CEO Dr. Tom Becker stated: ''The Directors are determined to explore the isolation of CBD oil and other valuable products from hemp, a market which is currently underdeveloped but rapidly growing. Iofina's expertise in speciality chemicals makes the new venture a suitable addition to the Iofina Group.\n \n\"The conditional approval for our Handler/Processor License in Kentucky is an important step forward as we plan to execute the project at IofinaEX, and we look forward to updating the market as we develop this subsidiary further.\"\n \nEnquiries:\n \nDr. Tom Becker\nCEO & President\nIofina plc\nTel: +44 (0)20 3006 3135\n \nChristopher Raggett/Giles Rolls/Matthew Radley (corporate finance)\nCamille Gochez (ECM)\nfinnCap Ltd\nTel: +44 (0)20...