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PSIQ Receives Preliminary Approval From the Kingdom of eSwatini Ministry of Economic Planning and Development to Receive License as the Exclusive Growing Farm and Processing Plant for Medical Cannabis & Hemp in eSwatini
PSIQ Receives Preliminary Approval From the Kingdom of eSwatini Ministry of Economic Planning and Development to Receive License as the Exclusive Growing Farm and Processing Plant for Medical Cannabis & Hemp in eSwatini.
About this update from Profile Solutions Inc
[{"type":"text","content":"\nSUNRISE, Fla., Oct. 10, 2018 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to announce preliminary approval from the eSwatini Ministry of Economic Planning and Development to establish an exclusive growing farm and processing plant for medical cannabis & hemp in The Kingdom of eSwatini f/k/a Swaziland (“eSwatini”).\n The purpose of the proposed agreement is to (1) grant PSIQ the exclusive license to operate an advanced Hemp & Medical Cannabis manufacturing facility to grow and cultivate Cannabis in accordance with strict GMP global health standards (2) export Hemp & Medical Cannabis worldwide (3) operate exclusive licensed Medical Cannabis R & D lab and (4) create training facility to create jobs for local eSwatini citizens. The exclusivity shall be for 10 years. The proposed agreement calls for PSIQ to form a subsidiary in eSwatini to operate the Cannabis operations. eSwatini would grant PSIQ the required licenses and permits to research, grow, distribute, import, export and provide 1000 hectares of secured land in the Simunye City area. eSwatini shall provide permits, land and tax-free status at no cost to PSIQ. PSIQ shall pay for water, electric, cost to build facilities, labor, materials, supplies, transportation and security. The agreement is subject to due diligence, execution of definitive agreements and an up to $ 5,000,000 investment by PSIQ. Dan Oran, CEO of PSIQ stated, “Based upon available government and commercial data for Israel and Australia, which have similar climate and agriculture to The Kingdom of eSwatini and the online cbd Hemp calculator found at http://oregoncbdseeds.com/Simple%20Per%20Acre%20Farm%20Worksheet.xlsx which confirm our projections, we believe this opportunity could generate $ 20 to $ 30 million in annual Revenues for PSIQ after we establish our facility which is expected to take approximately 6 months plus another 3.5 months for the initial grow. We anticipate our first flowers to be ready to be sold within 12 months. After the initial crop, we plan to grow year-round. We anticipate $ 12 - $ 20 million to come from the sale of Medical Cannabis and up to $ 10 million to come from the sale of CBD Hemp.” About eSwatini The Kingdom of eSwatini, f/k/a Swaziland, is a country in Southern Africa b...