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PSIQ to Receive Assignment of License to Prepare Land in Israel With the Intent to Grow, Cultivate, Distribute and Export Medical Cannabis to the Projected $57 Billion Global Legal Cannabis Market
PSIQ to Receive Assignment of License to Prepare Land in Israel With the Intent to Grow, Cultivate, Distribute and Export Medical Cannabis to the Projected $57 Billion Global Legal Cannabis Market.
About this update from Profile Solutions Inc
[{"type":"text","content":"\nSUNRISE, Fla., March 27, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to announce the signing of a letter of intent for the assignment of  a temporary license to prepare farm located at Hatzeva 37 Arava, Israel to grow and cultivate Medical Cannabis on 10,000 square meters therein with the intent to receive a permanent license to grow, cultivate, distribute and export Medical Cannabis.                                                                                                           \n The assignment shall be made by Gidon Blum (“Blum”) to a to be formed US or Israeli subsidiary of PSIQ. The parties shall make every effort to (a) prepare the farm to grow, cultivate, distribute and export Medical Cannabis based upon the most advanced agricultural and medical know-how and experience according to Global Good Agricultural Practice standard (“GLOBALGAP”).  GLOBALGAP is a Pre-Farm Gate standard, which means that Blum shall document the process in detail to certify the product from before the seed is planted until it leaves the farm. The GLOBALGAP standard requires that producers establish a complete control and monitoring system. Products are registered and can be traced back to the specific farm unit where they were grown. GLOBALGAP rules are relatively flexible about field practices such as soil fumigation and fertilizer usage. There are strict regulations about pesticide storage and pesticide residue limits. (b) attain all required licenses and permits required to grow, cultivate, distribute and export Medical Cannabis (c) transfer temporary license as soon as possible with PSIQ and all future licenses and permits issued directly to PSIQ sub. PSIQ shall advance the required funds to prepare farm land to grow and cultivate Medical Cannabis on 10,000 square meters therein with the intent of a permanent license to grow, cultivate, distribute and export Medical Cannabis. The facility shall include (a) agricultural farm with large open areas for advanced greenhouse complex for growing medical ...