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Upper Street Marketing Updates Shareholders: CBD Crop 5 Months Away, Fully Licensed Extraction Will Follow
Upper Street Marketing Updates Shareholders: CBD Crop 5 Months Away, Fully Licensed Extraction Will Follow.
About this update from Upper Street Marketing, Inc.
[{"type":"text","content":"\nSan Diego, CA, May 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Upper Street Marketing Inc. (OTC Markets: symbol UPPR) and its wholly-owned subsidiary, Growing Springs Holding Corporation, are pleased to announce that their first hemp crop is on track to harvest by early October and extraction facilities have been secured to start producing distillates and other extracts.\n UPPR’s newly leased 12,000 square foot laboratory and manufacturing facility is fully licensed for non-psychoactive cannabidiol (CBD) extraction. Through an existing relationship with FDA-licensed pharmaceutical manufacturer, Primapharma Inc., (PPI), (www.primapharma.net) the Company will comply with cGMP (Current Good Manufacturing Practices). Coupled with the company’s coming organic hemp crop, UPPR is poised to become one of the largest producers of pharmaceutical-grade CBD at a moment when isolates and high-quality distillates sell for $6,000 to $10,000 per kilogram, depending on volume. “Industry averages suggest that a healthy acre of hemp biomass can translate into as many as 50 kg of CBD. This initial 300-acre cultivation certainly offers UPPR the ability to achieve our 2019 revenue target of $75 million,” stated Upper Street CEO Joseph Earle. Earle goes on to say, “Following the full legalization of industrial hemp and regulatory requirements for FDA standards for pharmaceutical-grade CBD, demand is exponentially outpacing existing supply. The faster we can harvest and get our first extracts on the market, the better.” Accounting for a crop cost of $20,000 - $30,000 per acre, the economic implications are considerable. Fortune magazine and other publications have contemplated a 100X surge in CBD consumption between now and 2023, at which point UPPR and other producers will need to ramp up output from a currently minimal 50,000 kg of isolate to as much as 3.5 million kg. An estimated 7% of Americans are currently consuming CBD products, with that population conservatively expanding 30% (to 25 million adults) by 2025. Given fragmentation and inefficiency in the newly legalized industry, strategic leadership is essential, motivating UPPR’s recent purchase of 20% of Canadian cannabis/hemp project developer Catch Capital Partners in order to capitalize on what can easily become ...