U.S. HEMP LEGALIZATION EXPANDS MARKET FOR FLUROTECH'S COMPLETESTTM
March 04 2019 - 8:30AM
InvestorsHub NewsWire
U.S. HEMP
LEGALIZATION EXPANDS MARKET FOR FLUROTECH’S
COMPLETETEST™
Calgary, Alberta --
March 4, 2019 -- InvestorsHub NewsWire
-- FluroTech Ltd. (TSX-V: TEST) (OTCQB: FLURF), (“FluroTech” or
the “Company”) recognizes the burgeoning market
for the CompleTest™ hemp and cannabis testing device with a notable
industry opportunity brought about by the signing of the 2018
United States (“U.S.”) Farm Bill.
The Agriculture Improvement Act of 2018, commonly referred to as
the 2018 U.S. Farm Bill, removes the longheld legal implications,
stigma and ambiguity surrounding the American hemp industry.
Changes to the U.S. Farm Bill included removing hemp from the
Controlled Substances Act, means it is no longer an illegal
substance under federal law. Despite belonging to the same species
as cannabis, hemp has no psychoactive effects. Under the 2018 U.S.
Farm Bill, a hemp plant must contain less than 0.3 per cent
tetrahydrocannabinol (“THC”).
“With the U.S. Federal legalization of hemp, FluroTech is able to
expand its addressable market in North America to the U.S. and
progress its goal to be the preferred in-house precision testing
device for hemp and cannabis growers globally,” commented Danny
Dalla-Longa. “Hemp is difficult to distinguish from cannabis with
THC from appearance and scent. We anticipate that in addition to
growers, law enforcement and other regulators will require devices
that can accurately distinguish the two products.”
According to industry analysts at Brightfield Group, the
hemp-derived cannabidiol (“CBD”) market in the U.S. is expected to
quickly go mainstream and become a $5.7 billion market by next year
and growing to a $22 billion market by 2022. Ensuring high quality
hemp is produced with known THC and CBD concentrations, and free of
heavy metals, pesticides and mold, will be required by consumers of
hemp-based human foods and animal supplements. The Company plans to
have its hemp test protocol completed in Q2 2019 and to enter the
American market shortly thereafter.
CBD can be found in varieties of the cannabis plant, including hemp
plants. CBD does not produce a high or intoxicating effect.
However, there is some evidence that CBD may influence some of the
effects that THC has on the brain. CBD is also being studied for
its possible therapeutic uses; it has received market approval in
the U.S. for two severe forms of epilepsy.
About CompleTest™
CompleTest™ is FluroTech’s flagship brand and product line.
CompleTest™ is a portable, cost-effective, stateof-the-art hemp and
cannabis testing device, able to provide fast, accurate and
consistent testing results. It is designed for cultivators,
dispensaries and anyone with an interest in optimizing potency
yield and consumer safety to test the quality and safety of their
cannabis products.
About FluroTech (TSX-V: TEST)
(OTCQB: FLURF)
FluroTech is a technology and marketing company whose core business
is focused on the commercialization of new technologies in the
cannabis industry. FluroTech’s proprietary spectroscopy-based
technology allows for the testing and identification of organic and
inorganic compounds contained within biological samples. Using the
technology that was developed at the University of Calgary,
FluroTech has developed a two-part solution comprising an
instrument called the CompleTest™ and consumable testing kits.
To learn more, visit www.FluroTech.com.
Contact Information
Danny Dalla-Longa
Chief Executive Officer
403.680.0644
danny@flurotech.com
FluroTech Ltd.
Alistair Ross Technology Centre
Suite 111, 3553-31 Street NW
Calgary, AB T2L 2K7
info@flurotech.com
This news release does
not constitute an offer to sell or a solicitation of an offer to
buy any of the securities. The securities described herein have not
been and will not be registered under the United States Securities
Act of 1933, as amended, or the securities laws of any state and
may not be offered or sold within the United States or to or for
the benefit or account of U.S. persons, absent such registration or
an applicable exemption from such registration
requirements.
Cautionary
Statement Regarding Forward-Looking
Information
This news release contains
"forward-looking information" within the meaning of Canadian
securities legislation. Forward-looking information generally
refers to information about an issuer’s business, capital, or
operations that is prospective in nature, and includes
future-oriented financial information about the issuer’s
prospective financial performance or financial position. The
forward-looking information in this news release includes
disclosure about the U.S. hemp market opportunity for the
CompleTestTM, FluroTech’s ability to expand the addressable market
into the U.S., the ability to develop a hemp testing protocol and
the timing of the protocol completion.
The Company made certain material assumptions, including but not
limited to prevailing market conditions and general business,
economic, competitive, political and social uncertainties, the need
and demand for hemp testing protocol utilizing the CompleTestTM in
the U.S., to develop the forward-looking information in this news
release. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Actual results may vary from the forward-looking information in
this news release due to certain material risk factors. These risk
factors include, but are not limited to, adverse market conditions
and regulatory and other risks associated with the cannabis and
hemp industry in general, users of the Company’s CompleTestTM
technology and the CompleTest™ failing to achieve the anticipated
benefits of the product, changes to the anticipated regulatory
regime in respect of the cannabis and hemp industry, competition
from other developers of similar technology, failure to obtain
patent protection for the company, failure to reach
commercialization of the technology and failure for the products
anticipated market to develop.
The Company cautions that the foregoing list of material risk
factors and assumptions is not exhaustive. The Company assumes no
obligation to update or revise the forward-looking information in
this news release, unless it is required to do so under Canadian
securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy of this
release
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