Iofina PLC IofinaEX Application Conditionally Approved (0370C)
June 13 2019 - 1:01AM
UK Regulatory
TIDMIOF
RNS Number : 0370C
Iofina PLC
13 June 2019
THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION
596/2014.
13 June 2019
Iofina plc
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
IofinaEX Application Conditionally Approved
Iofina, 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").
IofinaEX, 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.
Since 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.
Commenting, 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.
"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."
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Matthew Radley (corporate
finance)
Camille Gochez (ECM)
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0)7544 275 882
About Iofina:
Iofina specialises in the exploration and production of iodine,
and manufacturing of specialty chemical compounds. Iofina's
business strategy is to identify, develop, build, own and operate
iodine extraction plants currently focused in North America, based
on Iofina's WET(R) IOsorb(R) technology. Iofina has production
operations in the United States, specifically in Kentucky and
Oklahoma. It is a vertically integrated company, covering the
process from the production of iodine in the field, to the
manufacture of the chemical end-products derived from iodine,
supplying them to the consumer, and the recycling of iodine using
iodinated side-streams from waste chemical processes. Additionally,
Iofina utilises its expertise in specialty chemical manufacturing
to produce non-iodine based products as well. Iofina utilises its
portfolio of patented and patent-pending technology, and
proprietary methods and trademarks throughout all business
lines.
www.iofina.com
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END
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