LiveWell Canada Applauds U.S. Hemp Legalization
Advocates for CBD Awareness and Product Integrity
OTTAWA, ONTARIO, DECEMBER 20, 2018, /CNW Telbec/ – LiveWell Canada Inc. (“LiveWell” or the “Company“) (CSE: LVWL) applauds the signing of the U.S. Agriculture Improvement Act into law, and the ending of decades of hemp prohibition and misconception around hemp-derived CBD and other cannabinoid products.
Today, U.S. President Donald Trump signed the Agriculture Improvement Act, also known as the 2018 Farm Bill, into law. Passed by the U.S. Congress earlier this month, the Farm Bill legalizes hemp and removes it from the Controlled Substances Act (CSA). CBD and other cannabinoid products extracted from hemp are also removed from the CSA. As a result, legal commentators say, the Drug Enforcement Administration would no longer have jurisdiction over hemp or hemp-derived CBD products.
The U.S. Food and Drug Administration (FDA) will continue to oversee ingestible and topical hemp products and has yet to weigh in with any binding statements. In a recent speech, Scott Gottlieb, Commissioner of the FDA, indicated the agency would be getting more aggressive in policing “bad actors” in the wider US$40 billion dietary supplement market. At issue are those making illegal or unproven claims and manufacturing processes or ingredients that do not meet quality standards.
As a CBD life sciences company, LiveWell welcomes more clarity in the industry and is hopeful the FDA recognizes the safe, non-addictive benefits of hemp-derived CBD and other cannabinoids for health and wellness. The World Health Organization has recommended descheduling CBD as a controlled substance among its 194-member states.
“A legalized, more open environment will ‘lift the veil’ on the CBD industry. This will not only raise consumer awareness and dispel some of the myths and misconceptions around CBD, but will also raise the bar in the industry when it comes to product quality, integrity and labelling,” said David Rendimonti, President and CEO of LiveWell Canada.
As recently announced, LiveWell has entered a definitive agreement to acquire Acenzia Inc., a leading developer and manufacturer of natural health products and supplements in Tecumseh, Ontario. The acquisition is part of LiveWell’s focus on quality products and functional outcomes.
Blending science and advanced manufacturing, Acenzia is an innovator in rapid product development and therapeutics specific to particular medical conditions. These capabilities will further LiveWell’s health-related research in CBD and other cannabinoids and fast-track the Company’s CBD product development.
About Hemp CBD
CBD, short for cannabidiol, is the non-psychoactive cannabinoid. It can be extracted from both hemp and cannabis, but CBD derived from hemp is more economical to produce and faces fewer legal restrictions worldwide than cannabis. That’s because of its low THC content, the ingredient that makes you high.
There are three different strains of cannabis—Cannabis sativa L., Cannabis indica and Cannabis ruderalis. Years of selective cultivation of Cannabis sativa L. has produced two sub-types of the strain: medical cannabis (marijuana) and industrial hemp. The two plants differ in terms of appearance and cannabinoid composition, most notably in that hemp possesses only trace amounts of the THC found in medical cannabis.
With the passage of the Farm Bill, all products made from industrial hemp, including CBD, are legalized if they contain no more than 0.3 percent THC.
CBD is most commonly used for anxiety, pain and insomnia. In a recently compiled report on CBD, LiveWell researchers noted that 43% of hemp-derived CBD users replaced other products with CBD, while 72% of CBD users reported that CBD is more effective than alternative treatments.
LiveWell is an innovative Canadian hemp and cannabis company focused on advanced research on CBD and other cannabinoids, as well as developing, marketing and distributing consumer health and wellness products.
As announced on December 3, 2018, LiveWell has signed a binding letter of agreement to merge with Vitality CBD Natural Health Products Inc. (the “Merger”), one of the largest industrial hemp cultivation and extraction operations in North America, with approximately 20,000 acres harvested in 2018. The Merger will bring together U.S. and Canadian assets to create one of the first fully integrated CBD companies with production capacity of CBD isolate anticipated to reach 3,000 kilograms per day by mid-2019; research, product development and GMP manufacturing facilities; international sales and distribution networks; and experienced leadership.
For more information, visit livewellcorp.com
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements about the Company and its business. Often, but not always, forward-looking statements can be identified by the use of words such as “plan”, “continue”, “expect”, “schedule”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements (including negative variations) that certain events or conditions “may” or “will” occur. Such statements are based on the current expectations of management. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of unknown and known risk factors and uncertainties affecting the Company. Further, the Company cautions that this foregoing list of material factors is not exhaustive, and readers are encouraged to read all Risk Factors disclosed in the Company’s Management Discussion & Analysis dated October 26, 2018.
In respect of the forward-looking statements and information concerning the anticipated benefits and completion of the Merger, including the anticipated timing for completing the definitive agreement, the Company has provided such statements and information in reliance on certain assumptions that it believes are reasonable at this time. Further, there can be no assurance that the Merger will occur, or that it will occur on the terms and conditions contemplated in the binding letter of agreement. Following the due diligence, the Merger could be modified, restructured or terminated.
The forward-looking information contained in this press release represents expectations of the Company as of the date of this press release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE LiveWell Canada Inc.
For more information, visit livewellcorp.com
English – Deborah Stokes, 819 576-3789 – [email protected]
French – Dorra Jemail, 819 718-2042 [email protected]
Nicole Marchand – 416-428-3533 – [email protected]
David Rendimonti, President and CEO
Steven Archambault, Chief Financial Officer
Tel: 819 718-2042