LOS ANGELES, Jan. 03, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Applied BioSciences Corp., a diversified cannabinoid therapeutics company focused on the medical, bioceutical and pet health industries, announced that it has withdrawn its Registration Statement filed on Dec. 3, 2018 and will not sell any securities under the Common Stock Purchase Agreement related to the Registration Statement.
On Dec. 20, 2018, President Trump signed the U.S. Farm Bill into law. The new law defines hemp as an agricultural product for the first time in 50 years and allows American farmers to plant and harvest hemp. This will allow farmers and researchers of hemp to receive the same benefits as farmers and researchers of other crops, including the ability to apply for insurance and federal grants.
The Hemp Farming Act of 2018 inclusion in the final version of the Farm Bill is a major victory for hemp CBD companies like Applied BioSciences, as it adds provisions to remove hemp from the federal list of controlled substances and removes any federal regulations preventing farmers from growing and selling hemp as an agricultural commodity. The language provides the entire supply chain with certainty and enables businesses of all sizes and types to source hemp for food, building materials and textiles from U.S. crops.
According to the Hemp Business Journal, in 2017, U.S. hemp sales reached $820 million with hemp CBD and hemp food products making up $327 million of the total and projections see U.S. CBD sales reaching $2.1 billion by 2020, even before the passage of the 2018 Farm Bill.
“The Farming Act provides much needed certainty to the hemp community and businesses that will allow them to provide products that consumer need and want. At Applied BioSciences, we strive to be a socially responsible company and invest in industries that make a positive impact, such as the CBD industry. Applied BioSciences has achieved that by diversifying ourselves amongst different CBD and hemp products, ranging from creams and oils to capsules and vapes,” stated JJ Southard, treasurer.
“The regulatory backdrop has changed significantly since we started the company, almost three years ago. Applied BioSciences has strived to be a cutting-edge organization and our experience in the space is a competitive advantage. With our current portfolio of brands and investments we believe there are multiple financing and strategic alternatives to generate shareholder value which are in the best interest of the company and our investors," stated Chris Bridges, president.
Applied BioSciences products are USDA NOP certified organic, non-GMO, vegan, paleo, gluten-free, sugar-free and THC-free. The products are formulated with organic 99-percent pure cannabidiol along with a proprietary blend of certified organic botanicals, herbals and essential oils to further optimize bioavailability.