NEW YORK (MainStreet) — Creative Edge Nutrition (FITX), company that makes of work-out supplement Aminoplex, acquired Hemp Technologies for $15 million shares and a $4 million cash commitment over two years.
“Once we complete restructuring of Hemp Technologies we will apply for a license to grow hemp,” said Bill Chaaban, president of Creative Edge Nutrition. “The seeds are going to be an issue, because the U.S. doesn’t have a seed bank. There are seed banks in Canada and the Netherlands, but we have to import the seeds and pick the ones that will grow in the climate and soil that make up the U.S.”
Related Articles
Creative Edge Nutrition’s acquisition of Hemp Technologies includes five-year employment contracts for Gregory Flavall and Anndrea Hermann, who is a licensed THC inspector.
“Anndrea is one of the world’s foremost experts on hemp and cannabis,” Chaaban said. “She will assist us with seeding and many other issues.”
Hermann was appointed not only president of Hemp Technologies but also chief scientific officer of Creative Edge Nutrition.
“We intend to utilize hemp for the extraction of CBDs where allowed by law,” Chaaban explained.
Known as cannabidiols, CBDs are one of at least sixty active cannabinoids in the marijuana plant that includes tetrahydrocannabinol (THC).
“The cannabis industry is just starting too boom so it makes sense that small players are merging in an attempt to capture the lion’s share of this upcoming sector,” said Timothy Sykes, entrepreneur and penny stock expert. “Who will actually succeed is anyone’s guess but the companies with the most cash and innovative approaches have better odds of success.”
Next » Last
Marijuana Gets Muscle Boost: Makers of Aminoplex Acquire Hemp Company
No comments:
Post a Comment