VANCOUVER, British Columbia, Dec. 24, 2018 (GLOBE NEWSWIRE) — The Yield Growth Corp. (CSE:BOSS) announces that it will soon commence sales of its Urban Juve hemp oil-infused personal care products to consumers in the US now that the US 2018 Farm Bill has been signed into law. The new Farm Bill removes industrial hemp from the Controlled Substances Act and opens the door for hemp infused products.
Passage of the Farm Bill comes at an opportune time for Yield Growth subsidiary, Urban Juve Provisions Inc., which has just launched its premium Urban Juve products in Canada. Urban Juve is an Ayurveda-inspired skin care and wellness brand that rejuvenates and nourishes from within: spirit to skin. Urban Juve’s key ingredient — hemp root oil — combines with natural and pure essential oil-based formulations to create quality products that are currently available online in Canada at urbanjuve.com and are available at select retail stores across Canada.
The global industrial hemp market size is expected to reach USD $10.6 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at an annual growth rate of 14% during the forecast period. According to Grand View Research, growing population and rising disposable income are expected to result in an increased demand for high-quality cosmetics, personal care products, protein supplements, and other health food products. These factors are expected to be key driving factors for the market over the projected period.
“With the recent launch of our Urban Juve products in Canada, the passage of the US Farm Bill couldn’t have come at a better time for us,” said Penny Green, CEO of Yield Growth and Urban Juve. “We are poised to capitalize on the huge opportunity presented by the United States cosmetic and wellness market and will open our ecommerce channel to the US shortly.”
President Donald Trump last week signed legislation into law that includes language lifting the United States’ decades-long prohibition on domestic, commercial hemp production. The provisions were included within The Farm Bill, which takes effect on January 1, 2019.
“The significance of this law change should not be underemphasized,” NORML Deputy Director Paul Armentano said. “This law marks the first change in the federal classification of the cannabis plant since it was initially classified as a Schedule I Controlled Substance by Congress in 1970, and paves the way for the first federally-sanctioned commercial hemp grows since World War II.”
About The Yield Growth Corp.
The Yield Growth Corp. is a diverse team of business executives focused on developing cannabis assets to support rapid, sustainable financial growth using viable models for success. Its directors and officers have experience at multi-billion dollar international companies including M.A.C Cosmetics, Aritzia, Skechers, Best Buy, Future Shop, Pepsi and Coca-Cola.
Urban Juve Provisions Inc., which has a catalogue of more than 50 wellness formulas, is wholly owned by Yield Growth. Urban Juve organically synthesizes ancient knowledge and modern techniques to create exceptional beauty and wellness solutions. Ayurvedic knowledge delineates three general categories or skin types. Urban Juve has translated these as Vitalize, Balance and Align, each with its own dedicated range of skin and body care formulations. Urban Juve has registered with Health Canada 26 products containing cannabis sativa hemp oil. The company has also filed 11 provisional patent applications in the United States. Urban Juve’s skin care products are sold in Canada, with distribution agreements signed for markets in the United States and Italy. Urban Juve has licensed its formulas to Yield Growth wholly owned subsidiary UJ Topicals Inc., which is launching its cannabis topicals line in Oregon, U.S.A.
Investor Relations Contacts:
Penny Green, Director, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward-looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve and UJ Topicals products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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