Elixinol leads company’s growth with global hemp CBD demand
DENVER— (September 18, 2018) — Elixinol Global Limited, known as EXL, (ASX: EXL, OTCQX: ELLXF) a global company in the industrial hemp, dietary supplements and emerging medical cannabis sectors, has commenced trading on the “OTCQX Best Market” in the United States under the symbol “ELLXF,” as of September 18, 2018. The OTCQX listing will operate in parallel to the Company’s ASX listing where Elixinol Global trades under ticker code EXL.
With EXL’s half-yearly report issued in August 2018, the company posted strong revenue growth and a maiden profit for the group, driven considerably by Colorado-based industrial hemp division, Elixinol. Elixinol’s increased sales were lead by cannabidiol (CBD) private label sales with e-commerce, mid-market and bulk sales also showing a strong performance. EXLwas the only ASX-listed company in this sector to post a profit.
“Starting in 2014, Elixinol was built as a company that would be attractive to global investors as a company that does the right things for the right reasons and advances for the betterment of our stakeholders and customers,” said Paul Benhaim, CEO of EXL.
“EXL’s trading on the OTCQXpresents an exciting opportunity for U.S.-based investors to take part in a company with exceptional performance and one that is well positionedto continue lead the sector,” he continued
In April 2018, Elixinol, with Kersey Ag company, formed a cultivation joint venture, the Northern Colorado High Plains Partnership (NCHPP) which expands Elixinol’s hemp growing capabilities to 700+ acres. The first harvest is expected in fall 2018. Additionally, Elixinol is expanding its processing, manufacturing and fulfillment operations by an additional 12,000 sq. ft and expanding its wholesale and consumer product lines.
Elixinol has been supporting the U.S. Hemp Roundtable’s efforts to clarify the status of industrial hemp in the U.S..
The 2018 U.S. Farm Bill, which remains in conference committee, is expected to include language which will categorize industrial hemp as an agricultural commodity and remove it from the DEA’s list of schedule 1 drugs. If enacted, the Farm Bill will facilitate further CBD demand and capacitate additional sales and marketing opportunities.
Elixinol distributes its hemp CBD to 40 countries, with plans to grow significantly in key markets including the U.S., Japan and Europe.
“Our Colorado location enabled us to get our seed-to-sale verticalization operational earlier this year, giving us a competitive advantage,” said Gabriel Ettenson, Elixinol General Manager.
“From farm to table, we’re well poised for expanded hemp-derived CBD demand,” he continued.
Colorado-based Elixinol, co-founded by Paul Benhaim, hemp entrepreneur since 1991, is widely regarded as one of the most influential CBD brands in the world. With a proven track record of growing and manufacturing high-quality hemp, Elixinol also conducts rigorous laboratory testing and quality control. Elixinol distributes CBD products in 40 countries globally including North and South America, throughout Europe, Asia and the Pacific Region. Elixinol’s parent company EXL (elixinolglobal.com) is publicly traded on the Australian Securities Exchange (ASX:EXL). More information available at Elixinol.com.
About Elixinol Global Elixinol Global, EXL, is publicly traded on the Australian Securities Exchange (ASX:EXL) and through its businesses has a global presence in the cannabis industry including hemp-derived CBD dietary supplements, food and wellness products, as well as the cultivation and manufacture of medicinal cannabis products. Elixinol Global’s businesses include:
- Elixinol, which was founded in 2014, is a manufacturer and global distributor of industrial hemp based dietary supplement and skincare products, with operations based out of Colorado, USA;
- Hemp Foods Australia, which was founded in 1999, is a leading hemp food wholesaler, retailer, manufacturer and exporter of bulk and branded raw materials, and finished products;
- Elixinol Australia, which was founded in 2014 to participate in the emerging Australian medicinal cannabis market and submitted licence applications for cultivation and manufacture to the Office of Drug Control in early CY 2018. These applications are currently pending approval.
More information about EXL is available at elixinolglobal.com
Forward-Looking Information:This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Company’s business, products and future the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Such forward looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company’s products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The ASX has not reviewed, approved or disapproved the content of this press release.