Advocates for CBD Awareness and Product
Integrity
/NOT FOR DISSEMINATION
TO UNITED
STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE
UNITED STATES/
OTTAWA, Dec. 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.
About LiveWell
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.
For more information, visit livewellcorp.com
SOURCE LiveWell Canada Inc.