NanoSphere Receives First Export Order for CBD Hemp Products From Abba Imports in Mexico
DENVER--(BUSINESS WIRE)--NanoSphere Health Sciences Inc. (CSE: NSHS) (OTC: NSHSF) (“NanoSphere” or “the Company”) has for the first time received an order to export its patented Evolve Formulas CBD Hemp transdermal NanoSerum™.
The initial order is for 60,000 units of the Company’s Evolve Formulas CBD Hemp transdermal NanoSerum™. The order comes from Abba Import Export S.A. de C.V. (Abba), one of the premiere distributors of health and wellness products in Mexico. Abba is a large supplier for the top retailers in the country, including the top national pharmacy and grocery chains, Walmart, Sam’s Club, and Costco.
Abba also signed in December 2018 a Letter of Intent to become NanoSphere’s exclusive partner for CBD and cannabis-related products, when cannabis becomes legal in Mexico over the coming year. Abba has decided to immediately begin distributing NanoSphere’s CBD Hemp products, given the strong and growing demand for high-quality CBD products in Mexico.
“People in our country have seen the positive health effects of CBD for things like joint and muscle pain or inflammation,” explained Julio Antonio D Miguel, President and CEO of Abba. “NanoSphere’s products are unique in that their nanotechnology allows the CBD to be delivered directly through the skin to the affected area. “We are very excited to bring this exciting health technology to our customers in Mexico for the first time.”
The Evolve Formulas transdermal NanoSerum™ is produced by NanoSphere in Colorado and currently sold only in the United States. The order from Abba marks the first time NanoSphere will export its products. “We are very excited to enter this new phase of the Company’s growth with our close partner in Mexico,” said NanoSphere CEO Robert Sutton. “We have been incredibly impressed with the quality of their production facilities and the professionalism of their sales and marketing team.“We feel this initial distribution of our CBD products is an excellent first step in growing our partnership and our global business.”
The CBD industry is among the fastest growing in the world today, with cannabis research firm the Brightfield Group estimating the market will grow from roughly $500 million USD in 2018 to $22 billion in 2022. While cannabis is illegal federally in the US and many other countries, CBD can be produced from hemp, which was exempted from the Controlled Substances Act by the 2018 Farm Bill.
NanoSphere’s CBD products under its Evolve Formulas brand are unique, as the Company holds patents for the process by which CBD and various cannabinoids can be delivered through the skin or mucous membranes using NanoSphere’s proprietary nanotechnology. Evolve’s pioneering CBD and cannabis products are a fast-acting, ultra-strength transdermal formula infused with nano-encapsulated cannabis or CBD extracts.
The order from Abba initiates a process required for registration of Evolve Formulas products in Mexico through the Comisión Federal para la Protección contra Riesgos Sanitarios (COFEPRIS), which is responsible for regulating health-related regulations in Mexico, including those for food safety, health products and medical devices.
Registration with COFEPRIS, known in English as the Federal Commission for the Protection Against Sanitary Risks, is in process and is required prior to the shipping of NanoSphere products to Mexico.
On behalf of the Board
Robert Sutton, CEO
NanoSphere Health Sciences Inc.
NanoSphere Health Sciences LLC, is a biotechnology firm specializing in the creation of the NanoSphere Delivery System™, a revolutionary platform using nanotechnology in the biodelivery of supplements, nutraceuticals and over-the-counter medications for the cannabis, pharmaceutical and animal health industries, and beyond. For more information on NanoSphere, please visit http://www.nanospherehealth.com.
About Evolve Formulas
Evolve Formulas is the provider of the world's first and only scientifically proven nanoparticle delivery system in cannabis. Evolve’s pioneering product, Transdermal NanoSerum™, is a fast-acting, ultra-strength transdermal formula infused with nano-encapsulated cannabis and cannabis extracts. For more information on Evolve Formulas, visit https://www.evolveformulas.com/. Follow us on Facebook, Instagram and Twitter.
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This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. Forward Looking Statements in this release include the prospect that 4Evergrn LLC will complete the Licensing Agreement as contemplated in the Memorandum of Understanding, and failure to do so could affect the outcome expected from this Agreement. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Without limitation, these include assumptions, risks and uncertainties inherent in completing sub-licensing arrangements in the United States, Canada and abroad, product demand, production, competition and government regulation of the Cannabis industry, any and all of which may have an adverse effect on the Company’s expansion plans, sales, revenues and its financial results and condition. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements. Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements, whether as a result of new information, future events or otherwise.
Victor Goncalves, Executive Vice President