DELRAY BEACH, Fla., Nov. 04, 2019 (GLOBE NEWSWIRE) -- Exactus, Inc. (OTCQB:EXDI) (the “Company”), a grower of hemp and producer of hemp-derived phytocannabinoid products, is pleased to announce that it has obtained several significant orders and has commenced delivery of product from its current 2019 harvest. The total value of orders received during October and November now total over $750,000.
These first orders represent the initial monetization of the Company’s approximately 200 acres in Southwest Oregon from which over 30,000 pounds of flower are being harvested. Additional biomass is being prepared for sale and production into ingredients and finished products for our own Green Goddess and other brands, as well as for sale to others.
Emiliano Aloi, President & CEO of Exactus, said, “These orders show that we have been able to successfully navigate our evolution to growing and producing products derived from lawful hemp following adoption of the Agricultural Improvement Act of 2018 enacted in January 2019. Our very first crop was produced in collaboration with our experienced Oregon farm team utilizing premier genetic stock provided by Oregon CBD©. We are on track for a solid Q4, with initial revenues, as planned. Our team has been able to prospect, prepare, plant, harvest and get our business into cashflow in under 10 months, proving that the model works and that it’s time to strengthen it and grow it in scale. 2020 will see us bringing a variety of additional products to market, meeting the high standards of production, traceability and compliance that characterizes us. We have already started work on the 2020 season, incorporating CBG and other cannabinoids to the farming and production plan. We are pleased with the progress we have achieved and look forward to the opportunities we have at hand.”
To learn more about Exactus, Inc., visit the website at www.exactushemp.com.
Exactus Inc. is dedicated to introducing hemp-derived phytocannabinoid products into mainstream consumer markets. The Company has made investments in farming and has over 200 acres of CBD-rich hemp in Southwest Oregon. The Company is introducing a range of consumer brands, such as Green Goddess Extracts, Paradise CBD, Levor Collection and Exactus. Hemp is a legal type of cannabis plant containing less than 0.3% THC (tetrahydrocannabinol), which is the psychoactive component of the cannabis plant. After 40 years of prohibition, the Agriculture Improvement Act of 2018, known as the 2018 Farm Bill, legalized hemp at the federal level. Hemp production will be regulated by the United States Department of Agriculture (USDA) and the states. As a result, in 2019 hemp was generally removed from the Controlled Substances Act (CSA) and enforcement by the Drug Enforcement Administration (DEA).
For more information about Exactus: www.exactusinc.com.
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission (the "SEC") on March 29, 2019, and in other periodic and current reports we file with the SEC. If any of these risks were to occur, our business, financial condition, or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Safe Harbor" below.
Safe Harbor - Forward-Looking Statements
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic and current filings with the SEC, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
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Released November 4, 2019