Upper Street Marketing Updates Shareholders: CBD Crop 5 Months Away, Fully Licensed Extraction Will Follow
San Diego, CA, May 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Upper Street Marketing Inc. (OTC Markets: symbol UPPR) and its wholly-owned subsidiary, Growing Springs Holding Corporation, are pleased to announce that their first hemp crop is on track to harvest by early October and extraction facilities have been secured to start producing distillates and other extracts.
UPPR’s newly leased 12,000 square foot laboratory and manufacturing facility is fully licensed for non-psychoactive cannabidiol (CBD) extraction. Through an existing relationship with FDA-licensed pharmaceutical manufacturer, Primapharma Inc., (PPI), ( www.primapharma.net ) the Company will comply with cGMP (Current Good Manufacturing Practices).
Coupled with the company’s coming organic hemp crop, UPPR is poised to become one of the largest producers of pharmaceutical-grade CBD at a moment when isolates and high-quality distillates sell for $6,000 to $10,000 per kilogram, depending on volume.
“Industry averages suggest that a healthy acre of hemp biomass can translate into as many as 50 kg of CBD. This initial 300-acre cultivation certainly offers UPPR the ability to achieve our 2019 revenue target of $75 million,” stated Upper Street CEO Joseph Earle.
Earle goes on to say, “Following the full legalization of industrial hemp and regulatory requirements for FDA standards for pharmaceutical-grade CBD, demand is exponentially outpacing existing supply. The faster we can harvest and get our first extracts on the market, the better.”
Accounting for a crop cost of $20,000 - $30,000 per acre, the economic implications are considerable. Fortune magazine and other publications have contemplated a 100X surge in CBD consumption between now and 2023, at which point UPPR and other producers will need to ramp up output from a currently minimal 50,000 kg of isolate to as much as 3.5 million kg.
An estimated 7% of Americans are currently consuming CBD products, with that population conservatively expanding 30% (to 25 million adults) by 2025. Given fragmentation and inefficiency in the newly legalized industry, strategic leadership is essential, motivating UPPR’s recent purchase of 20% of Canadian cannabis/hemp project developer Catch Capital Partners in order to capitalize on what can easily become a $35 billion market opportunity.
“With Catch Capital on our team UPPR is in a strong position to provide cooperative pharmaceutical-grade hemp on both sides of the border,” CEO Joseph Earle explained. “We will be a very large player, very quickly.”
About Upper Street Marketing and CBD
Now fully legal as a non-psychoactive product of industrial hemp, CBD has been promoted as an effective treatment for everything from arthritis to insomnia. To date, the only FDA-approved uses are for two rare forms of childhood epilepsy. With one of the only integrated “seed to consumer” platforms for participating in all phases of the industry from crop to value-added commercial and clinical product development, UPPR intends to be a leader in FDA cGMP (Current Good Manufacturing Practice) capabilities in the hemp and CBD marketplace.
For Further Information Contact: Upper Street Marketing Inc.: . Phone: (844) 535-UPPR (8777)
Cautionary Language Concerning Forward-Looking Statements Statements in this press release may be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to the Company or its management, identify forward-looking statements. These statements are based on current expectations, estimates, and projections about the Company’s business, based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors. Such statements could be affected by risks and uncertainties related to: (i) our ability to execute the Company’s business plans with the uncertainty of agricultural crops (ii) product demand, market, and customer acceptance of the Company’s products, (iii) the Company’s ability to obtain financing to expand our operations, (iv) the Company’s ability to attract qualified sales representatives, (v) competition, pricing and development difficulties, (vi) the Company’s ability to conduct the business if there are changes in laws, regulations, or government policies related to the Company’s products, (vii) the Company’s ability to conduct operations if it faces product recalls, and (viii) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.