PSIQ Grants Distribution Rights to Paraguay, Chile, and Brazil With First Year Minimum Guarantee of $500,000 and 20% Growth Per Year Thereafter
SUNRISE, Fla., March 21, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) announces it has granted the exclusive distribution rights to Paraguay, Chile and Brazil to RCS International Investments, Corp. (“RCS”) with first year minimum guarantee of $ 500,000 and 20% growth per year thereafter.
RCS previously executed an exclusive distribution agreement with PSIQ for Mexico and Argentina on November 27th, 2018.
In December 2017, Paraguay’s Congress passed a bill creating a state-sponsored system to import marijuana seeds and grow the plant for medical use. See https://420intel.com/regional/paraguay. In January 2018, president Horacio Cartes officially signed the medical cannabis bill that approved the legalization of medical cannabis. This bill removed marijuana from the list of the country’s “most dangerous drugs” and, in effect, re-categorized it as a medication instead. See https://panampost.com/sabrina-martin/2018/01/09/paraguay-legalizes-marijuana-for-medicinal-and-scientific-use-under-state-control/?cn-reloaded=1.
In November 2018, Brazil’s Senate approved a bill that would legalize home growing of medical marijuana. Only patients, patient associations or relatives would be authorized to grow and produce medical marijuana if the measure becomes law. Currently, the only legal way of accessing medical marijuana in Brazil is to import product individually, with approval on a case-by-case basis. Because importing products is so expensive, home growing would increase access to a large number of patients that “today can’t even dream of having access to legal imported cannabis,” Margarete Brito, general coordinator of APEPI, an association of medical cannabis patients, told Marijuana Business Daily. See https://mjbizdaily.com/brazil-looks-to-home-grows-to-expand-medical-marijuana-access-but-is-it-enough/.
In 2014, Chile legalized the cultivation of medical cannabis. Cultivators must get a license from the Chilean Agriculture Service. Sale of medical cannabis is only allowed through prescription at pharmacies. https://www.cannabisbusinesstimes.com/article/cannabis-legalization-world-map/
“Based upon the success and commitment being made in Mexico and Argentina by RCS, we have granted additional distribution rights to RCS. We expect the relationship with RCS to continue to flourish to increasing revenues for PSIQ,” stated Dan Oran, CEO of PSIQ.
ABOUT RCS INTERNATIONAL INVESTMENTS CORP.
RCS International Investments, Corp. (“RCS”) formed in 2004 is a leading distributor of electronic equipment, hardware, video games, screen cameras, video games consoles, games and accessories from the United States to Argentina. RCS main suppliers are Florida Games, WIT, Fair Price, Innovations Computers, Apple (corporation account), Solutions to go (Sony Corporation), F & E and 888.
ABOUT PROFILE SOLUTIONS, INC.
Profile Solutions, Inc., through its subsidiary Elite Products International, Inc., is a leading distributor and manufacturer in the cannabinoid (CBD) industry. The Company's products contain cutting-edge CBD industrial hemp extracts in the form of edibles, creams, oils, salves and others. Financial information can be found at www.otcmarkets.com/stock/PSIQ/profile. Please visit the company website at www.profilesolutionsinc.com,
Facebook at www.facebook.com/EliteProductsINTL/,
Instagram at www.instagram.com/elite_hemp/,
Linkedin at www.linkedin.com/in/elite-hemp-products-3a863914a/,
Twitter at www.twitter.com/incprofile
Blog at www.elitehempproducts.com/blog.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
FOR INFORMATION, PLEASE CONTACT:
Dan Oran, President
Profile Solutions, Inc.
8411 West Oakland Park Blvd.
Suite 201
Sunrise, FL 33351
Dan@profilesolutionsinc.com
(844) 856-8838