Applied BioSciences Withdraws Equity Offering after Passing of Farm Bill
LOS ANGELES, Jan. 03, 2019 (GLOBE NEWSWIRE) -- Applied BioSciences Corp. (OTCQB: APPB), a diversified cannabinoid therapeutics company focused on the medical, bioceutical and pet health industries, announced that it has withdrawn its Registration Statement filed on December 3, 2018 and will not sell any securities under the Common Stock Purchase Agreement related to the Registration Statement.
On December 20, 2018, President Trump signed the US Farm Bill into law. The new law defines hemp as an agricultural product for the first time in 50 years and allows American farmers to plant and harvest hemp. This will allow farmers and researchers of hemp to receive the same benefits as farmers and researchers of other crops, including the ability to apply for insurance and federal grants.
The Hemp Farming Act of 2018 inclusion in the final version of the Farm Bill is a major victory for hemp CBD companies like Applied BioSciences, as it adds provisions to remove hemp from the federal list of controlled substances and removes any federal regulations preventing farmers from growing and selling hemp as an agricultural commodity. The language provides the entire supply chain with certainty and enables businesses of all sizes and types to source hemp for food, building materials and textiles from U.S. crops.
According to the Hemp Business Journal, in 2017, U.S. hemp sales reached $820 million with hemp CBD and hemp food products making up $327 million of the total and projections see U.S. CBD sales reaching $2.1 billion by 2020, even before the passage of the 2018 Farm Bill.
“The Farming Act provides much needed certainty to the hemp community and businesses that will allow them to provide products that consumer need and want. At Applied BioSciences, we strive to be a socially responsible company and invest in industries that make a positive impact, such as the CBD industry. Applied BioSciences has achieved that by diversifying ourselves amongst different CBD and hemp products, ranging from creams and oils to capsules and vapes.” stated, JJ Southard, Treasurer.
“The regulatory backdrop has changed significantly since we started the company, almost three years ago. Applied BioSciences has strived to be a cutting-edge organization and our experience in the space is a competitive advantage. With our current portfolio of brands and investments we believe there are multiple financing and strategic alternatives to generate shareholder value which are in the best interest of the company and our investors." stated Chris Bridges President.
Applied BioSciences products are USDA NOP certified organic, non-GMO, vegan, paleo, gluten-free, sugar-free and THC-free. The products are formulated with organic 99%+ pure cannabidiol along with our proprietary blend of certified organic botanicals, herbals and essential oils to further optimize bioavailability.
About Applied BioSciences Corp.
Applied BioSciences Corp. (www.appliedbiocorp.com), is a diversified company focused on multiple areas of the medical, bioceutical and pet health industry. As a leading company in the CBD and Pet health space, the company is currently shipping to the majority of US states as well as to 5 International countries. The company is focused on select investment, consumer brands, and partnership opportunities in the recreational, health and wellness, nutraceutical, and media industries.
The company has several strategic partnerships and investments currently in place and is actively pursuing additional partnerships and strategic growth opportunities.
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Safe Harbor Statement
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Applied Biosciences Corp. (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, including those described above and those risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company’s ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management’s ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Applied BioSciences Corp.
Released January 3, 2019