DALLAS, Oct. 30, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — Kali-Extracts, Inc. (Kali, Inc. dba/Kali-Extracts, Inc.) (USOTC: KALY) (“KALY”) today announced a new CBD extraction agreement adding to the company’s previously announced extraction contracts with hemp farming operations worth a potential total of $15 million. This is a third consignment agreement whereby the hemp farming operation consigns its crop to KALY for harvesting and extraction and KALY, after processing the harvested hemp, markets the end product. KALY has been approached by multiple hemp farming operations, but so far has not signed any agreements to extract on a service agreement alone. KALY is hesitant to break from its consignment model. The first hemp harvest and extraction contract now under way in the State of New York has just received an “Organic” certification from the USDA. The oil and seeds sold from the crop will carry the USDA Organic logo. The latest agreement is with a hemp farming operation in Rhode Island and is expected to get underway next week.
KALY owns and operates a U.S. Patented Cannabis Extraction Process. In addition to the general extraction services, KALY is also engaged in the production of CBD and THC infused beverages and CBD infused candies. KALY’s primary business is the development of biopharmaceutical treatments from extracts derived from its Patented Extraction Process. Earlier today, KALY announced a $50 million valuation on its Cannabis Extract Biopharmaceutical Technology.
To stay abreast of the latest developments and learn more about the company visit https://www.kali-extracts.com/.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company’s actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.