Announcement Comes on the Heels of Former House Speaker John Boehner to Join the Movement in Support of Cannabis Legalization and Bipartisan Legislation Aimed to Advance the Burgeoning Hemp Industry
Endexx Corporation (OTC PINK: EDXC), a provider of innovative phytonutrient-based food and nutritional products, today announced that it has entered into a joint venture and signed a non-binding Letter of Intent (“LOI”) formalizing the acquisition of Go Green Global Enterprises, Inc. (Go Green).
Go Green currently owns 49.9% of an international distribution company, which will provide Endexx with direct channels of distribution for its CBD Unlimited line of cannabidiol (CBD) Cannsummable Portfolio products including its formulated topical CBD balm and mist, travel sleep aid, teas, oils, capsules, soft chews for dogs and other products that provide key benefits to users. Endexx has collaborated with multiple state regulatory bodies, politicians and the medical community to educate and find compliance and regulatory solutions for both the hemp industry and medical marijuana industry infrastructure.
Todd Davis, Chief Executive Officer of Endexx said, “We are very encouraged by the recent legislative process which include last week’s announcement by Senator Mitch McConnell to legalize hemp under federal law and Former Republican speaker of the House John A. Boehner changing his position on the cannabis industry and its benefits. We believe this is an opportune time to establish our leadership in the global market with the joint venture and LOI for Go Green. We pride ourselves as a leader in education, scientific advancements and the production and distribution of hemp derived CBD products and their benefits.” Additionally, Mr. Davis added, “This venture opens up key international markets including Canada, Europe, South and Central America and the Caribbean provinces. Given Go Green’s location we can strategically manufacture and distribute from a governmentally legalized country.”
According to one industry estimate, legal marijuana sales reached $9 billion in 2017, and worldwide, Arcview Market Research reports that legal marijuana could be a $57 billion industry by 2027.
To date, thirty-four states have defined industrial hemp as distinct and removed barriers to its production. Canada is scheduled to go fully legal marijuana in July 2018. The Hemp Business Journal calculated the total retail value of all hemp products sold in the U.S. in 2016 to be at least $688 million with projection to grow to $1.8 billion in sales by 2020.
Endexx, with its collaborative partners and consultants, develops and distributes two consumable product lines derived from industrial hemp, which is organic and naturally rich in phytocannabinoids. Phyto-Bites® is its CBD-infused soft chews for dogs and cats. The dog treats are formulated to promote health and support the reduction of separation anxiety, pain and inflammation. The company also has two technology products and services that launched in 2014 – the m3hub and the AutoSpense™. Both products provide essential solutions to promote regulatory compliance and full accountability through “seed to sale” inventory management and an “end of sale” technology integration. Based on principles developed by the pharmacological industry, the m3hub platform is the first standardized software solution for tracking pharmaceutical-grade marijuana that maintains compliance with federal, state and local regulations. It is intended to provide a smooth transition to eventual federal mandates. The AutoSpense™ is a commercial-grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, AutoSpense™ increases productivity and reduces costs for marijuana retailers, while enhancing their service quality by reducing transaction time for customers. Websites include www.cbdunlimited.com, www.endexx.com and www.phytobites.com.