Order marks CBDMEDIC's entry onto national retailer shelves
TORONTO, Feb. 28, 2019 /CNW/ - Abacus Health Products, Inc. (CSE: ABCS) ("Abacus" or the "Company") today announced its first purchase order received from a major United States retail chain. These products – expected to be on the shelves of select stores in the coming weeks – will mark the first time the CBDMEDIC family of products will be available to consumers in a retail store format.
"This purchase order marks an important milestone in our growth strategy of securing major US retail chains to distribute our products," said Perry Antelman, CEO of Abacus. "These stores are an initial step toward our ultimate goal of distributing our Over-The-Counter (OTC) registered products through major retail chains from coast to coast and represents a major inflection point in the accessibility of CBDMEDIC to the American market."
Abacus has developed a range of innovative products based on patent-pending technologies which combine natural and organic ingredients, including a cannabinoid-rich hemp extract containing CBD from the Cannabis sativa L plant. These OTC-registered medications are aimed at the large and growing markets for topical pain relief and therapeutic skincare.
Abacus believes that the pain management and skincare markets represent medical areas with substantial unmet needs, and that its CBDMEDIC line of products offer powerful, all-natural alternatives to existing products.
The American Academy of Pain Medicine has estimated that chronic pain affects approximately 100 million Americans. Further, a 2018 research report by Allied Market Research estimated the global topical pain relief market to be approximately US$7.4 billion in 2017.
According to the American Academy of Dermatology Association over 84.5 million Americans are impacted by a form of skin disease and the total estimated cost of skin diseases include US$15 billion in prescription drugs and US$10 billion in OTC products.
For more information on Abacus' products or growth story, please refer to the company's investor presentation on www.abacushp.com.
About Abacus Health Products, Inc.
Abacus is a company engaged in the development and commercialization of over-the-counter (OTC) registered topical medications with active pharmaceutical ingredients and which contain organic and natural ingredients, including a cannabinoid-rich hemp extract containing CBD from Cannabis sativa L plant. Abacus' products are aimed at the rapidly growing markets for topical pain relief and therapeutic skincare and are based on proprietary patent-pending technologies developed by Abacus. Abacus' formulations combine advanced science with organic and natural ingredients to provide safe relief. All products commercialized by Abacus are registered with the FDA and utilize FDA-approved active ingredients. Abacus currently offers two lines of products: (i) CBD CLINIC™, marketed to the professional practitioner market, and (ii) CBDMEDIC™, marketed to the consumer market. Abacus is also developing a pipeline of other CBD products addressing additional medical indications and targeting the health and wellness segments. Abacus' products are currently offered across the United States and are produced by a contract manufacturer in a cGMP compliant and audited manufacturing facility.
This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. These include guaranteed purchase orders or subsequent orders from retail chains. Forward-looking statements contained in this news release include, without limitation, statements pertaining to the launch of new products, the proposed distribution and sales channels of the Company, and the development of new products.
The forward-looking statements contained in this news release are based on management's current expectations and are subject to a number of risks, uncertainties and assumptions, including assumptions regarding the Company's ability to efficiently operate its business, market and economic conditions, business prospects or opportunities, future plans and strategies, anticipated events and trends, and regulatory changes that may affect the Company and its customers and industry. There can be no assurance that actual results will not differ materially from those expressed or implied in forward-looking statements. Undue reliance should not be placed on forward-looking statements. Additional information about these risks, uncertainties and assumptions is contained under "Risk Factors" in the Company's listing statement – Form 2A dated January 29, 2019, which is available under the Company's SEDAR profile at www.sedar.com. Each forward-looking statement speaks only as of the date hereof, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the Canadian Securities Exchange (operated by CNSX Markets Inc.) nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Abacus Health Products
For further information: Hank Hague, Chief Financial Officer, 416-848-1457, [email protected]