Announcement is the latest expansion of the CBDMEDIC™ family of FDA-registered, cannabinoid-rich products
TORONTO, Feb. 6, 2019 /CNW/ - Abacus Health Products, Inc. (CSE: ABCS) ("Abacus" or the "Company") announced the launch of an advanced skincare line within its CBDMEDIC™ family of products for the treatment of acne, eczema, and itch and rash. This new line will include four topical products, including ointments, creams and facial cleansers, utilizing FDA-monograph active pharmaceutical ingredients, cannabinoids, and formulated with natural and organic ingredients.
According to a report from Grand View Research, the market for acne treatment was estimated to be US$1.4 billion in 2018, while eczema is one of the most common skin conditions affecting more than 30 million Americans.
"We are tremendously proud to introduce the latest skincare products in our line of innovative topical treatments," said Perry Antelman, CEO of Abacus. "Our market leadership in the commercialization of over-the-counter (OTC) products blended with cannabinoids and natural and organic ingredients is a testament to over a decade of research, our pharmaceutical heritage and formulation expertise."
Abacus continues to focus on establishing strong relationships with retail pharmacy and mass and grocery store markets to support distribution and sales. The Company expects to start selling through these channels in 2019, with the retail pharmacy channel being a key distribution channel and driver of sales.
About Abacus Health Products, Inc.
Abacus is a company engaged in the development and commercialization of over-the-counter (OTC) FDA-registered topical medications which contain organic and natural ingredients, including CBD, a cannabinoid-rich hemp extract from Cannabis sativa L plant. Abacus' products are aimed at the rapidly growing markets for topical pain relief and 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 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 an FDA-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. 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: please contact Hank Hague, Chief Financial Officer of the Company, at 416-848-1457 or [email protected]