WOONSOCKET, RI, April 11, 2019 /CNW/ - Abacus Health Products, Inc. (CSE: ABCS) ("Abacus" or the "Company") today announced the latest round of purchase orders for their line of CBDMEDIC™ products.
These new orders from five U.S. retail chains, including CVS Pharmacy, Weis Markets, and Pharmacare Inc., bring CBDMEDIC™ products to over 1,100 pharmacy and supermarket retail locations throughout the country.
"These new purchase orders demonstrate strong momentum and the successful execution of our retail growth strategy," said Perry Antelman, CEO of Abacus. "Moving forward, we continue to identify and pursue opportunities to further expand the availability of our range of CBDMEDIC™ products. We are providing new and innovative products for consumers seeking topical pain relief and therapeutic skincare treatment."
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, a form of skin disease affects over 84 million Americans, with the total cost of those diseases including US$15 billion in prescription drugs and US$10 billion in over-the-counter products.
Launched in 2019, CBDMEDIC™ offers a line of topical pain medications that combines naturally-derived pain-relieving pharmaceutical ingredients along with 100% natural emollients (skin softening ingredients) and essential oils, and THC-free hemp extract to create unique formulations for fast and effective relief.
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. 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' products are 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. 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 execution of the Company's growth strategy.
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, CFO, of the Company, at 416-848-1457 or [email protected]