MORRISVILLE, N.C., Dec. 20, 2018 /CNW/ -- "We applaud the passage of the 2018 Farm Bill, which was signed into law today by the President. The permanent removal of hemp from the Controlled Substances Act, deeming it an agricultural commodity, is a win for all – farmers, consumers and businesses. As a result of this legislation, federally-regulated institutions, including banks and credit card companies, may freely conduct business with the hemp industry. Furthermore, it gives farmers access to crop insurance and USDA programs and grants, which are critical to helping farmers and their communities thrive.
"Industrial hemp presents a tremendous – and long overdue – economic opportunity for the American farmer, and for the last several years, Pyxus International has been proudly working with elected officials to help make it a reality. Our gratitude particularly extends to the entire North Carolina U.S. congressional delegation, including House Agriculture Committee members Alma Adams and David Rouzer.
"We are excited about the breadth of opportunities provided by the Farm Bill. We will utilize our strong heritage of agronomy expertise, paired with our track and trace technology, SENTRI, to help American farmers capitalize on this emerging market to efficiently and profitably cultivate hemp. That hemp can be processed into hemp-derived cannabidiol (CBD) at our affiliate, Criticality, LLC's, state-of-the-art 55,000-square-foot extraction and purification facility in Wilson, North Carolina, expected to open in early 2019. We are also working with Criticality to help them partner with retailers to capitalize on the rapidly-growing, high-margin CBD market – with Criticality's new line of CBD products, Korent, and new and beneficial products in its innovation pipeline."
About Pyxus International, Inc.
Pyxus International Inc. (NYSE: PYX) is a global agricultural company with 145 years' experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people's lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxusintl.com.
Criticality is an integrated North Carolina-based agricultural hemp company that takes a science-based approach to the extraction, refinement and formulation of high-quality, transparent industrial hemp-derived products. Criticality partners with Pyxus International, Inc. (NYSE: PYX), a provider of responsibly produced, independently verified, sustainable and traceable agricultural products, ingredients and services, to source, process and produce industrial hemp and hemp products under North Carolina's Industrial Hemp Pilot Program.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated, expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements: changes in laws and regulations or the interpretation of laws and regulations, continued compliance with applicable regulatory requirements, and uncertainties with respect to the timing and extent of retail and product-line expansion. Additional factors that could cause results to differ materially from those expressed or implied by forward-looking statements can be found in Pyxus's most recent Annual Report on Form 10-K for the period ended March 31, 2018 and the other filings with the Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).
SOURCE Pyxus International, Inc.
For further information: Joel Thomas, (919) 379-4300, http://www.pyxusintl.com