Profile Solutions Inc (OTCMKTS:PSIQ) has announced the receipt of approval from the eSwatini Economic Planning and Development Ministry for establishing a growing farm as well as a processing plant for cannabis and hemp for medical use in eSwatini Kingdom, Switzerland.
The exclusive agreement is valid for a period of 10 years. It allows the company to grow/ cultivate cannabis strictly in accordance GMP Global health standards through establishing an advanced medical cannabis and hemp production facility. The company is also granted permission to export the medical cannabis and hemp to overseas markets, and operate an R&D lab for medical cannabis. Profile Solutions has also been entrusted the task of generating employment for eSwatini citizens.
As per the terms of the accord, the company will establish a subsidiary for cannabis operations in eSwatini. All the necessary permissions for R&D, growing and cultivation would be granted by eSwatini. The company will also get a 1000 acre area in Simunye City. It is on the backdrop of Profile Solutions agreeing to invest up to $5 million in eSwatini.
Annual Revenues for Profile Solutions is estimated at $30 Million
Profile Solutions is expected to generate revenues of up to $30 million from the proposed grow and cultivation facility for medical cannabis and hemp in eSwatini. Chief Executive Officer of Profile Solutions, Dan Oran said the weather conditions are favorable in eSwatini Kingdom for Medical cannabis and hemp production. It would take up to six months for establishing the manufacturing facility and another 3 ½ months to realize the initial grow.
The company is expected to harvest and sell the first flowers within a year. CBD Hemp is expected to contribute revenues of up to $10 million whereas Medical Cannabis would generate revenues of up to $20 million.
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