CBIH Pursues Regulatory Compliance and Market Growth with Essential Licensing Applications
Cannabis Bioscience International Holdings (OTCMKTS:CBIH) has initiated a strategic expansion in the cannabis market by applying for important manufacturing, production, and retail licenses. The company has filed for Retail Hemp Registration (#8305) from the Texas Department of State Health Services, along with Initial Food Manufacturer License (#1037264) and Initial Food & Drug Owner application (#1037264).
CBIH is focusing on regulatory compliance while developing projects, refining patent applications, and preparing for clinical data trials. The company aims to introduce new revenue streams through dietary supplements and nutraceuticals, potentially partnering with a national product manufacturer to launch cannabis-based products.
CBIH's strategy aligns with the potential reclassification of cannabis as medicine, positioning the company to capitalize on this shift. The focus remains on developing products as vitamins or nutraceuticals, acknowledging the therapeutic benefits of cannabis while adhering to federal and state regulations.
- Applied for important manufacturing, production, and retail licenses in Texas
- Preparing for clinical data trials to validate product effectiveness
- Potential strategic alliance with a national product manufacturer for product launch
- Positioning to capitalize on potential reclassification of cannabis as medicine
- Focus on developing products as vitamins or nutraceuticals
- Ongoing regulatory challenges in the cannabis industry
- No current revenue from cannabis-based products
- Dependent on successful licensing applications for market entry
HOUSTON, July 15, 2024 (GLOBE NEWSWIRE) -- Cannabis Bioscience International Holdings (OTCMKTS:CBIH) has initiated a strategic move to expand its presence in the cannabis market by filing applications for crucial licenses covering the manufacturing, production, and retail components of its cannabis product range.
Preparations are underway for the production and distribution of our products, and continue to foster revenue expansion, which could only be achieved through the practical application of the skills and experiences gained over the past 15 years. Therefore, we are now navigating the licensing phase for our manufacturing units. This involves securing permissions for the production, manufacture and provision of cannabinoid-based items.
Moreover, our firm is deeply invested in maintaining the highest standards of regulatory compliance. In pursuit of this goal, the company has diligently applied for licenses required under Texas state laws, including the Retail Hemp Registration (#8305) from the Texas Department of State Health Services (DSHS), alongside the Initial Food Manufacturer License (#1037264) and Initial Food & Drug Owner application (#1037264).
Amidst ongoing project development and meticulous refinement of patent applications for our formulations and preparing for the development of clinical data trials aimed at validating our products effectiveness, CBIH remains focused on introducing novel revenue-generating avenues through dietary supplements and nutraceuticals. Through a potential strategic alliance with a distinguished national product manufacturer, CBIH looks forward to launching its cannabis-based products to the market for the first time.
"The cannabis industry has encountered major hurdles due to unclear regulations, leading to difficulties for several companies in this sector. Hence, we feel immense pride in our capacity to have been able to withstand the test of time, showcasing our resilience as CBIH seeks to gain a considerable segment of the market and ultimately achieve our pioneering goals. These initiatives collectively function as preparatory measures in light of the prospect of cannabis being reclassified as medicine, propelled by CBIH's competitive drive to spearhead the utilization of this groundbreaking shift," remarks John Jones, CBIH Treasurer and Board Director.
“This has been a journey in the making, and with the successful application of our licenses, we remain committed to strictly adhering to both federal and state regulations and the essence of the law. Our focus is on developing our products as vitamins or nutraceuticals, acknowledging the undeniable therapeutic advantages of cannabis as a form of medicine. At the core of our mission, if our products can offer healing or significantly improve the quality of life for patients, the legality surrounding medical claims becomes secondary. What matters most is harnessing the potential of cannabis compounds to aid those that traditional medicine has forgotten. It is about non-traditional medicine in a traditional world,” says Rosangel Andrades, Research and Development Director.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCmarkets.com.
For more information contact us at:
(214) 733-0868
ir@cbih.net
Dante Picazo
CEO - CBIH
Website: www.cbih.net
X: www.twitter.com/cbihstock
Instagram: www.instagram.com/CBIHSTOCK
Investor Relations
Peter Nicosia
Bull in Advantage, LLC
Phone: 585-703-6565
Email: Info@BlueHorseshoeStocks.com
FAQ
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