Denver, Colorado-based Elixinol Global Limited today debuted on the OTCQX Best Market in the USA just ahead of anticipated changes in federal legislation that could supercharge the CBD sector.
Elixinol, which started trading on the Australian Securities Exchange this past January, has interests in the hemp-based CBD, nutraceuticals, food supplements, skincare and medical cannabis sectors. The company has CBD distribution operations in 40 countries across North and South America, Europe, Asia and the Pacific Region.
Farm bill on the cusp
Elixinol’s launch in the USA comes as the 2018 U.S. Farm Bill, expected to include language that will categorize hemp as an agricultural commodity and remove it from the DEA’s list of schedule 1 drugs, is before the U.S. Congress. Passage is expected to significantly boost CBD sales. Deadline for passage of the Farm Bill is the end of September.
Elixinol said in a release that it was the only company in its sector to post a profit in the first six months of 2018, driven mainly by CBD sales via private label, e-commerce, mid-market and bulk channels.
Major advancements in Colorado
“Our Colorado location enabled us to get our seed-to-sale verticalization operational earlier this year, giving us a competitive advantage,” said Gabriel Ettenson, Elixinol General Manager.
Elixinol and Colorado ag firm Kersey Agricultural Company earlier this year formed a joint farming venture, the Northern Colorado High Plains Partnership (NCHPP) which expanded Elixinol’s hemp growing capabilities to 700+ acres (282 hectares). The company said it will make its first harvest this autumn. Elixinol also is expanding its processing, manufacturing and fulfillment operations by an additional 12,000 sq. ft.