NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
CALGARY, Alberta , Sept. 04, 2019 (GLOBE NEWSWIRE) — Huntington Exploration Inc. (“Huntington”, or the “Company”), (TSX-V: HEI) is pleased to announce that it is exploring strategic alternatives intended to create shareholder value. In particular, the Company intends to explore and evaluate opportunities in the USA industrial hemp industry with a focus on the cannabidiol (“CBD”) consumer products sector as an effective means to enhance shareholder value. At the present time, the Company does not have any agreement, arrangement or understanding with respect to any investment, including any cannabis or hemp operation. Such investment, if agreed, will be subject to TSX Venture Exchange (the “TSXV”) approval and compliance with any conditions to such approval.
The federal Agricultural Improvement Act of 2018, commonly known as the USA Farm Bill, has had a very large, positive impact on the US hemp industry and has, as a result legalized CBD sales in all 50 states, provided that the CBD products comply with all of the federal regulations, state level regulations, and other guidelines consistent with the USA Farm Bill. The Brightfield Group, a market and consumer intelligence firm for the legal CBD and cannabis industries, estimates that the USA CBD market could reach over $23 billion in annual sales by 2023.
On behalf of the Board of Directors:
President and CEO
Forward Looking Statements
This press release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding Huntington’s intentions to explore and evaluate strategic alternatives, including potential investments in the USA industrial hemp industry. Such forward looking statements are subject to numerous risks and uncertainties, some of which are beyond Huntington’s control, including the availability of potential investments on reasonable terms, the ability of the Company to complete or finance such investments if located, impact of general economic conditions, industry conditions, price volatility, currency fluctuations, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Huntington believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Huntington does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Huntington Exploration Inc.