SEATTLE, WA / ACCESSWIRE / April 22, 2021 / Hempstract Inc. (OTC PINK:HPST, the "Company"), announced today the completion of financial forecasts relating to its January 2021 tolling agreements. In collaboration with an affiliated large scale extractor, the company completed the extraction of 36,821 pounds of raw hemp resulting in 4,050 pounds of product. With this extraction, the Company's products will include: CBD tinctures, concentrated CBD pills, as well as extracted materials and other goods. The Company is forecasting vertical revenues relating to tolling agreements at $15,624,050.
In an effort to improve speed and processing of the production line, Hempstract has also retained Dr. Travis Denton to assist in rapid dosing techniques. Dr. Denton is an Assistant Professor in the Department of Pharmaceutical Sciences in the College of Pharmacy and Pharmaceutical Sciences at WSU Health Sciences, Spokane. In addition to his consulting for Hempstract Labs, Dr. Denton's current WSU research team studies neurochemistry, neuroscience, the neurobiology of diseases such as ALS (amyotrophic lateral sclerosis, Lou Gehrig's disease), Alzheimer's and Parkinson's diseases, as well as nicotine cessation, intranasal formulation science using nanoliposomes, the glutaminase II pathway in cancer prevention and more. Dr. Denton, and his team incorporate techniques such as synthetic medicinal chemistry, chemical biology, biochemistry and molecular biology and in vivo systems such as Drosophila melanogaster (fruit flies) and mice to study diseases. Prior to his position at WSU, Dr. Denton's studies and work included the study of antidepressants known as SSRIs or selective serotonin reuptake inhibitors at Central Washington University, post-doctorate with John R. Cashman at the Human Biomolecular Research Institute where he became expert in cytochrome P-450 2A6 (the main nicotine metabolizing enzyme in humans) inhibitors as nicotine cessation agents. Additionally, Dr. Denton completed his graduate studies at the University of Montana in the area of learning, memory and neurological disorders in the lab of Charles M. Thompson.
Richard Hawkins, CEO of Hempstract Inc. commented, "We are excited to have successfully completed our tolling agreements with a higher than expected yield. Our numbers exceeded our initial estimates and we are optimistic this will set the bar for future processing. The recent addition of new mixing, filling, and pill manufacturing equipment allows us the ability to now scale, grow, and meet the market demand." Mr. Hawkins went on to say, "It's an honor to have Dr. Denton join our team and we look forward to his insight, expertise and inventive solutions to streamline our processes."
About Hempstract, Inc.
Hempstract Inc. (OTC PINK: HPST) is a Nevada registered publicly-traded company. Located in Warden, Washington, Hempstract offers business partners premium CBD Solutions they can trust at competitive prices. Hempstract and its laboratories go to great lengths to ensure that all of its solutions are of the highest quality and control standards and provides pure, high-quality, and safe, CBD isolate and oil to its customers.
For more information, please contact:
Richard Hawkins
[email protected]
Forward-Looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-k, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
SOURCE: Hempstract, Inc.