SUNRISE, Fla., June 11, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to announce the acquisition of a license to prepare 10,000 square meters of farm land located in Arava, Israel to grow, cultivate, distribute and export Medical Cannabis in and from Israel.

The license shall be assigned by Gidon Blum (“Blum”) to Green Horizon Ltd. or such other name as shall be mutually agreed upon by the Parties, provided that such name is approved by the Israeli Registrar of Companies (“Green Horizon”). Green Horizon shall be owned 74% PSIQ and 26% Blum. The parties shall (a) prepare the farm to grow, cultivate, distribute and export Medical Cannabis based upon the most advanced agricultural and medical know-how and experience according to best-in-class quality standards and policies, including Good Agricultural Practices (b) attain all required licenses and permits required to grow, cultivate, distribute and export Medical Cannabis (c) transfer temporary license as soon as possible to Green Horizon and all future licenses and permits issued directly to Green Horizon. PSIQ shall advance the required funds to prepare the farmland with the intent of a permanent license to grow, cultivate, distribute and export Medical Cannabis.

The facility shall include (a) agricultural farm with large open areas for advanced greenhouse complex for growing medical cannabis (b) processing and Extraction facility for medical cannabis (c) advanced nursery to produce medical cannabis plants (d) security to prevent the leakage of material to unauthorized parties. Private operation coordinated with local police including local armed guards 24 hours per day, 365 days per year (e) water in enough quantity and flow for grow and cultivation and (f) electric in enough quantity and flow for grow and cultivation.

Dan Oran, CEO of PSIQ stated, “While Israel has been world-renowned for pioneering cannabis cultivation and extraction technologies, export licenses are now available subject to the approval of the Health Ministry and police clearance. With anticipation of great success, we agreed to partner with Gidon Blum, an experienced high-tech grower of over forty years to prepare the farmland located in Arava, Israel to grow, cultivate, distribute and export Medical Cannabis in and from Israel. We project to have the land ready to grow with the appropriate grow license and first crop ready for sale by the third quarter of 2020.”

ABOUT GIDON BLUM

Gidon Blum, for more than 40 years has specialized in the production, packaging and sales of vegetables for Europe and the United States. Blum is an experienced high-tech grower from an agricultural and sales perspective. Blum is known to distribute quality, new, best of brand products to retail chains in Europe and the United States. For more information, please see https://youtu.be/OsuLOrkyrZ8.