Criticality welcomes 2018 Farm Bill and the Opportunities it Brings to the Hemp Industry

PRNewswire 20-Dec-2018 4:15 PM

HOBGOOD, N.C., Dec. 20, 2018 /PRNewswire/ -- Criticality, a North Carolina-based agricultural hemp company, issued a statement today regarding President Trump's signing of the 2018 Farm Bill, which permanently removes hemp from the Controlled Substances Act, deeming it an agricultural commodity:

"Criticality welcomes the signing of the 2018 Farm Bill and the incredible opportunity it provides to farmers and producers of agricultural hemp products. By providing clarity to federal agencies and federally-regulated institutions, farmers and companies like Criticality will be able to develop critical business relationships and expand to meet growing commercial demand for hemp and hemp-derived products," said Brian Moyer, Chief Executive Officer of Criticality.

"To date, we've been operating under North Carolina's industrial hemp pilot program. The newly-enacted Farm Bill not only makes hemp a legal agricultural commodity, but it brings opportunity for growth, transparency and acceptance among the general public of hemp and hemp-derived products," Moyer said.  

"As Criticality's operations and product pipeline continues to expand, we will work to educate federal, state and local agencies about the benefits of CBD's natural path to improved well-being," said Moyer.

Criticality recently launched its cannabidiol (CBD) product line, Korent, and plans in the next month to open its new, all-natural, supercritical fluid extraction and purification facility in Wilson, North Carolina. The 55,000-square-foot facility features a quality control system that follows good manufacturing practices and is designed to operate in compliance with dietary supplement standards. The company anticipates the facility will process locally grown hemp and extend grower relationships in North Carolina, South Carolina, Kentucky and Colorado. 

To learn more about Criticality or purchase products from its Korent line, visit korenthemp.com.

About Criticality

Criticality is an integrated North Carolina-based agricultural hemp company that takes a science-based approach to the extraction, refinement and formulation of high-quality, transparent industrial hemp derived products. Criticality partners with Pyxus International, Inc. (NYSE:PYX), a provider of responsibly produced, independently verified, sustainable and traceable agricultural products, ingredients and services, to source, process and produce industrial hemp and hemp products under North Carolina's Industrial Hemp Pilot Program.

About Pyxus International, Inc.

Pyxus International Inc. (NYSE:PYX) is a global agricultural company with 145 years' experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people's lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxusintl.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements: changes in laws and regulations or the interpretation of laws and regulations, continued compliance with applicable regulatory requirements and, uncertainties with respect to the timing and extent of retail and product-line expansion. Additional factors that could cause results to differ materially from those expressed or implied by forward-looking statements can be found in Pyxus's most recent Annual Report on Form 10-K for the period ended March 31, 2018 and the other filings with the Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).

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SOURCE Criticality