Abacus Health Products Receives Purchase Orders from Four New Retail Chains and Expansion of Products Offered by CVS
Woonsocket, RI and Toronto, ON – May 10, 2019 – Abacus Health Products, Inc. (CSE: ABCS) (“Abacus” or the “Company”) today announced further growth in the distribution and availability of their line of CBDMEDIC™ products.
New purchase orders from four U.S. retail chains, including Kinney Drugs, SuperValu (a division of UNFI) and Tops Markets, increases the availability of CBDMEDIC™ products to over 1,400 pharmacy and supermarket retail locations throughout the United States. Additionally, CVS (NYSE: CVS) will be offering the CBDMEDIC™ Foot Pain product to 440 stores.
“These purchase orders, which range from six to twelve unique SKUs across our pain relief and therapeutic skincare lines, demonstrate the continued strong interest by retail chains to bring CBDMEDIC™ products onto their shelves,” said Perry Antelman, CEO of Abacus. “We are also delighted that CVS will be expanding the offering of CBDMEDIC™ products to include our Foot Pain Solid Stick, further reinforcing our position as a leader in the segment.”
The American Academy of Pain Medicine has estimated that chronic pain affects approximately 100 million Americans. Further, a 2018 research report by Allied Market Research estimated the global topical pain relief market to be approximately US$7.4 billion in 2017.
According to the American Academy of Dermatology Association, a form of skin disease affects over 84 million Americans, with the total cost of those diseases including US$15 billion in prescription drugs and US$10 billion in over-the-counter products.
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Launched in 2019, CBDMEDIC offers a line of topical pain medications that combines naturally-derived pain-relieving pharmaceutical ingredients along with 100% natural emollients (skin softening ingredients) and essential oils, and THC-free hemp extract to create unique formulations for fast and effective relief.
About Abacus Health Products
Abacus is a company engaged in the development and commercialization of over-the-counter (OTC) registered topical medications with active pharmaceutical ingredients and which contain organic and natural ingredients, including a cannabinoid-rich hemp extract containing CBD from Cannabis sativa L plant. Abacus’ products are aimed at the rapidly growing markets for topical pain relief and therapeutic skincare and are based on proprietary patent-pending technologies developed by Abacus. Abacus’ formulations combine advanced science with organic and natural ingredients to provide safe relief. Abacus currently offers two lines of products: (i) CBD CLINIC™, marketed to the professional practitioner market, and (ii) CBDMEDIC™, marketed to the consumer market. Abacus’ products are offered across the United States and are produced by a contract manufacturer in a cGMP compliant and audited manufacturing facility.
This news release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.
The forward-looking statements contained in this news release include, without limitation, statements relating to the expansion of the offering of the Company’s products and the execution of its growth strategy, are based on management’s current expectations and are subject to a number of risks, uncertainties and assumptions, including assumptions regarding the Company’s ability to efficiently operate its business, market and economic conditions, business prospects or opportunities, future plans and strategies, anticipated events and trends, and regulatory changes that may affect the Company and its customers and industry. There can be no assurance that actual results will not differ materially from those expressed or implied in forward looking statements. Undue reliance should not be placed on forward-looking statements. Additional information about these risks, uncertainties and assumptions is contained under “Risk Factors and Uncertainties” in the Company’s annual information form dated April 12, 2019, which is available under the Company’s SEDAR profile at www.sedar.com. Each forward-looking statement speaks only as of the date hereof, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
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For further information: please contact Hank Hague, CFO, of the Company, at 416-848-1457 or