PHOENIX, Dec. 30, 2019 (GLOBE NEWSWIRE) -- U.S.-based hemp company HempWave announced today its intention to purchase a controlling interest in Celexus, Inc. (OTCQB: CXUS) from the current majority shareholders of Celexus. Celexus would then change it’s name to Hempwave and become the brand of operations. The existing Hempwave will continue independent operations and would vend in new businesses into Celexus over a period of time. The deal is scheduled to close at the annual Shareholders meeting in Las Vegas, Nevada in May of 2020.
Celexus, Inc. is an acquisition, management and holding company for early-stage, high-growth businesses and technologies in the hemp industry. Celexus looks to bring to market the best, most valuable innovations in agriculture, which it feels that this purchase by Hempwave will continue to allow it to do. Growth markets exist in every stage of the hemp industry, from farming, to transportation to studying the usage and its effects that may provide revolutionary technological advancements in medicine, genetics, and research.
Founded in 2005, Celexus has in the past year consulted on the successful launch of three specialty hemp businesses, including HempWave, Agrigenics, and Sucseed, Inc. Celexus, Inc. has been approved and traded on OTCQB venture markets since August 5, 2019, under the symbol CXUS.
“Celexus has been an invaluable partner to HempWave as we’ve begun and grown our business this past year,” said Frank Garrison, HempWave COO. “Due to our current success and to to continue our trajectory, we’ve decided to purchase a controlling interest in Celexus and take over operations that will allow us to vertically integrate our operations and allows us to plan for success many years into the future.”
Since the passing of the 2018 Farm Bill, HempWave has been engaged in constructing a vertically integrated model, monitoring and advising farmers on hemp operations using data collection and precision agriculture methods. HempWave offers access to seedlings and clones from its own quality-controlled greenhouses, education on planting and care, as well as contracted buy/sell opportunities at harvest.
Central to HempWave’s differentiated approach is the crop buyback program, announced earlier this year, in which the company guarantees a floor price based on CBD concentration percentage of the harvested biomass, up to current spot price, whichever is higher at the time. This policy solves for issues of uncertainty or potential loss, significant obstacles in the ever-evolving hemp market.
“Our goal is to make it easy for people to join in the hemp industry, even now when things are fresh and jumping in on their own seems too great a risk. Guaranteeing a price on the farmer’s offtake is a game changer. A partnership with HempWave represents peace of mind and membership in a growing community of support.” Said Lisa Averbach, President of Celexus.
In 2018, Industrial hemp production became federally legal in the United States for the first time in nearly 50 years, after the passing of the Farm Bill. Hemp’s myriad of potential uses in the marketplace include biodegradable plastic, paper, textiles, and building materials. Industrial hemp can also produce cannabidiol (CBD), which initial studies have shown to provide numerous health benefits.
HempWave, is finalizing details on further hemp purchase and sale agreements for the 2020 grow seasons. In order to meet buyers’ strict product specifications, the company is focusing on specific strains of hemp that are desired by manufacturers, achieving stable genetics, standardizing its soil testing, and establishing consistent, repeatable growing and harvesting procedures, in order to create the most successful hemp production in the industry
About HempWave
Formed in 2018, HempWave partners with farmers across the United States to grow, cultivate, and harvest commercial-grade hemp plants and seeds to produce medicinal grade cannabidiol and other hemp products.
For more information about HempWave, becoming a HempWave agricultural partner or for insights into cannabidiol or CBD-derived products, please visit info@HempWave.com.
Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For additional information regarding such forward-looking statements, see, https://hempwave.com/forward-looking-statements.
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