Lotus Bio-Technology Development Corporation Signs Definitive Agreement with CBD SOCO and Launches Production on Exclusive Organic CBD Merchandise
PHOENIX, Nov. 7, 2016 /PRNewswire/ --†(OTC-PINK: LBTD) Lotus Biotechnology Development, Inc. is pleased to announce that the Company has entered into a definitive agreement with CBD SOCO to broaden the Company's target market in the US, through the formulated integration of pharmaceutical marijuana with the Company's existing premium organic merchandise.††
"The next couple months are expected to be very exciting, as we begin the roll out of new products to market. We plan to be updating investors every step of the way, as our new product line is incrementally unveiled," stated: Michael Palethorpe, Chief Executive Officer and President, Lotus Biotechnologies.
The Company has invested great effort in the intricate formulation of top quality organics over the past several years. Aggressively driving the Company's brand to the top of the marketplace has been among management's main corporate objectives. With these factors to build upon, the Company has mobilized to carefully incorporate CBD into its products, thereby capitalizing on the Company's brand recognition to drive a successful launch into the CBD market.
Lotus Biotechnologies has formed a strong team to produce and process the Company's Organic materials in new strands of CBD that are slated for sales in 4 states with licensing in place. With the Company's newly formed group and processing plant, Lotus Biotechnologies has launched its first subsidiary. Details can be found at http://lotusmedicalcbd.com/#products.
Mr Palethorpe continued: "We have been silently laboring for several years to be able to lay claim on being a producer of one of the finest quality lines in the industry. With great anticipation of whats ahead, we are very pleased with the result of having created such a highly desirable product line."
The terms of the agreement include the purchase of assets from CBD SOCO. Lotus Bio-Technologies has strategized to facilitate a new processing center in Eastern KY to produce and manufacture all CBD Oils.† Due to the Company's rising success in the production of specialty organic mechandise, Lotus Bio-Technologies has determined that the timing on this acquisition has the potential to fuel exponential growth for the Company.
The size of the market for legal marijuana in the United States is projected to grow to $7.1 billion in 2016, according to a report by New Frontier and ArcView Market Research. That represents 26% growth over the previous year, driven largely by adult recreational sales of marijuana, according to research cited on Forbes.com website.
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SOURCE Lotus Biotechnology Development, Corp.