FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “US Lithium Corp. Announces It Has Approved Name Change To BioELife Corp. To Reflect New Direction.”
US Lithium Corp (OTC: LITH) is pleased to announce that its Board of Directors and shareholders have approved an amendment to the Articles of Incorporation changing the name of the corporation from U.S. Lithium Corp. to BioELife Corp. The name change will better reflect the Company’s new strategic focus on the rapidly growing CBD market. The Company expects this action will become effective within the next 30 days. The Company will also be launching a new website and seek a new trading symbol for its common stock immediately after the name change becomes effective.
US Lithium Corp’s new strategic direction as BioELife was created by successful pharmaceutical entrepreneurs dedicated to using nature’s resources to fight pain and infection while reducing the dependency on opioids and their terrible side effects. The Company is uniquely positioned to capitalize on the emerging Cannabinoid market that is growing at phenomenal rates and is expected to reach $20 Billion over the next five years. The Company has created a ‘seed to shelf’ value-added product development and marketing organization with direct contracts for raw materials, scientific formulation, manufacturing, and distribution of medically focused Cannabinoid products. In order to better reflect this new strategic direction, the Company is in the process of changing its name and symbol to BioELife which should be effective within the next thirty days.
CBD, the more commonly known name for cannabidiol, is one of more than a hundred compounds found in the cannabis plant. And while there are several perceptions within the public around the benefits of CBD consumption, the most widely known fact about CBD is that it is non-psychoactive. For most consumers, CBD products provide a variety of health-related benefits, brought on by pharmacological or psychological influencers. CBD oil is used in several medical applications such as for the treatment of anxiety and depression, stress relief, diabetes prevention, mitigation of pain, alleviation of cancer symptoms, and acne reduction. Overall, the increasing awareness about the medical applications of cannabidiol have caused several mainstream retailers to adapt and start selling CBD-based products. Among the retailers are CVS Health, Rite Aid, and Walgreens Boots Alliance. In addition, many countries began to adopt CBD-based products for medicinal purposes. And the global cannabidiol market is expected to increase from USD 303 Million in 2018 to USD 2.28 Billion by 2025 while registering a CAGR of 33.5%, according to data compiled by QY Research.
Much of the growth estimated is a result of CBD’s recently acquired status as a health and wellness product. According to an article published Forbes, until recently, cannabis was looked at as medicinal- or adult-use. With CBD, a third cannabis category – wellness – is emerging. Supporters of CBD in a wide variety of products claim the compound works on everything from headaches to aching joints, relieves anxiety and skin conditions, as well as relaxes and rejuvenates all parts of the body. Yet, despite all the positive buzz around CBD products, obstacles remain and the regulatory infrastructure around such products remains complex. Currently, most of the regulations surrounding hemp-derived CBD–especially as it relates to the consumer package goods (CPG) marketplace–are the domain of the FDA, which states that it is currently illegal to market CBD by adding it to a food or labeling it as a dietary supplement. The FDA also claims that some CBD products are being marketed with unproven medical claims and are of unknown quality. Yet, earlier in 2018, the FDA has approved one CBD product, Epidiolex, oral solution for the treatment of seizures associated with two rare and severe forms of epilepsy. “This approval serves as a reminder that advancing sound development programs that properly evaluate active ingredients contained in marijuana can lead to important medical therapies. And, the FDA is committed to this kind of careful scientific research and drug development,” said FDA Commissioner Scott Gottlieb, M.D.
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