MORRISVILLE, N.C., Dec. 4, 2018 /CNW/ -- Pyxus International, Inc. (NYSE:PYX), a global value-added agricultural company, today announced that its joint venture, Criticality, an integrated North Carolina-based industrial hemp company operating under North Carolina's industrial hemp pilot program, has launched "Korent," its new line of cannabidiol (CBD) oil products.
"Criticality's science-based approach to the extraction, refinement and formulation of high-quality CBD products makes it well positioned in the market and presents a huge growth opportunity for both Criticality and Pyxus," said Pieter Sikkel, Pyxus' president, CEO and chairman of the board.
Criticality specializes in environmentally-friendly, all-natural, solvent-free supercritical fluid extraction and purification. It recently announced the development of a CBD production facility in Wilson, North Carolina. The 55,000-square foot facility will be one of the largest facilities of its kind in the state. Construction is expected to be finalized by the end of the 2018.
"Criticality is excited about the launch of Korent and making our products available to consumers," said Brian Moyer, CEO of Criticality. "We believe in the efficacy of our CBD products. Given the considerable market interest, we're proud to offer products that meet the highest standards in the industry."
Korent products are currently available for purchase online at www.korenthemp.com and at select retail stores. Criticality intends to continue to launch additional products from its innovation pipeline, including a CBD e-liquids line, topicals and other oral products, and expand retail distribution in the coming months.
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.
About Criticality
Criticality is an integrated North Carolina-based industrial 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.
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, uncertainties with respect to the timing and extent of retail and product-line expansion and uncertainties regarding the anticipated extension or expansion of federal legislation permitting the cultivation of industrial hemp and commercialization of hemp products, including CBD. 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).
SOURCE Pyxus International, Inc.
For further information: Joel Thomas, (919) 379-4300, http://www.pyxusintl.com
