LOS ANGELES, Sept. 13, 2018 (GLOBE NEWSWIRE) — via NetworkWire – Cannabis Strategic Ventures, Inc. (OTC: NUGS) is pleased to announce a joint venture agreement with True Promise Beauty to develop a new skincare line infused with cannabidiols (CBD). Under the terms of the agreement, Cannabis Strategic Ventures will have access to True Promise Beauty’s proprietary hemp derived CBD infused formulas and products and access to established distribution channels.
“The True Promise Beauty partnership provides Cannabis Strategic Ventures deep beauty industry knowledge and a robust distribution network to compete in the bourgeoning CBD beauty industry,” commented Simon Yu, CEO of Cannabis Strategic.
The True Promise Beauty team is led by Gail Johnson, Principal; an Emmy Nominated makeup artist, and a team of chemists with proven track records for producing skincare products that have been featured on The Ellen DeGeneres Show, Good Day LA, the LA Times, and multiple other news outlets.
The agreement between the companies calls for the True Promise Beauty team to develop a proprietary CBD skincare line as part of Cannabis Strategic Ventures brand portfolio, with initial distribution targeting existing distribution networks in the United States.
Yu added, “We are excited to welcome Gail and True Promise Beauty to the Cannabis Strategic Ventures portfolio and look forward to combining our expertise and resources in the cannabis and beauty industries to create industry leading CBD Skincare products.”
The infusion of Cannabidiol, better known as CBD, has been recognized as one of the many compounds specifically found in the Hemp and Cannabis plant to help fight inflammation and reduce sebum production in the skin. It is believed that Hemp-derived CBD, unlike THC, does not give the user a “high” feeling but more provides therapeutic effects for psoriasis, atopic dermatitis and eczema. According to recent estimates from the Grand View Research Group, the skincare market is projected to grow to a $177 billion market by 2024; while research firm Brightfield Group projects the CBD market to hit $1 billion in the next three years.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures is a Los Angeles based firm that incubates, develops and partners with category leaders within the cannabis sector. The Firm’s NUGS brand experience provides mentorship and a range of essential services to emerging and existing Cannabis consumer brands. The Company recently completed a name and symbol change from Cascade Energy, Inc. Cannabis Strategic Ventures is publicly traded on the U.S. Over the Counter Market with the stock symbol NUGS.
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