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Iodine producer Iofina to branch into hemp-derived products following the formation of new unit

The subsidiary is to be called IofinaEX and will create products in Central America and the Caribbean for export

hemp in a pill case
There are thousands of uses for hemp,though currently CBD is the major extract

Iodine producer Iofina PLC (LON:IOF) is branching into hemp-derived products with the formation of a new subsidiary, IofinaEX Global Inc.

In an update, the company said IofinaEX would create its products in Central America and the Caribbean, which would then be then exported to the US and internationally.

Iofina chief executive Tom Becker said the firm’s understanding of specialty chemical products gave it the “pedigree and expertise” and expertise to expand into the growing hemp market.

“We work closely with regulatory authorities in the USA to ensure all our products conform with the strictest regulatory frameworks in specialty chemicals,” he added.

“The regulatory knowledge that we have acquired gives us an unparalleled perspective on helping the emerging hemp market develop and operate in the Central American and Caribbean regions, to comply within the strict laws and security safeguards internationally and particularly in the United States.”

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Price: 12.3 GBX

Market: LSE
Market Cap: £23.6 m

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on 23/10/20

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