MORRISVILLE, N.C., Aug. 27, 2019 /PRNewswire/ -- Pyxus International, Inc. (NYSE: PYX), a global value-added agricultural company, has signed an agreement with Cornell University's College of Agriculture and Life Sciences (CALS) to fund research designed to identify and address knowledge gaps surrounding hemp production through the evaluation of cannabidiol (CBD) hemp cultivars and cannabinoid production.
The partnership between the premier agricultural research university and the global agricultural company is rooted in the partners' shared commitment to provide growers and processors in the rapidly expanding hemp industry with unbiased data and valuable insight on cultivation as the organizations work to reduce the risks associated with cultivation of this new crop through science and education. This research is intended as an important step in developing hemp as a profitable crop for farmers in New York and across the United States.
Beyond providing growers and processors with valuable data and insight, the research coming out of this partnership may also be used by consumers to help them understand hemp and CBD.
"Pyxus is dedicated to advancing the cultivation of hemp," said Bryan Mazur, Executive Vice President of Global Specialty Products at Pyxus International. "We are eager to learn from Cornell's expertise and research in the field and are excited that this partnership will eventually be part of an even larger Pyxus initiative with additional partners and resources."
According to the National Conference of State Legislatures, at least 47 states have enacted legislation to establish industrial hemp cultivation and production programs. Additionally, the Brightfield Group, a leading predictive analytics and market research firm for the legal CBD and cannabis industries, has stated that the demand for hemp-derived products, like CBD, will continue to increase, with the market expected to experience a compound annual growth rate of 147 percent.
"Hemp production manuals already exist for grain and fiber; however, equivalent science-based information on hemp production for natural, plant-based cannabinoids and CBD is entirely lacking," said Cornell University's Professor of Plant Breeding and Genetics Larry Smart. "Through our partnership with Pyxus, we will build the knowledge base to help the industry make informed decisions that are backed by research to ensure a stable supply of hemp to U.S. processors, and improve the livelihoods of our farmers."
The Pyxus and Cornell University research project will last multiple years with the first year of research focusing on accomplishing four objectives meant to educate both growers and landowners. The objectives include: 1) Evaluating and comparing commercially-available cultivars of hemp grown for CBD; 2) Conducting a detailed study of cannabinoid production over the course of the plant's floral development; 3) Observing the effects of controlled stress treatments on cannabinoid levels; and 4) Extending knowledge of CBD hemp cultivars and cannabinoid accumulation to growers.
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.pyxus.com.
About the College of Agriculture and Life Sciences at Cornell University:
The College of Agriculture and Life Sciences is a pioneer of purpose-driven science and home to Cornell University's second largest population of students, faculty and staff. We work across disciplines to tackle the challenges of our time through world-renowned research, education and outreach. The questions we probe and the answers we seek focus on three overlapping concerns: natural and human systems; food, energy and environmental resources; and social, physical and economic well-being. The Cornell CALS experience empowers us to explore the boundaries of knowledge, supported by the leading minds of today and surrounded by the leading minds of tomorrow. Visit https://cals.cornell.edu/. Life. Changing.
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, and uncertainties with respect to the timing and outcome of any of the contemplated research. Additional factors with respect to risks and uncertainties with respect to an investment in the common stock of Pyxus International, Inc. can be found in its Annual Report on Form 10-K for the period ended March 31, 2019 and its 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.