CanBev Inc. is positioned to become the
premiere cannabis-infused bottling plant in Canada
TORONTO and VANCOUVER, March 8,
2018 /CNW/ - WeedMD Inc. (TSX-V:WMD)
(OTC:WDDMF) (FSE:4WE) ("WeedMD"), a federally
licensed producer and distributor of medical cannabis and
Phivida Holdings Inc. (CSE:VIDA; OTC:PHVAF)
("Phivida"), a premium brand of cannabidiol ("CBD") infused
functional beverages and clinical health products, are pleased to
announce the signing of a letter of intent ("LOI") to form a joint
venture focused on cannabis-infused beverages. The new joint
venture company, Cannabis Beverages Inc. ("CanBev"), plans to
develop a production facility at WeedMD's state-of-the-art
greenhouse in Strathroy,
Ontario.
Click here for a presentation on the Cannabis Beverages
Inc. (CanBev Inc.) joint venture project.
CanBev will operate one of the first cannabis-infused beverage
production facilities in Canada.
The joint venture partnership will focus on manufacturing,
marketing and distribution of cannabinoid-infused beverages for the
medical and future adult-use cannabis markets.
WeedMD will be the exclusive cannabis supplier and distributor
for CanBev cannabis-infused beverages and will designate production
space at its 610,000 sq. ft. state-of-the-art facility in
Strathroy for CanBev's operation.
As an emerging cGMP certified food grade production plant, WeedMD's
Strathroy facility will equip
CanBev with extensive production infrastructure, including 25,000
sq. ft. of packaging area and cold storage, as well as adequate
space to expand for future growth.
"As WeedMD builds out its production footprint, we will focus on
product innovation, extending our product line and building new
brands. Canadian medical consumers, especially those in seniors'
care, are interested in functional beverages as they integrate
cannabis into their medical treatment plans," said Michael Kraft, Chairman of WeedMD. "We are eager
to work alongside Phivida's world-class management team to develop
cannabinoid-infused beverages and brands for both the medical and
adult-use markets."
Phivida will be responsible for product innovation, research and
development, formulation and branding. Phivida will also sublicense
encapsulation technologies to CanBev for enhanced bioavailability
and solubility and create new consumer brands to serve target
consumer segments in the pending adult-use market.
"Phivida is pleased to partner with an industry leader and build
towards a leadership share of the global cannabis-infused beverage
market," said John-David A.
Belfontaine, President and Chairman of Phivida. "WeedMD is
the ideal partner for Phivida, as they will provide CanBev with the
ability to distribute into the federally legal medicinal cannabis
market in Canada and apply for a
license for cultivation and sales under the ACMPR. WeedMD provides
CanBev with solid infrastructure, strong management, world class
genetics and proven success in the Canadian health care market.
Phivida provides CanBev with the opportunity to bring our premium
cannabinoid-infused beverages to patients and consumers across
Canada and bring federally legal
cannabis-infused consumer packaged goods and brands to the Canadian
market for the first time in the history of the
industry."
CanBev has no plans to sell any cannabis-infused products in the
U.S. or any other market unless or until it is legally permissible
to do so at all government levels. The joint venture is subject to
the parties finalizing definitive documentation and TSX Venture
Exchange approval.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx
Inc., a federally-licensed producer and distributor of medical
cannabis under the Access to Cannabis for Medical Purposes
Regulations (ACMPR). The Company operates a 26,000 sq. ft. indoor
facility in Aylmer, Ontario, and
is awaiting its second-site cultivation license for its greenhouse
facility located in Strathroy,
Ontario, representing 610,000 sq. ft. or 14 acres under
glass. WeedMD has entered into supply agreements in addition to
strategic relationships with established cannabis brands. The
Company is focused on providing medical cannabis to the long-term
care, assisted living and seniors' markets in Canada through its specialized and
comprehensive platform. It is dedicated to educating healthcare
practitioners and furthering public understanding of the role that
medical cannabis plays - including as it pertains to regulatory
requirements, indications and potential side effects.
For more information, access our investor
presentation here and corporate video here.
About Phivida Holdings Inc.
Celebrating Health and Wellness, In Harmony™, Phivida's mission
is to lead the alternative health care sector as the benchmark
standard in premium cannabinoid infused foods, beverages and
clinical products. Using nanoencapsulation technology, Phivida
converts phytocannabinoids into water soluble delivery format,
enhancing bioavailability, and timed released within the body.
Phivida's encapsulated cannabinoids are infused into functional
beverages, foods and supplements containing a proprietary blend of
phytonutraceuticals studied to target a range of health conditions,
from chronic pain to terminal diseases. The World Anti-Doping
Association's recent decision to lift its ban of CBD from hemp
oil and the World Health Organization's recent
statement supports the clinical benefits of CBD worldwide.
Phivida is traded on the Canadian Securities Exchange as
"VIDA".
For a list of Phivida's cannabinoid infused consumer products
click here.
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Forward-Looking Information
This press release contains forward-looking information based
on current expectations. Statements about the date of trading of
the Company's common shares on the Exchange and final regulatory
approvals, among others, are forward-looking information. These
statements should not be read as guarantees of future performance
or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements. The Company assumes no responsibility
to update or revise forward-looking information to reflect new
events or circumstances unless required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
SOURCE Phivida Holdings Inc.