SASKATOON and OAKVILLE, ON, Feb. 7,
2019 /CNW/ - ZYUS Life Sciences Inc. ("ZYUS") and Up
Cannabis Inc. ("Up Cannabis"), a wholly-owned subsidiary of
Newstrike Brands Ltd. (TSX-V: HIP) ("Newstrike"), are pleased to
announce that they have entered into a definitive Supply Agreement
(the "Agreement") for ZYUS to purchase dried bulk cannabis from Up
Cannabis.
Up Cannabis will supply bulk dried cannabis as raw material for
processing by ZYUS into its emerging brand of cannabinoid-based
products, subject to the receipt of licensing by ZYUS under the
Cannabis Act and the Controlled Drugs and Substances
Act, which ZYUS anticipates receiving in the first half of
2019.
"Providing access to a consistent supply of high-quality medical
cannabis products for both patients and their healthcare providers
in the domestic and international market is what will set ZYUS
apart in today's fast-growing medical cannabis market," said
Brent Zettl, President and CEO of
ZYUS. "The signing of this initial supply agreement with an
experienced licensed producer, will put into action our
comprehensive raw material grading system and is a critical step to
effectively produce GMP-compliant, targeted, cannabinoid-based
phyto-therapeutic products. A significant amount of this
initial supply will be used for our clinical trial program."
According to Jay Wilgar, CEO of
Newstrike and Up Cannabis, the supply agreement will help to
further expand and diversify Up's distribution channels as capacity
is increased.
"We are excited to partner with Brent and his team at ZYUS,"
said Wilgar. "Our industry continues to rapidly evolve and this is
yet another way that we are strengthening our position as a leading
player. This agreement in particular aligns us with some of the
best minds in the industry which will only help us to continue to
build value for Newstrike's shareholders. We look forward to taking
this step alongside ZYUS and one of the country's most experienced
cannabis professionals."
About ZYUS
ZYUS is a Canadian-based, globally focused biopharmaceutical
company that offers patients cannabinoid and other
phyto-therapeutic medical solutions. Through our buildout of
high margin Canadian and international GMP extraction facilities,
global distribution partners, advanced clinical research and IP
development, we will deliver high-quality oils, capsules, topical
creams and other therapeutic formulations to patients
worldwide.
At ZYUS, we are shifting the paradigm from the treatment of
physical disease to caring for overall well-being by accelerating
adoption of cannabinoids as a medical solution. To achieve this, we
are investing in clinical research, advancing manufacturing,
defining scientific standards, delivering leading education and
support, and raising awareness of medical need across the industry.
ZYUS: Advancing the Science of Well-Being™
Please visit ZYUS.com
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licensed
producer of cannabis that is licensed to both cultivate and sell
cannabis in all acceptable forms. Newstrike, through Up Cannabis
and together with select strategic partners, including Canada's iconic musicians The Tragically Hip,
is developing a diverse network of high quality cannabis brands.
For more information, visit http://www.up.ca or
http://www.newstrike.ca
Forward-Looking Information
This news release contains forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Newstrike and ZYUS to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. These
forward-looking statements include, but are not limited to,
statements relating to both ZYUS' and Newstrike's expectations with
respect to the supply, distribution and sales of cannabis and
statements relating to expectations with respect to receipt of
licensing by ZYUS under the Cannabis Act and the
Controlled Drugs and Substances Act. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. In respect of the
forward-looking statements and information concerning the supply
agreement and issuance of ZYUS' licencing under the Cannabis
Act and the Controlled Drugs and Substances Act, ZYUS
and Newstrike have provided such statements and information in
reliance on certain assumptions that they believe are reasonable at
this time. The proposed supply agreement could be modified,
restructured or terminated and issuance of ZYUS' license could be
delayed. Accordingly, readers should not place undue reliance on
the forward-looking statements and information contained in this
press release. Since forward-looking statements and information
address future events and conditions, by their very nature they
involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. Readers are
cautioned that the foregoing list of factors is not exhaustive. The
forward-looking statements contained in this news release are made
as of the date of this release and, accordingly, are subject to
change after such date.
Newstrike and ZYUS do not assume any obligation to update or
revise any forward-looking statements, whether written or oral,
that may be made from time to time by us or on our behalf, except
as required by applicable law.
Neither 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 Newstrike Brands Ltd.