- Proposed Rapid Detection Test for viral outbreaks such as COVID-19 is based on previously developed Molecularly Imprinted Polymer platform.
- Testing platform has the objective of detecting the presence of viruses without relying on the existence of antibodies, which can take weeks to be present in the body.
- Testing platform could be rapidly adopted to test for both new viruses and mutations of previously discovered viruses.
- Potential for colorimetric response could provide indication as to the presence of virus within minutes.
- Team previously developed Explosive Detection Wipes, which produced colorimetric changes within 30 seconds upon contact with bomb making materials.
Vancouver, British Columbia–(Newsfile Corp. – April 3, 2020) – Sixth Wave Innovations Inc. (CSE: SIXW) (OTC Pink: ATURF) (FSE: AHUH) (“Sixth Wave” or the “Company”) is pleased to announce that it has filed Patent Application Number 63000977 – The Use of Molecularly Imprinted Polymers for the Rapid Detection of Emerging Viral Outbreaks, such as SARS-CoV-2 virus responsible for COVID-19, with the United States Patent and Trademark Office (the “Accelerated Detection MIPs” or “AMIPs“).
COVID-19 & the Need for Rapid Diagnostics
Viral pandemics such as COVID-19 are a rapidly emerging threat to global security and economic stability. Unlike bacterial infections which have a wide range of developed antibiotic therapies, new viral infections have very few pre-existing treatments. The World Health Organization has correspondingly noted a public health emergency and an urgent need for rapid diagnostics, vaccines and therapeutics to detect, prevent and contain the COVID-19 virus. The success of these remediation efforts will depend largely upon early detection, proactive and preventive measures, attempting to contain the rate of viral growth until customized treatments can be developed and made available.
One of the primary factors leading to the outbreak of COVID-19 virus has been the relative lack of rapid diagnostic tools. The development of effective early stage diagnostics for COVID-19 has consumed valuable time in which lives are at stake, with significant issues remaining regarding access to testing several months after the virus was first identified. This breakdown and delay in testing capacity has resulted in a failed containment effort, conservatively estimated to have resulted in hundreds of thousands of otherwise avoidable infections. With improved preventive strategies, including early response and testing capabilities, the rapid rate of viral expansion and the shortfall of medical supplies now being experienced can be more effectively contained, managed and ameliorated.
Rapid Diagnostic Technologies
A promising area of preventive strategies is the use of Rapid Diagnostic Technologies (“RDTs“), tools designed to quickly and accurately diagnose the active virus. Many forms of RDT utilize Polymerase Chain Reaction (“PCR“) methodologies, processes which can require highly trained laboratory staff and processing times ranging from hours to days, thereby offsetting their efficacy as rapid response diagnostic tools. Another promising RDT for the diagnosis of COVID-19 is Immunoassay Technology (“IAT“), a highly effective and easy to use diagnostic platform. However, IAT relies on the detection of antigens or antibodies which can take days or weeks to develop within the body, with the result that a person can be contagious and spreading the virus prior to detection.
Sixth Wave’s patent application contemplates the development of a flexible platform for the rapid deployment of RDTs for new viral threats. This AMIPs technology could have all of the advantages of traditional PCR and IAT diagnostics, with the potential to be developed, deployed and scaled in a fraction of the time.
The Sixth Wave Solution
This proposed AMIPs device would generate an instant colorimetric response, or change in color, in order to indicate the presence of COVID-19 and other viruses. This visual confirmation capability is a feature of other prior Sixth Wave technologies, most notably the Company’s explosives detection wipes and bacterial pathogen detection swabs.
The AMIPs technology proposes a flexible and scalable development platform, able to adapt to the demands of detecting constantly evolving viral strains beyond COVID-19. To accomplish this, Sixth Wave plans to build a database of MIPs, prepared using viral surrogates and/or inactive strains, and based on the general shape, size and morphology of generic classes of known viruses (the “AMIPs Library“). This database will comprise a reference inventory, ready for immediate deployment in the screening of new or emerging viral threats, and minimizing the response time required to issue new diagnostics.
The patent application draws significantly upon Sixth Wave’s prior experience in Molecular Imprinted Polymers (“MIPs“). The selective binding capabilities of MIPs are well documented in literature and have even been referred to as “plastic antibodies”. Sixth Wave has a proven record in the detection and binding of target analytes using MIP technology. The Company has successfully developed a similar MIPs-based rapid detection test for improvised explosives (the “Explosive Detection Wipes” or “EDW“). The EDW platform is highly effective and simple to use, providing fast colorimetric indication of 36 target analytes, all while using a single-use wipe. As with the virus detection platform, accuracy in explosives detection is paramount, with lives at stake, and the technology has been noted for delivering zero false positives during field use.
“Now more than ever, the reality of an interconnected world means there is a desperate need to quickly identify and stem the tide of emerging pandemic outbreaks,” said Dr. Jonathan Gluckman, President & CEO of Sixth Wave. “Rapid detection, the ability to instantly assess the threat of viral contact, and tools of early intervention are crucial to the containment of new viruses. We hope this technology will revolutionize how we get ahead of pandemics like COVID-19 and other future novel viruses, preventing their spread and mitigating the social and economic losses.”
The AMIPs Advantage
The proposed AMIPs platform uses a branch of nanotechnology known as MIPs, a versatile materials science which can be engineered into many physical configurations, including adherence to a wipe, suspension in an assay, or affixed to a membrane for lateral flow testing. The proposed testing device can be envisioned as a cartridge-type system where the format, detection method and sampling/detection process is the same for all threats. The interchangeable component would be the molecular recognition chemistry which would be unique to each new threat.
This platform prospectively offers a number of advantages over existing methods of viral detection and containment. These include:
(i) Rapid Deployment – The AMIPs system will be designed for rapid response and to be the first diagnostic test available for a new viral outbreak. Based on the Company’s prior experience in MIPs formulations, the development cycle of any new AMIPs product will prospectively be less than 30 days, from identification of a new viral threat to an AMIPs detection product in the hands of front line healthcare providers. The format of the rapidly deployable AMIPs is a multi-welled micropipette dish with Sixth Wave’s unique viral MIPs coated on the bottom of the wells. This cartridge design would make it possible to screen against multiple classes of viruses with the flexibility to use several known off the shelf detection chemistries for the colorimetric response.
(ii) Compatible with Multiple Target Analytes – With the AMIPs system, Sixth Wave proposes to directly detect viral particles. Further, the AMIPs platform is planned to be compatible with detecting other components unique to a particular virus such as DNA, RNA, proteins, small molecules, and antibodies. This powerful and comprehensive platform would give scientists multiple pathways to detect a virus to give the best performance and diagnostic capabilities.
(iii) Fast, Accurate & Easy to Use – The second potential platform for the AMIPs technology would be lateral flow tests, similar to using a pregnancy test. The colorimetric response would allow for quick, qualitative analysis without mixing reagents, complex machines, or even power requirements for a fast, easy-to-use, and reliable response that requires little, if any, training. First responders, caregivers, and even the patients themselves, could potentially perform the test and receive results in minutes.
(iv) Durable, Affordable & Mass Producible – MIPs are based on a synthetic polymer, allowing for extended shelf life, minimal storage and handling requirements, and less sensitivity to temperature and light degradation relative to antibodies used in traditional IAT products. The MIPs formulations could be applied to several inexpensive consumables to provide low cost, mass production pathways for real-time qualitative or quantitative analysis, depending on device format.
(v) Flexible, Scalable & Adaptable – The AMIPs platform would allow for rapid reconfiguration, including the testing of any bodily fluid containing the virus, screening for multiple infections in just one test, and even testing surfaces to reduce the spread of contamination. The technology proposes to detect whole classes of viruses, allowing researchers to deploy the diagnostics without actually cultivating antigens or antibodies specific to a particular new virus strain. The AMIPs Library anticipates other viral threats and prepares for rapid and responsive development of new products based on this existing platform.
About the AMIPs Library
Adapted from other Sixth Wave commercial applications, AMIPs relies on MIP methodologies to identify and trap specific analytes. Formed with a 3D mold of the targeted analyte, MIPs can be applied to generate a variety of effective sensors, each with the ability to display a visual confirmation. For a viral threat such as COVID-19, recognition of the intact virus would be the most efficient process timewise using a MIP that recognizes and binds to the virus.
However, in anticipation of forthcoming new viral strains, clearly there will be no time to develop a novel MIP after a new outbreak has occurred. To avoid such delays and develop new diagnostic products on minimal turnaround, the Company plans to develop the AMIPs Library as a database of MIPs based on the general shape, size, and morphology of generic classes of viruses. In this way, future delays in diagnostics are avoided, with the potential for new generations of interchangeable AMIPs cartridges or wipes using the same physical format, detection method, and sampling process as prior generations.
The ultimate goal is a flexible platform that can be continuously altered to meet the demands of constantly evolving viral strains. The AMIPs inventory would be proactive, readily available for screening against plausible new threats. The most selective MIP for any emergent virus would be incorporated into a previously defined delivery platform. The chemical manufacturing process would be known, and direct scale-up to manufacture could be initiated immediately and applied to kits amenable to mass production.
About Sixth Wave
Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized molecularly imprinted polymers (MIPs). The Company is in the process of commercializing its AffinityTM cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection and separation of viruses, biogenic amines and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This press release includes certain statements that may be deemed “forward-looking statements” including statements regarding the planned features, capacity and performance of the AMIPs technology. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the AMIPs technology are subject the risk that the AMIPs technology may not prove to be successful in detecting virus targets effectively or at all, uncertainty of medical product development, uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for medical applications and the need for additional capital to carry out product development activities. The value of any products ultimately developed could be negatively impacted if the patent is not granted.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54124
Pharmadrug Inc. Enters Definitive Agreement to Acquire Super Smart Paving Its Entry into the Psychedelic Market
Toronto, Ontario–(Newsfile Corp. – May 25, 2020) – Pharmadrug Inc. (CSE: BUZZ) (OTC: LMLLF) (“Pharmadrug” or the “Company”) is pleased to announce that it has entered into a definitive agreement (the “Acquisition Agreement”) pursuant to which Pharmadrug will acquire all of the issued and outstanding shares of privately-held Interrobang Ltd. (doing business as Super Smart). (“Super Smart”), to be effected by way of a three-cornered amalgamation between Pharmadrug, Super Smart and a wholly-owned subsidiary of Pharmadrug (the “Proposed Transaction”). Following completion of the Proposed Transaction Super Smart will become a wholly-owned subsidiary of Pharmadrug. It is anticipated that the Proposed Transaction will be completed in early June, 2020.
As noted in the Company’s press release dated May 20, 2020, Super Smart is an early-stage retail company focused on consolidating the fragmented Dutch smartshop market. Smartshops are retail establishments in The Netherlands that specialize in the sale of psychoactive substances including psychedelic truffles, which are an underground grown version of magic mushrooms that have psilocybin and are legal in The Netherlands. Super Smart will seek to acquire smartshops and deploy disciplined business expertise, retail best practices and consistent branding across multiple locations to capture in market share and improve margins in this rapidly growing segment. Super Smart’s management team is well suited to pursue the smartshop consolidation strategy and brings a proven track record in retail, marketing, brand building, web sales and customer education.
The Company views the Proposed Transaction as a complementary acquisition of a proposed business which the Company anticipates will be synergistic with Pharmadrug’s existing European cannabis distributions business. The Company currently operates as a Medical Cannabis distributor in Europe and views psychedelics as part of the emerging natural based medicine trend. The Company is fully committed to its business in Germany and considers it to be the hub of its business activities in Europe. As mentioned in the press release dated April 24, 2020, the Company’s German operations are seeing volume growth and the Company expects volumes to continue to grow with plans to introduce medical cannabis under its own brand in the next 3 to 6 months. The acquisition of smartshops in The Netherlands is seen as a move towards vertical integration of its existing cannabis business insofar as smartshops act as retail outlets for cannabis products such as CBD products and cannabis paraphernalia. Furthermore, the Company believes the acquisition provides an opportunity to expand its existing operations into the psychedelics space as permitted by law. Management believes the Proposed Transaction is also a platform to potentially acquire synergistic assets.
At the time of the Proposed Transaction, the Company expects Super Smart’s assets will consist of a brand and strategy to acquire smartshops in The Netherlands and approximately CAD $2.6 million of cash with liabilities of CAD $2.5 million in outstanding convertible debentures that will be amalgamated into Pharmadrug’s capital structure as per terms discussed below.
Terms of Acquisition Agreement
Pursuant to the terms of the Acquisition Agreement, each issued and outstanding share of Super Smart (a “Super Smart Share”) will be exchanged for one common share in the capital of the Company (a “Pharmadrug Share”). It is expected that at the time of the closing of the Proposed Transaction, Super Smart will have 44,000,000 Super Smart Shares issued and outstanding together with $2,500,000 principal amount of senior secured convertible debentures (the “Super Smart Debentures”), 33,000,000 common share purchase warrants (“Placement Warrants”) and 3,478,400 finder options (the “Finder Options”).
The Super Smart Debentures shall bear interest at a rate of 12% per annum from the date of issue and payable monthly in cash and shall rank pari passu with one another and senior to all other indebtedness. The Super Smart Debentures shall mature on the date (the “Maturity Date”) which is three (3) years from their issuance (which is anticipated to be on or about closing of the Proposed Transaction). Super Smart will have a right to prepay or redeem a part or the entire principal amount of the Super Smart Debentures at par plus accrued and unpaid interest at any time by providing written notice of the date (the “Redemption Date”) for such redemption to the holder at least a minimum of 30 days and a maximum 60 days’ prior to the Redemption Date. Each Super Smart Debenture will be convertible into units (each, a “Unit”) at the option of the holder at any time prior to the close of the third business day prior to the earlier of: (i) the Maturity Date and (ii) the Redemption Date at a price of $0.05 per Unit with each Unit consisting of one Super Smart Share and one-half of one Super Smart Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Super Smart Share at an exercise price of $0.05 for a period of 36 months from the date of issuance of the Super Smart Debentures. In the event that the Super Smart Shares have a closing price on such exchange on which the Super Smart Shares may be traded at such time of greater than $0.15 per share for a period of 10 consecutive trading days, Super Smart will be able to cause the Super Smart Debentures to be converted into Units. Each Super Smart Debenture will, following completion of the Proposed Transaction, entitle the holder thereof to acquire equivalent securities of Pharmadrug in place of the securities of Super Smart on conversion of such debenture.
In addition to the outstanding Super Smart Shares and Super Smart Debentures, Super Smart will also have outstanding prior to closing (i) 3,478,400 Finder Options which will entitle the holder thereof to acquire one Unit at a price of $0.05 and (ii) 33,000,000 Placement Warrants issued in connection with a private placement of units of Super Smart with each such Placement Warrant entitling the holder to acquire one Super Smart Share at a price of $0.05 at any time on or before the third anniversary of the closing of the Proposed Transaction. Each Finder Option and Placement Warrant will, following completion of the Proposed Transaction, entitle the holder thereof to acquire equivalent securities of Pharmadrug in place of the securities of Super Smart.
Following completion of the Proposed Transaction the security holders of Super Smart and the Company immediately preceding the Proposed Transaction will hold approximately 47% and 53%, respectively, of the fully diluted share capital of the Company.
It is expected that all Pharmadrug Shares (including Pharmadrug Shares issued upon conversion of Super Smart Debentures and the exercise of Super Smart Warrants and the Finder Options) issued pursuant to the Proposed Transaction, except those issued to U.S. persons, will be freely tradable under applicable Canadian securities legislation.
The Acquisition Agreement contains representations, warranties, covenants and conditions typical for a transaction of this nature. The Proposed Transaction is subject to, among other things, receipt of all applicable shareholder and regulatory approvals, the final approval of the Canadian Securities Exchange and the satisfaction of customary closing conditions, including the conditions described below.
A copy of the Acquisition Agreement will be filed by Pharmadrug with the Canadian securities regulators and will be available for viewing on the Company’s profile on SEDAR at www.sedar.com. A description of the Acquisition Agreement will also be set forth in P material change report to be filed on SEDAR.
Conditions to the Proposed Transaction
Completion of the Proposed Transaction is subject to certain conditions precedent including, among other things:
- the receipt of all required approvals by the respective boards of directors of Pharmadrug and Super Smart;
- the receipt of approval of the Proposed Transaction by shareholders of Super Smart;
- the receipt of all required consents, approvals and authorizations of any regulatory authorities, including, without limitation, the Canadian Securities Exchange;
- each of the parties shall have complied with each of its obligations, covenants and agreements in the Acquisition Agreement;
- there shall be no material adverse effect with respect to either of Pharmadrug or Super Smart;
- the receipt of all required consents and approvals of third parties.
Management and Board of Directors
The Company does not anticipate reconstituting its Board of Directors in connection with the Proposed Transaction. Daniel Cohen will remain as Chairman and CEO and Keith Li will continue in his role at CFO. Together, they will continue to oversee general corporate activity, the running of Pharmadrug GmbH in Germany as well as the integration of Super Smart into the combined corporate strategy. Howard Brass has resigned as COO of Pharmadrug effective immediately to pursue other ventures. We thank him for his past contribution to Pharmadrug and wish him well with all his future endeavours.
It is expected that current members of the Super Smart management team will join the Company and occupy roles as senior business unit managers. Most notably, Harry Resin who is the current CEO of Super Smart will join and continue to run the Super Smart division within Pharmadrug. We believe Mr. Resin is uniquely positioned to run the Super Smart strategy. As a founding member of an original Amsterdam seed company, Mr. Resin dealt extensively with and provided consulting work to Amsterdam’s smartshop industry. He has a deep established network and a fundamental understanding of the smartshop business model. Mr. Resin has also served as a staff writer for High Times and also wrote for numerous cannabis publications including Cannabis Now, Skunk and a Medical Cannabis Journal.
Although the parties have entered into a definitive Acquisition Agreement in connection with the Proposed Transaction, completion of the Proposed Transaction remains subject to a number of conditions as set forth herein. If such conditions are not satisfied it is possible that the Proposed Transaction will not be completed on the terms set forth herein or at all.
About PharmaDrug Inc.
PharmaDrug Inc. is building an internationally focused cannabis business focused on Europe. The Company owns 80% of Pharmadrug GmbH, a German medical cannabis distributor, with a Schedule I European Union narcotics license allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the EU.
For further information, please contact:
Daniel Cohen, CEO
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Forward looking statements in this press release relate to the potential to complete the Proposed Transaction and the timing thereof, the integration of the Smart Shop business and the completion of the debt restructuring, anticipated volume growth in the Company’s German business and the introduction by the Company of its own brand of medical cannabis. 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. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to locate additional supply of medical cannabis, owning interests in companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history, reliance on management, requirements for additional financing, competition, hindering market growth; regulatory and political change. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56491
City View Green Holdings Inc. Announces Second Tranche Closing of Private Placement
Toronto, Ontario–(Newsfile Corp. – May 25, 2020) – City View Green Holdings Inc. (“City View” or the “Company“), trading through the facilities of the Canadian Securities Exchange (“CSE“) under the symbol “CVGR” and on the OTCQB® under the symbol “CVGRF” announces that it has now completed a second tranche (the “Second Tranche“) of its non-brokered private placement (the “Offering“) previously announced April 21, 2020. Under the Second Tranche, the Company has issued 6,000,000 units for gross proceeds of $300,000. All securities issued under the 2nd Tranche are subject to a hold period expiring September 23, 2020, in accordance with applicable securities laws. Together with the first tranche closing announced April 30, 2020, the Company has now raised a total of $830,000 from the sale of units under the Offering.
About City View
City View Green is a leading cannabis-infused food company focused on the development of food brands, extraction and distribution. Upon the anticipated receipt of its Cannabis Act processing and sales licences (“Cannabis Licences“), City View will incorporate cannabis-infused food production and extraction at its Brantford, Ontario facility. Once operational, it is our expectation that City View will produce high quality cannabis-infused food, oils, distillates, and water-soluble products for the food and beverage markets. In addition, City View owns a 19.9% stake in Budd Hutt Inc. (“Budd Hutt“), a retail-focused cannabis company with access to cannabis cultivation and production licences in Alberta and other retail opportunities across Canada. Through its relationship with Budd Hutt, the Company anticipates securing shelf space, product placement, and distribution opportunities for City View’s products. For more information visit www.cityviewgreen.ca.
For further information contact:
City View Green Holdings Inc.
Rob Fia, CEO & President
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements which are not composed of historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, availability and costs of financing needed in the future, changes in equity markets, delays in the development of projects, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company’s business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56489
MediPharm Labs and Ace Valley Deliver Innovative Vapes – Now Available in Several Markets Across Canada
TORONTO, May 25, 2020 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”), a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, is pleased to announce that its highly anticipated and innovative suite of “Ace Valley Vapes” are officially available in several markets across Canada. The Company shipped three new vape products under this white label brand-line to multiple provinces last week.
The launch of the Ace Valley Vapes is the culmination of the Company’s previously announced white label agreement through its subsidiary, MediPharm Labs Inc., with AV Cannabis Inc. (d/b/a Ace Valley). Through this collaboration, Ace Valley leveraged its leading brand traction and product strategy expertise to design, brand and market new and innovative vaporizer products, while MediPharm Labs provided raw material from its supply chain, high-quality cannabis distillate, formulation and filling expertise from its GMP-certified facility, as well as distribution services across Canada to cannabis distributors and retailers.“Ace Valley has emerged as one of Canada’s true cannabis brands. We are proud to be partnering with a team that consistently raises the bar through product development and marketing ingenuity, further elevated by our superiour product formulations and top CPG-quality processes,” said Pat McCutcheon, Chief Executive Officer of MediPharm Labs.“We are passionately building a great cannabis brand in Canada,” said Mike Wagman, Chief Executive Officer of Ace Valley. “Our new all-in-one vapes, with an innovative logo light-up feature, are a big part of our platform and we have a strong partner in MediPharm Labs, the leader in cannabis extraction and purified cannabis concentrates in Canada.”Unique Product Formulations with Original Vape Hardware
Each Ace Valley Vape is an all-in-one unit with 0.3 ml of formulated cannabis distillate. Working in collaboration with Ace Valley, MediPharm Labs’ Applied Science team formulated three unique products – CBD, Sativa and Indica options – each comprised of 95% distillate and 5% botanically derived terpenes, with zero carrier oil, other additives, or thickening agents. Ace Valley selected this variety of vape options so consumers can curate their experience.The vape hardware is an all-in-one unit, not requiring a separate purchase of battery and vapourizer cartridge. Ace Valley wanted to offer customers something convenient, consistent, and easy-to-use. By providing an integrated all-in-one hardware device, they were able to deliver maximum consistency from one experience to the next, as the distillate and vapourizing hardware have been specifically designed and tested together.“The concept for our new vapes is the brainchild of our co-founder, Noah Gill, who wanted customers to have a fun way to experience the device,” explained Mike Wagman, CEO of Ace Valley. “Unlike other vape pens on the market, the Ace Valley Vape lights up each of the four colour bands in our logo sequentially as you inhale. This provides the customer with simple and intuitive control and a unique interaction.”Multi-Province Distribution
MediPharm Labs has already completed shipments to Ontario, BC and Alberta distribution hubs.
The Ace Valley Vapes are anticipated to be available at select retailers in ON, BC, Alberta, Manitoba, and Saskatchewan.About Ace Valley
Ace Valley is a leading recreational cannabis brand. Since launching in October 2018, Ace Valley has built a curated, ready-to-use portfolio of pre-rolls, vapes and real-fruit gummies* (*launching soon) with wholesale and retail distribution across most of Canada. Ace Valley drives leading sales and brand awareness by leveraging its product strategy expertise, consumer insights and loyal community of fans.About MediPharm Labs Corp.
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, they formulate, consumer-test, process, package and distribute cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and is nearing commercialization of its Australian Extraction facility. MediPharm Labs Australia was established in 2017.For further information, please contact:
Laura Lepore, VP, Investor Relations
Telephone: +1 416.913.7425 ext. 1525
Website: www.medipharmlabs.comCAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, expected sale of the Ace Valley Vapes at various provincial retailers. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.All information contained in this press release with respect to Ave Valley was supplied by Ace Valley for inclusion herein.Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/e0e9a2f1-456e-4d74-9b83-ed4292c56ea0https://www.globenewswire.com/NewsRoom/AttachmentNg/2795c368-8023-462a-a7ee-94d0418c39d1
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