Elixinol secures a distribution agreement, CV Sciences expands its' CBD Oil range, Cresco Comments on the SAFE Banking Act, and more!
MediPharm Labs Corp (TSX: LABS) announced that its wholly-owned subsidiary, MediPharm Labs Inc, has received Organic Certification from Pro-Cert Organic Systems Ltd. Pro-Cert is one of North America's leading certifiers of organic products and is accredited by IOAS to provide third-party certification to the Canadian Organic Standards.
Organic certification is a strong validation of MediPharm
Labs' robust quality management system and GMP compliant facility.
This certification further expands the company's capabilities to produce bulk wholesale organic extracts and oil for use as an ingredient in finished cannabis concentrate derivatives such as edibles, extracts, topicals and oil products that will be sold in the company's wholesale and retail channels for both medical and adult-use markets.
We are proud to receive this certification which further adds third-party validation of our quality management system and integrity in the supply chain. Pat McCutcheon, CEO of MediPharm Labs.
The company also confirmed that it has signed its first private label sales agreement for export to Europe, with ADREXpharma® GmbH, a leading licensed wholesale distributor of controlled drugs and medical cannabis which can serve all of the approximate 20,000 pharmacies across Germany.
Through its private label solutions platform, MediPharm Labs will supply ADREXpharma with high quality, purity assured, cannabis concentrate derivative products, including THC and CBD oil, for sale and distribution under the ADREXpharma brand in Germany upon receipt of applicable regulatory approvals.
Additionally, the company announced that it has entered into a multi-year supply agreement with TerrAscend Canada Inc.
MediPharm Labs will supply TerrAscend with approximately $27
million of high-quality private label cannabis distillate, over 24-months
commencing September 2019, and, subject to certain renewal and purchase
options, potentially up to $192 million over 36-months to September 2022.
In connection with Canadian Cannabis 2.0 legalization, with amended regulations coming into force on October 17, 2019, TerrAscend will use this supply to support the production and launch of its exciting portfolio of branded products in Canada this fall.
Elixinol Global Limited (ASX:EXL) announced its Dutch-based wholly-owned subsidiary, Elixinol BV, has signed an exclusive distribution agreement with Harmonia Life for multiple channels in Finland.
Under the terms of the exclusive distribution agreement, the Distributor will sell Elixinol branded products via various retail channels for a period of five years.
The exclusivity of the distribution agreement is based on the achievement of minimum annual sales targets. The expected contribution to Elixinol Global's revenue is not material in the short term, however, it represents continued execution of its global expansion strategy and is an extension of Elixinol's current European footprint.
The distribution agreement with Harmonia Life allows Elixinol to further expand our European operations and launch Elixinol branded products throughout various retail channels in Finland. Elixinol Global Chief Executive Officer, Mr Stratos Karousos
CannaRoyalty Corp d/b/a Origin House (CSE: OH) announced that it has received a further C$15 million advance of debt financing from Opaskwayak Cree Nation.
In addition to the previously disclosed funding from OCN totalling C$12 million, the proceeds from this Financing are expected to be used by Origin House for the construction and expansion of its premium craft cannabis production facilities in Sonoma County – Cub City and FloraCal, for costs related to closing of the previously announced plan of arrangement with Cresco Labs Inc, and for general corporate purposes.
The Financing is subject to a 7.5% commitment fee, bears interest at a rate of 10% per annum on the amount advanced and matures on December 31, 2019.
CV Sciences Inc (OTCQB:CVSI) announced the expansion of its industry-dominating brand, PlusCBD™ Oil, with the launch of seven new body care products at Natural Products Expo East.
Each body care product is US Hemp Authority Certified and is free from gluten, artificial dyes, and fragrances, phthalates, sulfates, parabens or PEGs. All products are also non-GMO and are not tested on animals.
In addition to the launch of these products, CV Sciences garnered the "NEXTY Consumer Choice Award" in the Supplement Category for the Company's PlusCBD™ Oil Total Plant Complex Peppermint Spray. Bestowed each year at Natural Products Expo East and West, the NEXTY Awards recognize natural products that eclipse others within their category in terms of innovation, inspiration, and integrity.
Our seven new body care products continue to deliver on this promise and offer innovative solutions to those seeking alternatives to traditional body care. Chief Executive Officer of CV Sciences, Joseph Dowling
Spectrum Therapeutics, the medical division of Canopy Growth Corporation (TSX: WEED) announced a donation to the Fondation de l'Hôpital du Sacré-Coeur de Montreal, to support the Canadian Sleep and Circadian Network's associated national campaign: Sleep On It which aims to raise awareness about the importance of good quality sleep on health.
Spectrum's donation to the
campaign has been made, based on CSCN's request to support their initiative to
organize the sleep scientific community around the question of cannabis use for
sleep disorders. Although an increasing volume of anecdotal data indicates the
growing usage of cannabis from individuals coping with sleep disorders,
clinical scientific evidence on its effectiveness is still limited.
Hence, via this donation, CSCN will be able to provide to the public, health management decision makers as well as the sleep scientific community, a review of currently available data and identify the research gaps that need to be filled. This review is expected to be completed during the second half of the 2020 calendar year.
Cresco Labs Inc (CSE: CL) provided
comments on the passage of the Secure and Fair Enforcement Banking Act of 2019.
"The passage of the SAFE Banking Act by the U.S. House of Representatives represents a significant first step in the effort to provide stability and security to the multibillion-dollar cannabis industry," said Cresco Labs CEO and Co-founder Charlie Bachtell.
"By allowing cannabis companies to access commercial banking services and end their reliance on cash, the SAFE Banking Act would facilitate a safer operating environment for all stakeholders. We continue to see extremely encouraging progress made from a legislative standpoint at both the federal and state levels that is contributing to the normalization of the cannabis industry."
The passage of the SAFE Banking Act will also provide access to banking and capital to fuel diversity and make the cannabis industry more inclusive for everyone. Cresco Labs CEO and Co-founder Charlie Bachtell
Finally, Harvest Health & Recreation (CSE: HARV) and Falcon International Corp have both certified substantial compliance with the Request for Additional Information and Documentary Materials issued by the Department of Justice on April 17, 2019 regarding Harvest's proposed acquisition of Falcon.
Harvest also announced continued
progress towards completing its plans to acquire Verano Holdings, LLC and
CannaPharmacy, Inc. These transactions will provide Harvest with key executive
and management positions, best in class operating assets and an expanded
footprint in both adult-use and medical markets.
Through the integration process, Harvest will further enhance its operational capabilities throughout the US and capitalize on the significant advantages each company holds in its respective markets.
Watch this space for future updates.
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