Phivida Holdings (CSE: VIDA) (OTCQX: PHVAF), together with
WeedMD (TSX-V: WMD) (OTC: WDDMF) (FSE: 4WE), this morning announced that the
companies have signed a final definitive Joint Venture (“JV”) agreement to
develop and operate Cannabis Beverages Inc. (“CanBev”). The strategic
partnership positions CanBev as an early mover in the cannabis-infused beverage
market, with each company retaining 50% each of the Class A shares in the new
company. CanBev’s Board of Directors will be comprised of five individuals, two
nominated by each company and one independent director. The partners have
agreed to fund capital requirements of CanBev equally, beginning with initial
shareholder advances of $375,000 each. CanBev will focus primarily on product
development, manufacturing, marketing and distribution of cannabis-infused
beverages in Canada and licensed international markets. WeedMD will serve as
the exclusive supplier of cannabinoid extracts for use in consumer products to
be made and will designate manufacturing space at its facility located in
Strathroy, Ontario. WeedMD will also assist CanBev with gaining all required
federal licenses and permits and has agreed to provide all current and future
genetics. Phivida will be sublicensing its current and impending trademarks,
intellectual property, branding and packaging to CanBev. Phivida has also
agreed to lead new product innovation, research and development, formulation,
packaging and branding for CanBev. “The Phivida team is excited to contribute
our management, expertise and product knowledge to the CanBev joint venture,”
Phivida president and CEO Jim Bailey stated in the news release. “WeedMD is an
ideal partner for Phivida and we are thrilled to bring our cannabinoid-infused
beverages and brands back home to Canada. WeedMD provides CanBev with solid
infrastructure, strong management, world-class genetics and proven success in
the Canadian healthcare market. We are very proud to partner with best in class
among the Canadian licensed producers.”
To view the full press release, visit http://ibn.fm/i9G7C
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
encapsulation 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” and on the OTCQX Markets as “PHVAF”. For
more information, visit the company’s website at www.Phivida.com.
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