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Pivot to Commercialize Cannabis Products in California Under New Regulations(January 03, 2018)
VANCOUVER, British Columbia, Jan. 03, 2018 (GLOBE NEWSWIRE) -- via NetworkNewsWire – Pivot Pharmaceuticals Inc. (CSE:PVOT) (OTCQB:PVOTF) (“Pivot” or the “Company”) is pleased to announce that its recent Binding Letter of Intent to acquire ERS Holdings LLC’s patent for Ready To Infuse Cannabis Technology (RTIC) for food and beverage-based products will permit the company to commercialize K-Cup and Stick Pack cannabis products under the new regulations that took effect in California on January 1st, 2018. Pivot will initiate development of emulsified cannabis powder for infusion into beverages as its first commercial product in a soon-to-be-announced facility in Anaheim, California.
In December 2017, Pivot signed a Subsidiary Agreement for establishing a California-based facility in order to conduct research, development and commercialization of cannabinoid-based products using certain intellectual property (the “IP”) and trade secrets (the “Trade Secrets”) for the food and beverage markets. Pivot is currently finalizing plans for a commercial installation.
The state of California represents the biggest legal recreational marijuana market in America. It is estimated that the sale of recreational cannabis in the state of California could reach US $7 billion by 2019. Pivot has positioned itself to introduce its pipeline of products into the market.
Dr. Patrick Frankham, Pivot’s Chief Executive Officer, said, “Following our recent entry into the California bio-cannabis market we anticipate generating revenues from our RTIC technology in 2018. California has over 1,000 dispensaries and an established network of points of purchase for our premium products.”
Dr. Frankham also stated, “Our mission is to provide novel formulations of cannabinoid-based products that ultimately enable consumers and patients to manage their own lifestyle or healthy outcomes. Bio-cannabis represents the only user-centric products in a market that will become mainstream over the next couple of years.”
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot’s wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. (“PGS” or “Pivot Green Stream”), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. PGS has acquired worldwide rights to BiPhasix™ Transdermal Drug Delivery platform technology (topical), SolMic Solubilisation technology (oral) and Thrudermic Transdermal Nanotechnology (transdermal) for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. RTIC ready to infuse cannabis containing foods and beverages will allow patients and consumers to include cannabis into their daily lifestyle without the side effects of high carbohydrate or poor tasting presentations. PGS’ initial product development candidates will include topical treatments for women’s sexual dysfunction (PGS-N005), as well as psoriasis (PGS-N007), and an oral product (PGS-N001) for cancer supportive care. For more information please visit www.PivotPharma.com
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot or Pivot Green Stream, or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. As a result of the foregoing, actual results could differ materially from those contemplated by the forward-looking statements as a result of the foregoing factors and certain other factors, such as the failure to meet the conditions imposed by the regulators, the level of business and consumer spending, the amount of sales of Pivot's products, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
Pivot Pharmaceuticals Inc.Patrick Frankham, PhD, MBA
Tel: (514) 943-1899
Email: [email protected]