Signs Contract Manufacturing and Licensing Agreement With Ananda Acquisitions LLC
Pivot Pharmaceuticals Inc. (CSE: PVOT / OTCQB: PVOTF / FRA: NPAT) (“Pivot” or the “Company”) is pleased to announce that its wholly-owned U.S. subsidiary, Pivot Naturals LLC, has signed a Contract Manufacturing and Licensing Agreement (“Agreement”) with Ananda Acquisitions LLC. Under the terms of the Agreement, Pivot will formulate and manufacture various cannabis-infused edible products for Ananda using Pivot’s patented Ready-To-Infuse-Cannabis (“RTIC”) technology. The initial Formulations Contract with Ananda is valued at USD $120,000 and payment has been received in full.
— Pivot Naturals Signs Contract Manufacturing and Licensing Agreement with Ananda Acquisitions;
— Pivot’s wholly-owned U.S. subsidiary, Pivot Naturals LLC, generates revenue totalling USD $120,000 for formulation of cannabis-infused edible products;
— Ready-To-Infuse-Cannabis (“RTIC”) technology to be used in tablets, capsules, stick packs and beverages.
Ananda Acquisitions is a brand development company dedicated to curating cannabis products targeted to the health and wellness oriented consumer. Mr. Jason Durnett, President and CEO of Ananda Acquisitions stated, “We spent many months searching for a science and technology focused partner capable of delivering the desired consumer effects we are looking for in our products. Pivot’s patent portfolio of cannabis technologies is by far the most advanced in the industry. Using Pivot’s revolutionary technology, we can deliver consistent, lab-tested cannabis products in varying product forms to address market needs.”
Patrick J. Rolfes, President of Pivot Naturals LLC, stated “Pivot is very excited to bring Ananda’s brands into the licensed adult-use California cannabis market with our patented RTIC technology. California represents the largest regulated cannabis market opportunity in the world. Ananda’s innovative brands utilizing Pivot’s infusion technology creates an exciting synergy. The two companies will launch intelligent products that will raise the bar for consumer expectations on safety, consistency and reliability with regards to the use of a cannabis-infused edible product bearing an Ananda brand.”
Dr. Patrick Frankham, Pivot’s CEO, stated “I am extremely proud of the entire Pivot team and would like to recognize their efforts in monetizing the IP portfolio that we have invested in during the past year. The generation of revenue by our subsidiary in the U.S. validates Pivot’s business model. With an industry leading patented product portfolio, Pivot is primed to become a leader in providing cannabis-based solutions that consumers will demand.”
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. Pivot’s wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, will manufacture and supply finished powderized cannabis products such as food additives, capsules, bulk powder and stick packs to the California market. PGS has acquired “RTIC” Ready-To-Infuse Cannabis oil-to-powder technology and Thrudermic Transdermal Nanotechnology (transdermal); acquired worldwide rights to BiPhasix(TM) Dermal Drug Delivery platform technology (topical), Solmic Solubilisation technology (oral), and Solumer(TM) Oral Drug Delivery technology; and an option to acquire worldwide rights to TriVair(TM) Nasal and Pulmonary Breath-Propelled Drug Delivery Systems(TM) for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. 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 Pharmaceuticals Inc., Pivot Green Stream Health Solutions Inc., Pivot Naturals LLC, Ananda Acquisitions LLC, 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. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of Pivot’s products, statements with respect to internal expectations, 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.
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SOURCE Pivot Pharmaceuticals Inc.