Cannabidiol infused health product company Phivida Holdings Inc. (CSE: VIDA) (OTC: PHVAF) this morning issued a corporate update for the second quarter of fiscal 2018. Among the highlights, the company noted its completion of a sizable production run aimed at adding product inventory, the retention of Creative Director Brian Schmidt and award-winning global creative agency Sid Lee, its entry into a joint venture focused on cannabis-infused beverages and the bolstering of its leadership team through the appointment of James Bailey as its new chief executive officer. Phivida also closed a bought-deal short form prospectus financing on April 19, 2018, with the total issuance of 6.96 million units at a price of $1.15 per unit for gross proceeds of approximately $8 million. Per the update, “Phivida is now fully capitalized to execute its strategic business plan, led by an experienced senior leadership team with proven success in navigating rapid expansion within innovative CBD infused functional food and natural health categories”
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About Phivida Holdings Inc.
Phivida (pronounced “fi-VEE-da”) is a premier brand of Cannabidiol (“CBD”) infused functional foods, beverages and clinical products poised for global distribution. Using encapsulation technology, Phivida converts phytocannabinoids into water soluble delivery format, enhancing bioavailability, and timed released within the body. Phivida infuses CBD into functional beverages, foods and supplements with a proprietary blend of phytonutraceuticals studied to target a range of 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 report supports the potential benefits of CBD worldwide. Celebrating; Health and Wellness, In Harmony™, Phivida’s mission is to lead the alternative health care sector as the benchmark quality standard in premium CBD infused foods, beverages and clinical products. For more information, visit the company’s website at www.Phivida.com
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