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.”
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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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