Vancouver-based biopharmaceutical company Pivot Pharmaceuticals Inc. (CSE: PVOT) (OTCQB: PVOTF) yesterday announced its entry into a non-binding letter of intent pursuant to which it proposes to acquire Agro-Biotech Inc., a Health Canada ACMPR licensed producer located in Saint-Eustache, Quebec. Upon completion of the proposed transaction, which is expected to occur by April 15, 2018, Agro-Biotech will continue to operate on a standalone basis. “With this acquisition, we are well positioned to enter the Québec cannabis market and attract experienced scientists to our organization. Pivot will seek to expand its footprint in the province beginning immediately following financing activities which are underway,” Dr. Patrick Frankham, CEO of Pivot, stated in the news release. “After several months of identifying and discussing with potential partners in the cannabis space, the Pivot management team and our scientific advisors agreed that it was in the best interest of our shareholders to acquire the compliment of licenses which will enable us to develop our pipeline of patented formulation and delivery technologies all under one vertically integrated process from seed to derivatives.”
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About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF), based in Vancouver, Canada, is an emerging biopharmaceutical company engaged in the development and commercialization of pharmaceuticals and nutraceuticals that provide novel treatments for unmet healthcare needs. Pivot Pharmaceutical’s subsidiary, Pivot Green Stream Health Solutions Inc., will focus on improving the bioavailability of cannabinoid-based pharmaceuticals. Pivot Green Stream is tasked with developing several natural health products containing cannabinoids that can receive a Health Canada Natural Health Product designation. For more information, visit www.PivotPharma.com
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