Washington i502 State Licensing Offices Issues Official Approval of Vida+
VANCOUVER, Jan. 17, 2018 /PRNewswire/ - Phivida Holdings Inc. ("Phivida" traded as "VIDA:CNX" and "PHVAF") reports the activation of a brand licensing agreement with Dynamic Processors LLC to manufacture and distribute Phivida and Vida+ products to Washington state's regulated cannabinoid retailers.
The company is currently planning the inaugural licensed manufacturing and marketing of Phivida products for distribution into Washington state licensed retail locations. Phivida has already adjusted their Vida+ labels for WLLCB compliance review and has received official state approval for use in i502 licensed retail locations.
Washington is home to around 470 regulated i502 licensed retail outlets, and the state plans to license 85 more in the near future. In 2017, Washington State's i502 Washington retail cannabinoid sales were forecast to reach almost $1 billion USD dollars, generating nearly $1 million in taxes dailyi and nearly outperforming the state's liquor salesii. At the same time, the demand for CBD products within a market that continues to climbiii.
According to a recent industry report,iv the burgeoning USA market for hemp-derived CBD is growing at 55% a year and will hit the $1 billion USD market by 2020, while the US cannabis market is projected to reach $50 billon USD, according to 2016 report published by Bloomberg.v
"We are thrilled to embark on this venture with Phivida," said Kerrie Carbary of Dynamic Processors. "We look forward to manufacturing Phivida's premium CBD products and making them available to cannabinoid consumers, and patients, across our great state of Washington."
As a key term of the agreement Dynamic Processors will license and manufacture Phivida branded products and proprietary formulations. Manufacturing will take place in a former cGMP certified and food-grade FDA-certified processing facility with a long history of manufacturing and marketing nutraceutical products to major retail pharmacy banners such as Rexall and CVS Pharmacy. The Dynamic Processing facility is licensed by the Washington State Liquor and Cannabis Board to manufacture both recreational and medicinal products, and has already established a reputation in Washington for manufacturing top quality cannabinoid brands.
"With state licensed cannabinoids licensing agreements in place in California and Oregon — and now Washington — Phivida has completed its initial plan to develop a US pacific coast distribution and supply chain," said John David Belfontaine, President and CEO of Phivida. "Our next step is to complete the pre-production planning process in advance of a west coast marketing and communications plan to capture leadership market share from Seattle to San Diego."
Phivida ["fiii-vee-daa"] is a publicly traded on the Canadian Securities Exchange under the ticker symbol "VIDA" and in the United States as "PHVAF". Phivida is a premiere brand of cannabidiol ("CBD") infused functional foods, beverages and clinical health products, poised for global distribution. Using nanoencapsulation technology, Phivida converts lipid based cannabinoids into water soluble delivery format, enhancing bioavailability, and timed released within the body. Phivida's Nano-CBD™ is infused into functional beverages, foods and health products containing a proprietary blend of phytonutraceuticals studied to target a range of health conditions, from chronic pain to terminal diseases. Phivida Nutrition is a Nano-CBD™ infused food and beverage line of preventative health and performance enhancement products. Celebrating; Health and Wellness, In Harmony™, Phivida's mission is to lead the alternative health care sector as the benchmark quality standard in premium cannabinoid infused foods, beverages and clinical products, with a dedication to advancing clinical research and education and investing back into the communities that we so proudly serve.
Learn about Phivida products at www.phivida.com or contact our investor relations via the information below.
About Dynamic Processors
Dynamic Processors LLC is located in a facility that was previously used for nutraceutical production in Sedro Woolley, Washington. This facility was a food grade, FDA certified processing facility that now manufactures top quality legal cannabinoid products. Dynamic Processors LLC is a licensed processor under WLCCB i502.
Forward Looking Information
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions. Phivida assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.