VANCOUVER, Jan. 9, 2018 /PRNewswire/ - Phivida Holdings Inc. ("Phivida" or the "Company" traded as ("VIDA:CNX") or ("OTCMKTS: PHVAF") announced today that it is confident that the hemp industry would be unaffected by the US Attorney General's recent reversal of the Cole Memorandum.
The Cole Memorandum — which was introduced by the Obama Administration — was designed to protect US state level marijuana licensing programs from federal enforcement. Attorney General Sessions announced last week that the Cole Memo would be rescinded, creating temporary uncertainty in the US cannabis market.
For clarity to the marketplace, Phivida products are made from cannabidiol (CBD) derived from hemp oil. The rescinding of the Cole Memorandum does not pertain to full spectrum CBD-Hemp Oil extract-infused functional foods or natural health products sourced from state-permitted hemp farms covered by section 7606 of the 2014 Agricultural Act – a federal program legalizing Industrial Hemp production. This view is widely shared across the US hemp industry and legal experts at the Hemp Business Journal and Natural Products Insider.
In light of the Cole Memorandum being rescinded, The Canadian Securities Exchange contacted seventeen cannabis companies for public statements. Phivida has not been asked for any additional disclosure as this policy change does not directly affect its hemp oil extract businesses, but chose to provide additional clarity for the marketplace to ensure shareholders have clarity surrounding the facts of this recent policy change.
In contrast, Phivida identifies several positive shifts in regulation towards global acceptance of its CBD hemp oil — and the growing trend towards continued mainstream adoption of Phivida CBD hemp oil extract products.
This was recently highlighted in three major industry developments:
- In January, the World Anti-Doping Agency (WADA) — the experts who strictly oversee global drug policy for athletes — announced it was lifting its ban of CBD from hemp oil
- The World Health Organization (WHO) confirmed it views CBD as safe, medicinal and non-psychoactive
- Global beverage giant Constellation Brands bought a 9.9 per cent stake in Canopy Growth, validating the cannabinoid infused beverage category — which Phivida produces as its flagship product line
"We are confident that CBD is a viable therapeutic option for patients, practitioners, athletes and trainers." said John David Belfontaine, President and CEO of Phivida. "With new distribution agreements signed in California and Japan, we are just beginning to bring the Phivida brand into the global marketplace and will continue to develop markets domestically across the Pacific United States."
Phivida ["fiii-vee-daa"] is a publicly traded company listed on the Canadian Securities Exchange under the ticker symbol "VIDA". 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 nanoencapsulated CBD is infused into CBD beverages, foods and supplements containing a proprietary blend of phytonutraceuticals studied to target a range of health conditions, from chronic pain to terminal diseases. Phivida Enhanced Inc. (a wholly owned subsidiary of Phivida Holdings Inc.) is the clinical division of Phivida responsible for the formulation, manufacturing and distribution of the professional line clinical products under the brand name Vida+. These clinical grade CBD products include sublingual's, hard capsules and other full spectrum CBD-hemp oil extract infused nutraceuticals and natural health products. The Vida+ label is a professional line of products clinical grade for higher potency and are third party laboratory tested for cannabinoid potency, terpenes, residual solvents, bacteria and pesticides. 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 research, education and investing back into the communities that we so proudly serve.
For investor relations inquiries and additional updates, please contact Phivida via the information below.
This press release contains "forward-looking information" within the meaning of Canadian securities laws, which may include, but are not limited to, statements relating to the Company's use of the proceeds of the Offering and the trading date of the Common Shares. Such forward-looking information reflects Phivida's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Prospectus. Phivida does not undertake to update forward-looking statements or forward-looking information, except as required by law. No securities regulatory authority has either approved or disapproved of the contents of this news release. The Common Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. We seek safe harbour.
SOURCE Phivida Holdings Inc.