Pivot Pharmaceuticals Makes Strategic Entry Into California Cannabis Market, Announces Listing on Frankfurt Stock Exchange
26 Mar, 2018, 03:05 ET
VANCOUVER, March 26, 2018 /PRNewswire/ - Pivot Pharmaceuticals Inc. (CSE: PVOT /OTCQB: PVOTF / FRA: NPAT) ("Pivot" or the "Company"), is pleased to announce that the Company has successfully completed the integration of its California subsidiary, ERS Holdings Ltd., under the guidance of Mr. Patrick Rolfes, President of Pivot Pharmaceuticals USA. Mr. Rolfes continues to surround himself with proven, well-respected and experienced leaders in the scientific, legal, financial, and marketing and branding fields. As Pivot prepares for product launch in California in 2018, a consumer-facing brand is being developed for the entire company and will be unveiled in the coming weeks. New websites and marketing materials for our various subsidiaries are also under development. A product list based on our industry-leading and patented bio-cannabis formulation and delivery technologies will be available for consumers and retailers in the coming months.
The Company also wishes to announce that it has secured a listing on the Frankfurt Stock Exchange ("FSE") and has commenced trading under the symbol "NPAT". The FSE is one of the world's largest trading centres for securities, and the largest of Germany's seven stock exchanges. The Company believes the listing in Germany will give it greater exposure to a European-based investor audience, fuelling interest and liquidity in Pivot. The Company's shares continue to trade on the OTCQB and the Canadian Securities Exchange.
Mr. Rolfes comments that "We are a health and wellness manufacturing company whose branded products incorporate patented scientific processes to bring cannabinoid-based derivatives to the market in discreet and consistent dosages with significant, targeted health benefits and superior bioavailability." Mr. Rolfes added that "Pivot's consumer-facing brands, backed by our patented technologies and formulations, will provide health conscious consumers with natural edible and topical cannabis products delivering exceptional targeted results which will quickly differentiate Pivot in the cannabis space."
A report from the cannabis industry research firm BDS Analytics estimates sales of cannabis in California to hit USD $3.7 billion by the end of 2018 alone, and predicts that number will increase to USD $5.1 billion in 2019 as more dispensaries come online. For comparison, beer sales in the state hit USD $5 billion in 2017, according to industry research group IBIS World. California, the world's sixth largest economy with a population of close to 40 million, will form a massive portion of the total market for cannabis in North America.
Dr. Patrick Frankham, Pivot's CEO, states "As the Company prepares for legalization of cannabis in Canada, we continue to expand our business operations in the US market on a state-by-state basis, where regulations permit. California alone has a population four million people higher than Canada and the potential cannabis market size speaks for itself. During recent strategy sessions with Pivot USA, we finalized plans for Mr. Rolfes and his experienced team to launch Pivot's consumer-facing brands through Pivot's wholly-owned California licensed manufacturing facility, coming online later this year. Creating value for shareholders is of the utmost importance and I am confident that their investment will be rewarded in the weeks and months ahead."
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot's wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. ("PGS" or "Pivot Green Stream"), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. PGS has acquired worldwide rights to "RTIC" Ready-To-Infuse Cannabis powder to oil technology. BiPhasix™ Transdermal Drug Delivery platform technology (topical), Solmic Solubilisation technology (oral) and Thrudermic Transdermal Nanotechnology (transdermal) for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. PGS' initial product development candidates will include topical treatments for women's sexual dysfunction (PGS-N005), as well as psoriasis (PGS-N007), and an oral product (PGS-N001) for cancer supportive care. For more information please visit www.PivotPharma.com
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals Inc. or Pivot Green Stream Health Solutions Inc. or Pivot Pharmaceuticals USA Inc., or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of Pivot's products, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
SOURCE Pivot Pharmaceuticals Inc.
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