Pivot Signs Manufacturing and Supply Agreement With California-Based Stoney LLC
May 17, 2018, 08:45 ET
RTIC Powderized Products Including Capsules and Edibles To Generate Sales In California
VANCOUVER, May 17, 2018 /PRNewswire/ - Pivot Pharmaceuticals Inc. (CSE: PVOT /OTCQB: PVOTF / FRA: NPAT) ("Pivot" or the "Company") is pleased to announce that its wholly-owned California subsidiary, Pivot Naturals, LLC has signed a Definitive Manufacturing and Supply Agreement ("the Agreement") with Stoney LLC ("Stoney"), a leading brand of cannabis products in the state of California.
Under the terms of the Agreement, Stoney has agreed to purchase Pivot's suite of Ready-To-Infuse-Cannabis ("RTIC") powderized products, including formulated capsules for targeted effects, bulk powder for baking additives, single serve stick packs and pet food supplements. These finished products will be marketed under the established and respected "Stoney™" and "Halo™" brands. Order quantities will be determined in rolling 30-day periods commencing in 2018.
Mr. Ivan Villa, President of Stoney LLC stated "We are excited to partner with Pivot and their patented superior technology to provide our customers additional choices throughout our high-quality Stoney™ and Halo™ brands. Our customers have been demanding this level of bioavailability technology with targeted effects and we are thrilled that we will be able to deliver on their expectations. The RTIC cannabis powder is revolutionary, simple to use, doseable, flavorless and odourless. We look forward to having a long and prosperous relationship with Pivot as our brands continue to increase market share in the large California cannabis derivatives market."
Patrick J. Rolfes, President of Pivot Naturals, LLC stated "I am thrilled to execute our first Manufacturing and Supply Agreement in California. This positions our patented RTIC powderization technology as an industry changing solution. This is a critical milestone that further validates Pivot as a leading supplier of premium, science-based cannabis products."
"This watershed milestone Agreement is transformational for Pivot and validates our strategy of acquiring novel cannabis focused IP and generating sales by bringing the cannabis industry's largest pipeline of products to market," said Pivot Pharmaceuticals' CEO, Dr. Patrick Frankham.
Recreational cannabis sales began in California on January 1, 2018 and the market is expected to haul in billions of dollars in revenue next year as dispensaries roll out across the state. A report from the cannabis industry research firm BDS Analytics estimates sales of cannabis in California to hit $3.7 billion by the end of 2018 alone, and predicts that number will increase to $5.1 billion in 2019 as more dispensaries come online. For comparison, beer sales in California hit $5 billion in 2017, according to industry research group IBIS World.
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. Pivot's wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, will manufacture and supply finished powderized cannabis products such as food additives, capsules, bulk powder and stick packs to the California market. 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 Naturals, LLC or Stoney LLC, 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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