Vireo Health Announces Formation of Resurgent Biosciences Subsidiary
-- Non-plant-touching entity to commercialize Vireo's intellectual property portfolio
MINNEAPOLIS, April 30, 2020 /PRNewswire/ -- Vireo Health International, Inc. ("Vireo" or the "Company") (CNSX: VREO, OTCQX: VREOF), the science-focused multi-state cannabis company with active operations in exclusively medical-only markets and licenses in nine states and the commonwealth of Puerto Rico, today announced the formation of a wholly-owned subsidiary company called Resurgent Biosciences, Inc. ("Resurgent").
Resurgent Biosciences is a Delaware corporation which has been created with the intent to commercialize Vireo's portfolio of intellectual property and related initiatives in a non-plant-touching entity which may broaden potential partnership opportunities or other strategic outcomes as Vireo seeks to monetize scientific advancements within the cannabis industry and beyond. Vireo currently has a wide array of patent applications pending approval by the United States Patent and Trademark Office. Its patent for harm reduction in tobacco products was granted earlier this year.
"The formation of Resurgent Biosciences was a necessary progression of our development as we continue working toward identifying the appropriate partners to help us achieve Vireo's vision for the future of cannabis," said founder and Chief Executive Officer Kyle Kingsley, M.D. "Much of our intellectual property has been built with partnership in mind, and structuring those valuable assets under Resurgent will enable us to be optimally flexible as it relates to monetization opportunities both in the near- and long-term future. We are looking forward to working with our partners to commercialize scientific advancements in cannabis that may ultimately benefit millions of consumers across the United States and, potentially, the world."
About Vireo Health International, Inc.
Vireo Health International, Inc. is a physician-led cannabis company focused on building long-term, sustainable value by bringing the best of medicine, science, and engineering to the cannabis industry. With operations strategically located in early-stage, limited-license medical markets, Vireo manufactures pharmaceutical-grade cannabis products in environmentally-friendly greenhouses and distributes its products through its growing network of Green Goods™ retail dispensaries and hundreds of third-party locations. Its current core medical markets of New York, Minnesota, Pennsylvania, Arizona, New Mexico, Maryland, Ohio and Rhode Island all have the potential to enact adult-use legalization in the next three to 24 months, and two additional markets in Puerto Rico and Massachusetts also have potential for commercialization. Combined with its teams' focus on driving scientific innovation within the industry and securing meaningful intellectual property, Vireo believes it is well positioned to become a global market leader in the cannabis industry. Today, eight of its 10 markets are operational with 13 of its 32 total retail dispensary licenses open for business. For more information about the company, please visit www.vireohealth.com.
Contact Information
Investor Inquiries
Sam Gibbons
Vice President, Investor Relations
[email protected]
(612) 314-8995
Media Inquiries
Albe Zakes
Vice President, Corporate Communications
[email protected]
(267) 221-4800
SOURCE Vireo Health International, Inc.
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