Revive Therapeutics Announces Collaboration and Royalty Agreement With Richmond Cannabis Co.
TORONTO, April 11, 2019 (GLOBE NEWSWIRE) -- Revive Therapeutics Ltd. ("Revive" or the "Company") (TSX VENTURE: RVV) (OTCQB: RVVTF), a specialty cannabis company focused on the research, development and commercialization of novel cannabinoid-based products, has entered into a non-binding letter of intent (the “LOI”) with Richmond Cannabis Co. (“Richmond”), a late stage Licensed Producer applicant under the Cannabis Act, for the purpose of entering into a Collaboration and Royalty agreement (the “Definitive Agreement”). Under the terms of the LOI, Revive and Richmond will collaborate to establish a cannabis oil production license under the Cannabis Act out of the Richmond facility located in Napanee, ON.
We are very excited to collaborate with Richmond Cannabis Co. to commercialize high-quality cannabis products for the wellness and medical markets. The collaboration reduces the time and cost for Revive to commercialize its cannabis-based products. It is important for Revive to have adequate control over the inputs and the extraction process to allow us to position our brand as premium and to allow for further development of our unique delivery systems and pre-clinical studies
said Craig Leon, CEO of Revive.
Under the terms of the LOI, Richmond will be responsible for the preparation, submission and oversight of the cannabis oil production license application pursuant to the Cannabis Act, communication with Health Canada regarding the grant of the cannabis oil production license application, and provide adequate space for extraction, research and development, manufacturing, packaging, storage, and shipping. Revive will be responsible for the finance of the cannabis oil production license application and related costs and assets as agreed to, such as extraction and packaging equipment and inventory.
This agreement will further Revive’s objective to commercialize premium cannabis products while leveraging the Company’s unique and diversified cannabinoid-based intellectual property portfolio targeting the wellness and medical markets. In addition, the potential collaboration with Richmond allows the Company to have access to premium and pharmaceutical grade cannabis, which will result in high quality, full spectrum cannabis oils, specifically CBD oils, that will support the Company’s product development programs of novel delivery systems, such as, chewing gums, topicals, and alternate oral forms.
About Richmond Cannabis Co.
Richmond is a late stage Licensed Producer applicant under the Cannabis Act (Canada) located in Napanee, Ontario. The company is in the final stages of completing its highly efficient indoor cultivation facility utilizing proprietary grow chambers. Inspired by West Coast growing philosophy while reflecting on epigenetics of premium cannabis, Richmond will facilitate dedicated strain specific small batch grow environments for the cultivation of safe & premium grade cannabis. For more information visit www.RichmondCannabis.ca.
Revive Therapeutics Ltd. (TSX VENTURE: RVV) (OTCQB: RVVTF) (FSE: 31R) is a specialty cannabis company focused on the research, development and commercialization of novel cannabinoid-based products. Revive is commercializing patent-protected, best-in-class cannabis-based products with first mover advantage in the multi-billion medical, health and wellness cannabis market. The Company’s novel cannabinoid delivery technology is being advanced to fill the unmet medical needs for diseases and disorders such as pain, inflammation, and wound care. Revive’s cannabinoid pharmaceutical portfolio focuses on rare inflammatory and liver diseases, which the FDA granted to the Company orphan drug designation for CBD in the treatment of autoimmune hepatitis and in the prevention of ischemia and reperfusion injury resulting from solid organ transplantation, such as liver, kidney, heart and lung transplantation. For more information, visit www.ReviveThera.com.
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