Cardiol Therapeutics’ Exclusive Manufacturing Partner Receives Three-Year Renewal and Amendment of its Cannabis Act License from Health Canada
Cardiol Therapeutics Inc. (TSX:CRDL, OTCQX:CRTPF) (“Cardiol” or the “Company”), a leader in the production of pharmaceutical cannabidiol (CBD) and the development of innovative cannabidiol medicines for heart disease, is pleased to announce that its exclusive manufacturing partner, Dalton Pharma Services (“Dalton”), has received a three-year renewal and license amendment of its Cannabis Act Processing License from Health Canada. This renewal and amendment will permit scaled commercial production of Cardiol’s high concentration pharmaceutical cannabidiol formulations and their sale to other license holders.
“Today’s announcement is one of Cardiol’s most important milestones to date, as it enables the commercial introduction of the first pharmaceutically produced cannabidiol for patients who should not be exposed to THC,” stated David Elsley, President and CEO of Cardiol Therapeutics. “This accomplishment is the culmination of a significant collaborative effort between the Cardiol and Dalton teams and will facilitate the commercialization of what we believe to be the purest form of cannabidiol in the world.”
Established in 1986 and located in Toronto, Dalton is a leading international cGMP manufacturer for the pharmaceutical and biotechnology industries and the only Health Canada approved and FDA registered and inspected company in Canada licensed to produce pharmaceutical cannabidiol. They manufacture over 200 active pharmaceutical ingredients, including pharmaceutical cannabinoids, with manufacturing capability scalable to support all levels of commercialization.
“The Dalton team is committed to utilizing our decade of cannabinoid formulation experience and state-of-the-art cGMP manufacturing facility to support Cardiol’s commercial launch in Canada and plans for international expansion,” said Peter Pekos, President and CEO of Dalton Pharma Services. “The ever-increasing understanding of the therapeutic benefits of cannabidiol complements Cardiol’s dedication to developing the purest and most consistent formulation of this medicine.”
Cardiol’s ultra-pure cannabidiol formulation is pharmaceutically produced specifically for medical purposes. It is free from the psychotropic effects of THC and is produced using controlled processes in a cGMP, Health Canada approved, FDA registered and inspected pharmaceutical facility. This allows for consistent quality and purity from batch to batch, resulting in a THC free (<10 ppm) cannabidiol oil – ideal for patients who should not be exposed to THC.
About Cardiol Therapeutics
Cardiol Therapeutics Inc. (TSX: CRDL) (OTCQX: CRTPF) is focused on producing pharmaceutical cannabidiol (CBD) products and developing innovative therapies for heart disease, including acute myocarditis and other causes of heart failure. The Company’s lead product, CardiolRx™, is designed to be one of the safest and most consistent cannabidiol formulations on the market. CardiolRx is pharmaceutically produced, manufactured under cGMP, and is THC free (<10 ppm). The Company plans to commercialize CardiolRx in the billion-dollar market for medicinal cannabinoids in Canada and is also pursuing distribution opportunities in Europe and Latin America.
In heart failure, Cardiol is planning an international clinical study of CardiolRx in acute myocarditis, a condition caused by inflammation in heart tissue, which remains the most common cause of sudden cardiac death in people less than 35 years of age. The Company is also developing proprietary nanotechnology to uniquely deliver pharmaceutical cannabidiol and other anti-inflammatory drugs directly to sites of inflammation in the heart that are associated with heart failure. Heart failure is the leading cause of death and hospitalization in North America with associated healthcare costs in the U.S. alone exceeding $30 billion. For further information about Cardiol Therapeutics, please visit www.cardiolrx.com.
For further information, please contact:
David Elsley, President & CEO +1-289-910-0850
Trevor Burns, Investor Relations +1-289-910-0855
Cautionary statement regarding forward-looking information:
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that Cardiol Therapeutics Inc. (“Cardiol”) believes, expects or anticipates will, may, could or might occur in the future are “forward- looking information”. Forward-looking information is frequently identified by the use of words such as “plans”, “expects”, “projects”, “intends”, “believes”, “anticipates”, “forecasts”, and other similar words and phrases, including variations (and negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or conditions “may”, “could”, “should”, “would”, or “will” be taken, occur or be achieved. Forward-looking information contained herein may include, but is not limited to, statements with respect to: future events; the future performance or the intended business strategy of Cardiol, including, but not limited to, the plan to commercialize CardiolRx™100 and the planning of an international clinical study of CardiolRx in acute myocarditis; the potential for Cardiol’s licensed drug encapsulation and delivery technologies to enhance the bioavailability of pharmaceuticals; management’s expectations regarding estimated future pharmaceutical research and development opportunities, collaborations and prospects; the success and proposed timing of Cardiol’s product development activities; the ability of Cardiol to develop its product candidates; Cardiol’s plans to research, discover, evaluate and develop additional products; Cardiol’s proposed future collaborations to advance Cardiol’s lead nanoformulations into clinical development; and the potential for Cardiol’s cannabinoid-based products to provide sources of future revenue. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. These risks and uncertainties and other factors include that the success of Cardiol’s product candidates will require significant capital resources and years of clinical development efforts; the results of clinical testing and trial activities of Cardiol’s products; Cardiol’s ability to obtain regulatory approval and market acceptance of its products; Cardiol’s ability to raise capital and the availability of future financing; Cardiol’s lack of operating history; unforeseeable deficiencies in the development of Cardiol’s product candidates; uncertainties relating to the availability and costs of financing needed in the future for Cardiol’s research and development initiatives; Cardiol’s ability to manage its research, development, growth and operating expenses; the potential failure of clinical trials to demonstrate acceptable levels of safety and efficacy of Cardiol’s product candidates; Cardiol’s ability to retain key management and other personnel; risks related to fluctuations in medicinal cannabinoid markets in Canada and worldwide; uncertainties regarding Cardiol’s ongoing collaborative and manufacturing partnerships; uncertainties regarding results of researching and developing products for human use; Cardiol competes in a highly competitive and evolving industry; Cardiol’s ability to obtain and maintain current and future intellectual property protection; and other risks and uncertainties and factors. These risks, uncertainties and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events or results or otherwise. Although Cardiol believes that the expectations reflected in the forward-looking information are reasonable, they do involve certain assumptions, risks, and uncertainties and are not (and should not be considered to be) guarantees of future performance. It is important that each person reviewing this news release understands the significant risks attendant to the operations of Cardiol.
One major cannabis analyst gave her top stock pick this week as industry attention continues to converge on the path ahead for the US market.
Also this week, the CEO of Aphria (NASDAQ:APHA,TSX:APHA) gave an update on a critical merger and spoke about who holds the edge in the US in terms of American and Canadian cannabis operators.
Keep reading to find out more cannabis highlights from the past five days.
Analyst gives top pick as US market gains momentum
“We think that Green Thumb has a really nice geographic mix and an attractive profitability margin,” Azer said, while also crediting Green Thumb with holding a license in New York, a market that is soon set to legalize recreational cannabis.
In the past, Azer has called for the cannabis industry to be worth US$40 billion.
When asked about the potential for legalization in the US, Azer pumped the breaks on any kind of sweeping policy taking over in the near future.
“We’re not calling for (legalization) in the 117th Congress, but we do think there is an opportunity to find bipartisan support for some improvement in the federal landscape,” she said.
Azer believes this type of policy change would allow cannabis companies in the US to obtain commercial banking and insurance services, and for these firms to secure listings on US-based senior exchanges.
Aphria CEO gives Tilray merger update
Aphria CEO Iriwn Simon went on CNBC’s Squawk on the Street show during 420 on Tuesday (April 20) to discuss all aspects of the cannabis business.
When asked about the recent voting delay from Tilray (NASDAQ:TLRY) shareholders, who need to make a decision on the company’s proposed merger with Aphria, the executive pushed back on the idea that the move is punt by investors, instead suggesting it is a necessary motivational manoeuver.
“Today with retail shareholders out there and apathy in voting it’s going to take a little longer in regards to getting the vote done,” said Simon. “We will get the vote done, I’m very confident of that.”
Simon also pushed back against the idea that US-based multi-state operators have the advantage over Canadian producers when it comes to US market domination.
“When legalization does happen, the new Tilray will be ready to make a major entry into the US markets,” Simon told the Squawk on the Street audience.
While the US doesn’t have a federal legalization framework in place, multi-state operators have been able to capture market share by going after states with cannabis programs that allow for the sale of medical or even recreational products.
Cannabis company news
- Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) issued an update to investors, confirming its business transition into an integrated consumer packaged goods company with plans for new CBD product development for the US market. “Neptune’s future will be focused on brand creation, accelerated organic growth complemented by new acquisitions with operational excellence as our foundation,” the company said.
- TerrAscend (CSE:TER,OTCQX:TRSSF) confirmed an acquisition deal for three dispensaries in Pennsylvania at a value of US$70 million. Jason Wild, executive chairman of the firm, identified Pennsylvania as a “key focus” for TerrAscend.
- Charlotte’s Web Holdings (TSX:CWEB,OTCQX:CWBHF) obtained Health Canada approval to use its proprietary hemp cultivars for outdoor cultivation. This move will help make Charlotte’s Web products more readily available in Canada.
- Bhang (CSE:BHNG,OTCQX:BHNGF) announced a delay in its financial report for the year ended December 31, 2020. The delay is being caused by the illness of an auditor, and the company now expects to file its report by the end of May.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”) will hold its 2021 First Quarter Earnings Conference Call on Friday, May 7, 2021 at 8:30 a.m. EDT. Cronos Group’s senior management team will discuss the Company’s financial results and will be available for questions from the investment community after prepared remarks.
A live audio webcast of the earnings call will be available on the Company’s website at https://ir.thecronosgroup.com/events-presentations . The webcast of the call will be archived for replay on the Company’s website.
Participants may also listen via telephone by dialing (866) 795-2258 toll-free from the U.S. and Canada, or (409) 937-8902 if dialing from outside the U.S. and Canada (conference ID: 3586688). If joining by phone, please dial into the call 15 to 20 minutes prior to the start of the conference call to avoid any long hold times.
About Cronos Group Inc.
Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group is committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos Group is building an iconic brand portfolio. Cronos Group’s portfolio includes PEACE NATURALS ™, a global wellness platform, two adult-use brands, COVE ™ and Spinach ™, and three hemp-derived CBD brands, Lord Jones ™, Happy Dance ™ and PEACE+ ™. For more information about Cronos Group and its brands, please visit: www.thecronosgroup.com .
This press release may contain information that may constitute “forward‐looking information” or “forward‐looking statements” within the meaning of applicable Canadian and U.S. securities laws (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature may constitute Forward‐looking Statements. In some cases, Forward‐looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify Forward‐looking Statements. Some of the Forward-looking Statements contained in this press release include the Company’s intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward‐looking Statements are not guarantees of future performance and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those Forward‐looking Statements. A discussion of some of the material risks applicable to the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar , respectively. Any Forward‐looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos Group disclaims any obligation to update or revise any Forward‐ looking Statement. Readers are cautioned not to put undue reliance on any Forward‐looking Statement.
Cronos Group Contact
Tel: (416) 504-0004
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A report just released in early April confirms that the cannabis beverage sector is thriving. According to this report from industry stalwart, Marijuana Business Daily while sales for vapes, pre-rolls and flower were lackluster, cannabis beverages shined:
“The beverage category continued to shine in the first quarter, leading all categories with sales growing 68.4% over the same period last year and 14.2% versus the fourth quarter of 2020. Most beverage categories experienced double-digit growth going into 2021.”
That’s a staggering increase. And from the looks of the numbers, it’s a trend, not a fad. Cannabis beverages are becoming an option for consumers as more and more hit shelves and brands get smarter about dosing, flavors, and what customers want. With the summer months fast approaching, sales have been picking up in key markets.
It’s a good time to be a health and wellness company, and the cannabis beverage space as the category leads the industry in growth. There are only a few companies leading the industry, including HEXO Cannabis Canopy Growth Corp, Keef Beverages (Private). BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) has been making significant progress recently, and is now run by former Pepsi Co. executive, Melise Panetta, a veteran CPG and Cannabis executive with years of expertise selling and marketing some of the world’s most recognized beverage brands. It also added two veteran CPG (Consumer Packaged Goods) senior sales leaders to the organization.
BevCanna not only owns their own water source, a pristine alkaline spring water aquifer in British Columbia, but a world–class 40,000–square–foot, HACCP certified manufacturing facility which has a bottling capacity to produce up to 200M bottles annually. BevCanna’s extensive distribution network includes more than 3,000 points of retail distribution through its market-leading TRACE brand in Canada, a growing natural health and wellness e-commerce platform, Pure Therapy , its fully licensed Canadian cannabis manufacturing plant and distribution network, and a partnership with #1 U.S. cannabis beverage company Keef Brands .
Growing product line, world class leadership, and a growing sales team with experience, BevCanna is positioned to capitalize on the growing demand of Cannabis 3.0 beverages, and it’s looking to capture a piece of the market, which appears to be one of the hottest right now in the ever expanding cannabis industry.
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BevCanna Enterprises (CSE:BEV,OTCQQ:BVNNF,FWB:7BC) CEO Marcello Leone shared how the company is scaling up its products to forge partnerships and explore opportunities across Canada, the US and Western Europe.
“Getting your standard processing license and being fully compliant at a federal level is critical in Canada, and we were successful in getting that done. Now we’re getting ready to launch our Keef line of beverages within the next 45 days,” Leone said.
As a young company, Leone said BevCanna has only started, but it took a four-pronged approach to make sure that it is a revenue-generating company prepared for the opening of many jurisdictions for CBD-based products.
“We are blessed that we have a beautiful infrastructure of our own, a state-of-the-art bottling facility with a capacity of almost 200 million bottles per annum and a strong balance sheet of $55 million. We are in a strong position to scale and grow this company.”
BevCanna has received a Standard Processing License from Health Canada and is now fully authorized to begin production at its full-service, high-capacity beverage manufacturing facility. The company will begin production of its white-label products, number one US cannabis beverage brand Keef and its in-house beverages through licensed Canadian retailers, positioning the company to fully capitalize on the burgeoning Canadian cannabis-infused beverage sector.
Watch the full interview with CEO Marcello Leone above.
This interview is sponsored by BevCanna Enterprises (CSE:BEV,OTCQB:BVNNF,FWB:7BC). This interview provides information which was sourced by the Investing News Network (INN) and approved by BevCanna Enterprises in order to help investors learn more about the company. BevCanna Enterprises is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with BevCanna Enterprises and seek advice from a qualified investment advisor.
BioHarvest Sciences (CSE: BHSC) will be presenting at the Benzinga Cleantech Small Cap Conference taking place on April 22, 2021. We invite our shareholders and all interested parties to explore cleantech small cap investment opportunities through two days of networking, dealmaking and discovery.
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