InnoCan Pharma Corporation (“InnoCan” or the “Company”) (CSE:INNO) announced today that it has signed an agreement with Biogenesis Inc.( “Biogenesis”) of NJ, USA to manufacture its cannabidiol (CBD) based cosmetic and OTC topical products for the US market.
Biogenesis will manufacture InnoCan’s CBD OTC topical and cosmetic products in accordance with Innocan’s formulations as developed by Innocan’s R&D team led by Nir Avram, a senior pharmaceutical scientist with more than 30 years’ industry experience.
Biogenesis will be responsible for procurement of raw (other than CBD inputs, which are the responsibility of InnoCan to provide to Supplier) according to InnoCan specs, manufacturing, and filling and packaging services in their state of the art facilities in New Jersey.
Iris Bincovich, CEO of InnoCan, said, “We have now reached our final milestone to prepare for full retail commercialization of InnoCan products in 2020. Our intention was for InnoCan to enter the world’s largest CBD cosmetic and OTC topical markets and this agreement, along with our recent manufacturing agreement in the EU, positions InnoCan to be well positioned to profit in the rapidly growing consumer market for CBD enhanced products. Biogenesis is a leading manufacturer and provides InnoCan with the necessary expertise, experience and reputation to produce its products for the US market. Initial production will be focused on small lot sizes to build a US domestic distributor and consumer presence. We are targeting commencement of manufacturing in the United Stated for [March 2020].”
About InnoCan Pharma Corporation
InnoCan Pharma brings pharmacological rigour to the burgeoning CBD marketplace. The founders and officers of InnoCan all have commercially successful track records in the pharmaceutical and technology sectors in Israel and globally. InnoCan’s business has three distinct operating segments relating to the incorporation in products of CBD in their formulation: (i) research, development, marketing, distribution and sales of InnoCan-branded OTC pharmaceutical products; (ii) research and development of non-pharmaceutical products for third parties in exchange for fees and/or royalties; and (iii) research and development of hydrogels containing liposomes intended for licensing or sale to third party pharmaceutical corporations for manufacturing, distribution and sales. http://innocanpharma.com/
About Biogenesis Inc.
Biogenesis is a full-service FDA registered and certified GMP facility, contract manufacturer of skin care, over the counter (OTC) preparations and color cosmetic (makeup) products.
Biogenesis executes operations through a state of the art web-based custom manufacturing management system which tracks projects from receiving customer components, raw material inventory, QC control, and formulation all the way through shipment of manufactured customer products.
For further information, please contact:
For InnoCan Pharma Corporation
Iris Bincovich, CEO
For Investor Relations
Proconsul Capital Ltd.
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