Pivot Pharmaceuticals (CSE:PVOT) announced a letter of intent with Pharmaflorx, a late stage ACMPR applicant in Quebec, for the supply a minimum 1,000 kilograms of cannabis oils and isolates per year.
As quoted in the press release:
Pivot will purchase a minimum of 1,000 [kilograms]/year of cannabis oils or isolates from PFX for manufacturing of Pivot’s patented portfolio of biocannabis products. Upon receipt of appropriate licenses in Canada, Pivot intends to supply both the Canadian and European Union markets with its suite of patented, formulated and bioavailable products, including [cannabidiol] CBD and/or [tetrahydrocannabinol] THC-based creams, lotions, capsules, tablets, bulk powder, infused beverages and pet supplements, where regulations permit.
Pharmaflorx’ Gatineau facility will be a multi-level state-of-the-art operation. With 22 independent grow rooms, vertical growing and a full LED lighting system, PFX endeavours to become the most productive facility in the cannabis industry with respect to grams per square foot. Using the latest in active soil technology and nutrient packed medium, PFX aims to reduce labour costs and have a fast turnover rate of quality product. Their two-story facility gives PFX the opportunity to produce 4 levels of vertically-grown product and to maximize the use of their 8-acre property for future expansion. A planned Phase II expansion will see PFX add 240,000 [square feet] of production space to reach a production capacity of over 125,000 [kilograms]/year.
Louis-Alexandre Morin, co-founder and CEO of Pharmaflorx comments, “We are delighted to be selected as a supplier to Pivot Pharmaceuticals, a leader in the cannabis derivatives sector. Pharmaflorx is committed to providing high-quality medical grade cannabis oils and isolates to both consumers and strategic partners, which this agreement demonstrates. We believe this agreement represents the beginning of a strong partnership with Pivot, one which will benefit both companies and consumers for many years.”