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Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) ("Heritage" or the "Company"), today announced that its subsidiary CannaCure Corp. ("CannaCure") has entered into a binding letter of intent with Entourage Participações S.A. ("Entourage Phytolab") for a three-year extraction and finished product supply agreement (the "Agreement") for the distribution of pharmaceutical products in Brazil.
Under the terms of the Agreement, Heritage will supply to Entourage Phytolab, hemp-derived CBD dominant extract, cannabis-derived THC dominant extract, and hemp-derived CBD 25 mg softgels and cannabis-derived THC dominant 2.5 and 5.0 mg softgels.
As part of the long term Agreement, CannaCure will be providing cannabis and hemp products to be used strictly for pharmaceutical products that comply with regulations issued by the Brazil Health Authority (Anvisa), which include GMP certification and GMP compliant products. CannaCure is currently in the process of obtaining GMP certification.
CannaCure will supply initial products for Entourage Phytolab's formulation and research and development purposes by February 2021, with commercial orders delivered following CannaCure receiving EU GMP certification estimated in the latter half of 2021. CannaCure and Entourage Phytolab have established minimum order quantities mutually agreed to by both parties.
"Following on our recent announcement of a bulk CBD product supply agreement in Brazil, we are pleased to be further expanding our reach beyond Canada and the U.S. with our full spectrum, high quality extractions and medical softgel capsules," stated Clint Sharples, CEO of Heritage. "The Brazilian market for pharmaceutical cannabis and hemp products is in a high growth phase and the Agreement with Entourage Phytolab will facilitate Heritage's growth in 2021."
"Entourage Phytolab started its activities in 2015 and is the pioneer in the research and development of CBD and THC based medicines in Brazil, one of the most promising markets for medical cannabis", said Caio Santos Abreu, founder and CEO of Entourage Phytolab. "The long-term partnership with Cannacure will allow us to develop a new generation of cannabis-based drugs in the country, with more efficient and more accessible treatments for millions of patients."
About Heritage Cannabis Holdings Corp.
Heritage is a cannabinoid company focused on the production and sale of medical and recreational hemp-based and cannabis-based products and services. In Canada, Heritage operates through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp., both regulated under the Cannabis Act Regulations. Working under these subsidiaries and the Purefarma, Pura Vida and Premium 5 brands, Heritage focuses on extraction and the creation of derivative products for recreational consumers, as well as the formulation of cannabis based medical solutions. In the U.S., Heritage operates under Opticann Inc., a Colorado based oral and topical cannabinoid company with the rights to exclusively sell CBD and CBG products made with the patented VESIsorb® drug delivery system for optimized absorption and stability. As the parent company, Heritage is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
About Entourage Phytolab
Founded in 2015 in Sao Paulo, Entourage Phytolab is a Brazilian biotech pioneer in the research and development of cannabis-based medicines. Entourage's R&D team is creating a new generation of cannabinoid drugs, proprietary superior bioavailability formulations and conducting regulatory clinical trials. Offering the best vision of future developments in the pharmaceutical cannabis market, the first products will hit the market in 2021 and will be used to treat problems such as epilepsy, chronic pain, cancer pain, insomnia, and arthritis.
ON BEHALF OF THE BOARD OF DIRECTORS OF Heritage Cannabis HOLDINGS CORP.
"Clint Sharples"
Clint Sharples
CEO
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005327/en/
Media:
Corey Herscu for Heritage Cannabis
corey@verbfactory.com
Tel: 416-300-3030
Or
Investors:
Kelly Castledine
Tel: 647-660-2560
kcastledine@heritagecann.com
For Entourage Phytolab
Media:
Bruno Ferrari
bruno.ferrari@novapr.com.br
Tel: +55 11 971 522 727