The company is currently planning the inaugural licensed manufacturing and marketing of Phivida products for distribution into Washington state licensed retail locations. Phivida has already adjusted their Vida+ labels for WLLCB compliance review and has received official state approval for use in i502 licensed retail locations.
Washington is home to around 470 regulated i502 licensed retail outlets, and the state plans to license 85 more in the near future. In 2017, Washington State’s i502 Washington retail cannabinoid sales were forecast to reach almost $1 billion USD dollars, generating nearly $1 million in taxes dailyi and nearly outperforming the state’s liquor salesii. At the same time, the demand for CBD products within a market that continues to climbiii.
According to a recent industry report,iv the burgeoning USA market for hemp-derived CBD is growing at 55% a year and will hit the $1 billion USD market by 2020, while the US cannabis market is projected to reach $50 billon USD, according to 2016 report published by Bloomberg.v
“We are thrilled to embark on this venture with Phivida,” said Kerrie Carbary of Dynamic Processors. “We look forward to manufacturing Phivida’s premium CBD products and making them available to cannabinoid consumers, and patients, across our great state of Washington.”
As a key term of the agreement Dynamic Processors will license and manufacture Phivida branded products and proprietary formulations. Manufacturing will take place in a former cGMP certified and food-grade FDA-certified processing facility with a long history of manufacturing and marketing nutraceutical products to major retail pharmacy banners such as Rexall and CVS Pharmacy. The Dynamic Processing facility is licensed by the Washington State Liquor and Cannabis Board to manufacture both recreational and medicinal products, and has already established a reputation in Washington for manufacturing top quality cannabinoid brands.
“With state licensed cannabinoids licensing agreements in place in California and Oregon — and now Washington — Phivida has completed its initial plan to develop a US pacific coast distribution and supply chain,” said John David Belfontaine, President and CEO of Phivida. “Our next step is to complete the pre-production planning process in advance of a west coast marketing and communications plan to capture leadership market share from Seattle to San Diego.”
Phivida [“fiii-vee-daa”] is a publicly traded on the Canadian Securities Exchange under the ticker symbol “VIDA” and in the United States as “PHVAF”. Phivida is a premiere brand of cannabidiol (“CBD“) infused functional foods, beverages and clinical health products, poised for global distribution. Using nanoencapsulation technology, Phivida converts lipid based cannabinoids into water soluble delivery format, enhancing bioavailability, and timed released within the body. Phivida’s Nano-CBD™ is infused into functional beverages, foods and health products containing a proprietary blend of phytonutraceuticals studied to target a range of health conditions, from chronic pain to terminal diseases. Phivida Nutrition is a Nano-CBD™ infused food and beverage line of preventative health and performance enhancement products. Celebrating; Health and Wellness, In Harmony™, Phivida’s mission is to lead the alternative health care sector as the benchmark quality standard in premium cannabinoid infused foods, beverages and clinical products, with a dedication to advancing clinical research and education and investing back into the communities that we so proudly serve.
Learn about Phivida products at www.phivida.com or contact our investor relations via the information below.
About Dynamic Processors
Dynamic Processors LLC is located in a facility that was previously used for nutraceutical production in Sedro Woolley, Washington. This facility was a food grade, FDA certified processing facility that now manufactures top quality legal cannabinoid products. Dynamic Processors LLC is a licensed processor under WLCCB i502.
Forward Looking Information
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions. Phivida assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.
© Phivida Holdings Inc.
SOURCE Phivida Holdings Inc.
For further information: Media Relations: Toll free +1 (844) 744-6646 (ext. #2), Email IR@phivida.com, Website www.phivida.comClick here to connect with Phivida Holdings Inc. (CSE:VIDA) for an Investor Presentation.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .