Phivida Holdings (CSE:VIDA) has announced a corporate update for the third quarter of fiscal 2018.
As quoted in the press release:
Key updates include a strong balance sheet and capital structure, positive regulatory shifts in the USA and Canada, a newly evolved board and senior executive team, and a new strategic portfolio of products and brands, comprehensive consumer research, new product development, new brand development visual identity and packaging design and an elevated national route-to-market strategy across the USA.
- Capital Structure – strong balance sheet with over $15 million CAD cash and no debt or loans
- New Regulations – Farm Bill in US Senate, legalization of recreational cannabis and edibles in Canada
- Board and Executive – Strengthening of corporate governance with new appointments to its Board of Directors and senior executive management team, as well as new dedicated full-time operational roles
- Consumer Research – Extensive consumer market research study on the category, brand, products, target markets, consumer sentiment leading to new brand, packaging and product development initiatives
- Product Development – Based on the results of a consumer insight research, the new senior executive opted to develop six new flavours of CBD enhanced waters and six newly formulated flavours of CBD enhanced iced teas, under a new brand developed with the Sid Lee agency – to be launched in Q3 2018
- Brand Development – Sid Lee was retained as the lead agency of record to develop a new modern beverage brand and market positioning aligned with insights gained from the consumer market research
- Packaging Development – Mr. Brian Schmitt was retained for a creative visionary for the development of a new visual identity and packaging system consistent with the brand platform developed with Sid Lee
- WeedMD-Phivida – Management confirms that the proposed joint venture project (Cannabis Beverages Inc.) between WeedMD (TSX.WMD) and Phivida Holdings Inc. (CSE.VIDA) is still on track and in development. Management reports the cancellation of the Hiku Brands-WeedMD merger has had no material impact to date on the completion of a pending final definitive agreement for the CanBev project.