02:22:20 EDT Tue 19 Mar 2024
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Xanthic Biopharma Inc
Symbol XTHC
Shares Issued 56,846,547
Close 2018-04-23 C$ 0.37
Market Cap C$ 21,033,222
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Xanthic, Avitas's CBD water production expected in May

2018-04-24 11:21 ET - News Release

Mr. Tim Moore reports

XANTHIC BIOPHARMA INC. PROVIDES AN UPDATE ON PARTNERSHIP WITH AVITAS CBD WATER, LLC

Xanthic Biopharma Inc. has provided a business update on the licensing and strategic partnership agreement with Avitas CBD Water LLC previously announced on March 21, 2018.

Avitas CBD Water's use of CBD (cannabinoid), derived from non-cannabis and non-hemp sources, has allowed expedited product development and commercialization with a low capital investment. Avitas CBD Water's management team has made significant progress in the weeks since entering the partnership with Xanthic. Label artwork has been finalized, which prominently features the "powered by Xanthic" brand. Avitas CBD water is being produced at a nationally recognized, third party soft drink bottling facility, with the first production expected to be complete in early May, 2018. Avitas CBD water will be competitively priced with other infused waters.

Avitas CBD Water's first production run will be rolling out across Washington and Oregon. Avitas has already secured distribution agreements with customers representing over 700 retail locations. These locations include premium grocery retailers and convenience stores.

Ryan Maxson, co-founder and chief executive officer of Avitas, commented: "We have been thrilled by the response to Avitas CBD water. We are already expanding our efforts to approach customers in additional markets, and looking to have distribution in more than 1,000 retail locations by the end of June, 2018. We appreciate the support that we have received from Xanthic, and are proud to be partnered with them."

Tim Moore, CEO of Xanthic, commented: "Avitas CBD Water's management team has done a terrific job of making early progress. We see huge potential for Avitas, and will continue to work with their management to build that business as a vehicle to expand awareness of the Xanthic brand."

About Xanthic Biopharma Inc.

Xanthic provides valuable intellectual property to cannabis industry participants, enabling its strategic partners to produce high-quality, innovative, non-combustible cannabis, and cannabis-infused products which deliver consistent THC (tetrahydrocannabinol) and/or CBD levels. Using a proprietary patent-pending process, Xanthic allows its strategic partners to deliver superior CBD solubility, accurate microdosing, increased bioavailability and consistency versus competitive infused products.

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