Mr. David Rendimonti reports
LIVEWELL CANADA SECURES LARGE SUPPLY OF INDUSTRIAL HEMP BIOMASS
LIVEWELL CANADA INC. has secured 1,000 acres of Canadian industrial hemp biomass for the purpose of extracting and producing cannabinoid-based products for distribution in Canada. Using current extraction technology licensed to Livewell, the company anticipates extracting approximately 25,000 kilograms of CBD for sale under the Access to Cannabis for Medical Purpose Regulations. It is expected to be harvested in mid-August, 2018, and brought to market in 2019. Based on observable broker quotations, the current wholesale value for each kilogram of CBD isolate is approximately $6,500 (U.S.). Additionally, as part of this transaction, Livewell secured an option to buy an additional 1,000 acres of Canadian industrial hemp biomass at the same price no later than Sept. 30, 2018. The total purchase consideration for this transaction, including the option, was $10-million (U.S.).
CBD is a non-psychotropic cannabinoid sought for its health benefits. It is currently under medical research for the treatment of anxiety, psychosis, inflammatory and neurodegenerative diseases, epilepsy, arthritis, multiple sclerosis, and more. Due to its excellent safety profile, CBD is undoubtedly one of the more interesting cannabinoids with a high potential for therapeutic use.
"This purchase of large industrial hemp biomass supply is in line with our strategic vision to become a global CBD market leader, by delivering high-quality innovative CBD health and wellness products in 2019," said David Rendimonti, president of Livewell Canada.
About Livewell Canada Inc.
Livewell Canada is an innovative Canadian company planning to become a leader in a new approach to health and wellness by conducting advanced studies on cannabidiol (CBD) and other cannabinoids in its world-class research and innovation centre located in Litchfield, Que. The company's mission also includes developing and distributing prescription and consumer health products.
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