Mr. David Rendimonti reports
LIVEWELL CANADA INC. SIGNS A MAJOR CBD SUPPLY AGREEMENT IN BRAZIL
Livewell Canada Inc. has signed its first cannabidiol (CBD) supply agreement for a minimum annual purchase commitment of 5,000 kilograms of CBD isolate at a price of $7,000 (U.S.) per kilogram over the next 12 months. This minimum volume represents approximately 20 per cent of the initial expected CBD supply to be extracted from the industrial hemp biomass secured by Livewell as announced in an earlier release dated Aug. 13, 2018. In addition, the contract contains annual renewals for up to five years.
"We are seeing evidence of substantial demand in the CBD market. We are delighted to be able to announce our first CBD supply agreement in Brazil, and we are in active discussions regarding the balance of our supply for 2019," said David Rendimonti, Livewell president. "Brazil is the largest country in South America and the eighth-largest global economy, providing lots of room for growth."
There is a growing body of evidence as to CBD's positive health effects, including: pain relief, combatting mood disorders, lowering inflammation and fighting cancer. The U.S. Food and Drug Administration just approved the first CBD-based drug, called Epidiolex, for treatment-resistant epilepsy syndromes. The scientific evidence keeps building every day. CBD is undergoing preclinical testing and clinical trials for many diseases. As research on CBD continues, other mechanisms of action are being discovered. Thus, the number of potentially treatable diseases continues to increase. Clinical trials are in progress for other conditions, including multiple sclerosis, neuropathic pain, schizophrenia, bipolar mania, anxiety, insomnia and Huntington's disease.
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 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. With more than 1.5 million square feet of greenhouses under construction located in Ontario and Quebec, the company is supported by renowned academic and business partners, such as Canopy Growth and Canopy Rivers.
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