Dr. Toni Rinow reports
PIVOT PHARMA ENTERS INTO BINDING LETTER OF INTENT TO ACQUIRE A CONTROLLING INTEREST IN IAMHEALTH CBD UG, AN ONLINE NUTRACEUTICAL SALES PLATFORM SERVING EUROPE
Pivot Pharmaceuticals Inc. has entered into a binding letter of intent to acquire 51 per cent of iAmHealth, an on-line nutraceutical distribution and sales platform serving the European Union market.
The strategic acquisition of iAmHealth will provide Pivot with an immediate on-line store and virtual footprint for its product portfolio of water soluble, shelf stable and advanced bioavailable cannabidiol (CBD) formulations. Pivot and iAmHealth will together focus on CBD-related products and on products using micelle technology for vitamin supplements, power drinks, other nutraceutical products, and products supporting cancer patients during radiation and chemotherapy, tapping into the fast-growing nutraceutical market in key European markets. iAmHealth products have been tested and used in associated doctor and physiotherapist practices prior to commercial launch.
Initial Pivot presence in three key European markets -- Germany, Czech Republic and Slovakia;
- Pivot's CBD products to be introduced as key addition to the retailer's nutraceutical products category, to support sales and brand awareness;
- Accelerates Pivot's multichannel brand distribution strategy targeting the European CBD, nutraceutical and wellness markets.
Dr. Toni Rinow, chief executive officer of Pivot Pharmaceuticals, comments, "Pivot will be put on a path of accelerated revenue growth and global expansion in key cannabis markets in Canada, United States and the European Union to become a cannabis leader in the pharmaceutical, OTC, nutraceutical and wellness markets."
The transaction closing is subject to the execution of a definitive agreement by not later than Dec. 31, 2019.
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals is a science-based, consumer packaged goods cannabis company engaged in the development and commercialization of health and wellness products using innovative, patent-protected drug delivery technologies. Upon receipt of standard processor and medical sales licences (pending) from Health Canada, Pivot's premium, bioavailable, stable and effective products will be manufactured at its 50,000-square-foot current good manufacturing practice facility located in Montreal, Que.
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