Mr. Clint Sharples reports
HERITAGE CANNABIS ANNOUNCES CANNACURE HAS SIGNED AN AGREEMENT WITH ENTOURAGE PHYTOLAB FOR AN EXTRACTION AND FINISHED PRODUCT SUPPLY AGREEMENT IN BRAZIL
Heritage Cannabis Holdings Corp.'s subsidiary, CannaCure Corp., has entered into a binding letter of intent with Entourage Participacoes SA for a three-year extraction and finished product supply agreement for the distribution of pharmaceutical products in Brazil.
Under the terms of the agreement, Heritage will supply to Entourage Phytolab, hemp-derived CBD (cannabidiol) dominant extract, cannabis-derived THC (tetrahydrocannabinol) dominant extract, and hemp-derived CBD 25 milligram softgels and cannabis-derived THC dominant 2.5 and 5.0 mg softgels.
As part of the long-term agreement, CannaCure will be providing cannabis and hemp products to be used strictly for pharmaceutical products that comply with regulations issued by the Brazil Health Authority (Anvisa), which include GMP (good manufacturing practice) certification and GMP-compliant products. CannaCure is currently in the process of obtaining GMP certification.
CannaCure will supply initial products for Entourage Phytolab's formulation and research and development purposes by February, 2021, with commercial orders delivered following CannaCure receiving European Union GMP certification estimated in the latter half of 2021. CannaCure and Entourage Phytolab have established minimum order quantities mutually agreed to by both parties.
"Following on our recent announcement of a bulk CBD product supply agreement in Brazil, we are pleased to be further expanding our reach beyond Canada and the U.S. with our full spectrum, high-quality extractions and medical softgel capsules," stated Clint Sharples, chief executive officer of Heritage. "The Brazilian market for pharmaceutical cannabis and hemp products is in a high growth phase and the agreement with Entourage Phytolab will facilitate Heritage's growth in 2021."
"Entourage Phytolab started its activities in 2015 and is the pioneer in the research and development of CBD and THC-based medicines in Brazil, one of the most promising markets for medical cannabis," said Caio Santos Abreu, founder and chief executive officer of Entourage Phytolab. "The long-term partnership with Cannacure will allow us to develop a new generation of cannabis-based drugs in the country, with more efficient and more accessible treatments for millions of patients."
About Heritage Cannabis Holdings Corp.
Heritage is a cannabinoid company focused on the production and sale of medical and recreational hemp-based and cannabis-based products and services. In Canada, Heritage operates through its subsidiaries, Voyage Cannabis Corp. and CannaCure Corp., both regulated under the Cannabis Act Regulations. Working under these subsidiaries and the Purefarma, Pura Vida and Premium 5 brands, Heritage focuses on extraction and the creation of derivative products for recreational consumers, as well as the formulation of cannabis-based medical solutions. In the U.S., Heritage operates under Opticann Inc., a Colorado-based oral and topical cannabinoid company with the rights to exclusively sell CBD and CBG products made with the patented VESIsorb drug delivery system for optimized absorption and stability. As the parent company, Heritage is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
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