VANCOUVER, Jan. 26, 2017 /CNW/ - Alternate Health Corp. (CSE:AHG) (the "Company") is furthering its announcement of entering into a 30 year joint venture agreement with the Alturas Native Band ("Alturas") to support the development, production, research and extraction of CBD's used to create medicinal products in this state-of-the-art cannabis production facility. The cannabis produced at this facility will be extracted on-site to create highly valuable cannabidiol for use in producing exclusive products that utilize Alternate Health's patented delivery systems.
Currently, Alturas is operating a 25,000 square foot indoor cannabis grow facility and the joint venture will use its production to develop cannabis related medicine for testing and ultimately selling in California and potentially worldwide.
On December 11, 2014, the US Justice Department held over that Native Americans can grow and sell cannabis on Native reserve lands in accordance with state laws. The joint venture plans to operate a state compliant production, extraction and manufacturing facility using its patented delivery system for CBD related medicine in the state of California.
"We are extremely excited to partner with the Alturas Band," said Jim Griffiths, CFO for Alternate Health. "We will bring our expertise in extractions and medicinal products to create a strong, stable and federally legal cannabis production operation in the state of California. We believe this relationship strongly positions Alternate Health for success in the this market."
The facility, a 12 acre compound, will allow Alternate Health to manufacture substantial volume of sublingual, dissolvable pills and patches that can then be distributed to the many state compliant collectives and medical entities.
Alternate Health expects to close the joint venture transaction in early February, 2017 and commence business in the spring of 2017. Alternate Health will receive 45% of the proceeds and the Alturas Native Band will receive 55% (In accordance with typical sovereign rights contracts).
About Alternate Health
Alternate Health (http://www.alternatehealth.ca) is a diversified healthcare company that uses its expertise in technology to revolutionize patient care and service delivery in both traditional and complementary medical fields. With investments in research, education and cutting edge technology, Alternate Health is a leader in software applications and processing systems for the medical industry using proprietary technology platforms. Through its subsidiaries, Alternate Health offers services ranging from medical practice and controlled substance management software to blood analysis and toxicology labs, to clinical research and continuing education programs. Alternate Health's goal is to continue to lead the medical industry with data-driven results in patient care and product development.
On behalf of the Board of Directors of
ALTERNATE HEALTH CORP.
Director of New Ventures
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects and financing plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward- looking statements.
SOURCE Alternate Health Corp.
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For further information: For further information, contact Jim Tykoliz at 416-607-5757.