Cannabis Growth Opportunity Corporation Announces New Investment in PlantEXT Ltd.
Jul 11, 2019, 08:00 ET
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TORONTO, July 11, 2019 /CNW/ - Cannabis Growth Opportunity Corporation ("CGOC", or the "Company") (CSE: CGOC), a cannabis-focused investment corporation with both public and private cannabis holdings, has completed a new investment within its private portfolio, in PlantEXT Ltd. ("PlantEXT"), a leader in the development and commercialization of pharmaceutical cannabis formulations backed by pre-clinical and clinical studies, for the treatment of inflammation related medical conditions.
CGOC invested USD$500,000 for 400,000 shares in PlantEXT. PlantEXT is launching a brokered private placement ("Offering") of up to USD $7-million at USD$1.25 per share, led by Beacon Securities Limited, ahead of its go public transaction with BB1 Acquisition Corp. ("BB1") (TSXV: BBA.P). The transaction is intended to result in a reverse take-over of BB1 by the shareholders of PlantEXT. PlantEXT intends to use the proceeds of the Offering to fund continued development and commercialization of intellectual property and products, and for general corporate purposes.
PlantEXT is an established leader in pharmaceutical cannabis research and development supported by pre-clinical and clinical studies. PlantEXT is focused on developing the world's most effective pharmaceutical cannabis formulations for the treatment of inflammation related medical conditions. PlantEXT has assembled an experienced, professional team of pharma R&D and product commercialization experts that have the skills and experience to execute PlantEXT's product pipeline commercialization schedule. PlantEXT's team is led by CEO Doug Sommerville, who is the former Head of Country for Teva Canada, where he successfully led a team delivering over $1-billion in pharmaceutical product sales annually, along with the Honorable Joe Oliver, Canada's former Minister of Finance, who is the Chairman of PlantEXT's Board of Directors.
PlantEXT's product pipeline commercialization schedule is designed to introduce an average of 1 new product or product extension to the market every quarter, and to add one new geography every quarter, beginning in the third quarter of 2019. PlantEXT is preparing to expand marketing and distribution of products internationally based on enabling jurisdiction-specific regulations and strategic partnerships that provide supply chain, manufacturing and distribution capabilities.
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "We are very excited to announce our recent investment into PlantEXT, a company that is focused on utilizing its research in cannabis to treat inflammation-related conditions. PlantEXT has expertise within its board and senior management team, with a number of strategic relationships and partnerships we believe position them well for their intended product development plans."
"We are happy to support the PlantEXT team and are pleased to be a lead order within this financing round. We look forward to providing updates on PlantEXT's progress as new information becomes available."
Doug Sommerville, Chief Executive Officer of PlantEXT commented, "We are thankful to CGOC for supporting us and our vision to develop and commercialize effective anti-inflammatory products to improve the quality of life for patients, globally. CGOC is a leading cannabis industry investment fund that is making savvy investments within their portfolio, and we are happy to become a part of that success. PlantEXT is achieving excellent progress on the development and commercialization of our treatment for inflammatory bowel disease in collaboration with the State of Israel's Agricultural Research Organization. We are also advancing expeditiously toward the launch of a new line of cannabis based therapeutic dermatology products in Europe as part of our joint venture with Family Secrets Ltd. We are extremely excited to be commercializing our first products in multiple jurisdictions around the world in the second half of 2019".
About PlantEXT
PlantEXT is an Israeli company focused on developing and commercializing the world's most effective medical and pharmaceutical cannabis formulations for the treatment of inflammation related medical conditions. PlantEXT has entered into a strategic partnership with the State of Israel's Agricultural Research Organization to develop and commercialize a treatment for inflammatory bowel disease. PlantEXT has a Joint Venture agreement with Family Secrets Ltd to develop and commercialize an extensive line of cannabis based therapeutic dermatology products for the treatment of various inflammatory conditions. PlantEXT also operates independent research and development facilities near Tel Aviv, where it is developing a pipeline of anti-inflammatory products supported by pre-clinical and clinical research. PlantExt has entered into an agreement with BB1 Acquisition Corp. (TSXV: BBA.P) that is intended to result in a reverse take-over of BB1 by the shareholders of PlantExt.
For more information please visit plantext.com, or call Doug Sommerville, Plantext CEO at +1 (416) 640 5353.
About BB1
BB1 is a capital pool company whose sole business is the identification and evaluation of assets for businesses with a view to completing a Qualifying Transaction.
For more information about BB1 please contact Stephen Shefsky, BB1's CEO at +1 (416) 366 4200.
About CGOC
CGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC's main objective is to shareholders long-term total return through its actively managed portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products or services related to the cannabis industry.
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SOURCE Cannabis Growth Opportunity Corporation
For further information: please contact Cannabis Growth Opportunity Corporation: Jamie Blundell, President & COO, Website: www.cgocorp.com, Tel: (647) 946-2462; Investor Relations Email: [email protected]