Physician-led company leveraging IP to expand into new markets
TORONTO, Aug. 14, 2018 /CNW/ - Cannabis Growth Opportunity Corporation (CSE: CGOC) today announced the company has made an investment in Vireo Health Inc., a physician-led company with a mission to safely alleviate pain with cannabis and dedicated to providing best-in-class cannabis-based medications and compassionate care. The deal reflects CGOC's commitment to investing in organizations poised to drive long-term growth for the company's investors.
A North American leader in the pain vertical within medical marijuana, Vireo cultivates cannabis in environmentally friendly greenhouses and manufacturers pharmaceutical-grade cannabis extracts in their state-of-the-art labs. Its robust IP portfolio includes a mix of medical and general cannabis applications including harm reduction additive for tobacco products, its FREDOM opioid reduction protocol and a custom extract dispenser.
"Our investment in Vireo is a great example of our team of cannabis industry experts leveraging our early mover advantage to invest in companies with a proven track-record of launching new operations in an expedited and efficient manner," says Jamie Blundell, President and COO of CGOC. "Their offering is distinct, and they are poised to change the landscape for how cannabis will be utilized from a medical perspective. They're showing real revenue today and we're very excited about their direction and the opportunity our funding has to drive long-term value for our investors."
CGOC is investing $1,507,500 USD for 33,500 shares in Vireo. The company plans to use the funding to expand into new markets.
Currently available in Minnesota, New York and Pennsylvania, Vireo products are sold through licensed retail dispensaries, direct to consumer as well as wholesale. The company has license applications pending in Maryland and Ohio with plans to expand into other U.S. states in the near future.
Members of Vireo's leadership team are involved in several research and clinical studies including a research study with the National Institute of Health's exploring the use of cannabis as an alternative to opioids.
"This investment will allow Vireo to continue to fulfill its compassionate mission of helping patients safely alleviate pain with cannabis and execute on our aggressive growth plans" said, Kyle Kingsley, M.D, Vireo's Chairman & Chief Executive Officer. "We're pleased that the CGOC team sees the potential in our offerings and ability to deliver growth for their investors."
Vireo Health, Inc. ("Vireo"), a physician-led multi-state medical cannabis company, is committed to safely alleviating pain by providing patients with best-in-class cannabis products and compassionate care. Vireo subsidiary companies cultivate cannabis in environmentally friendly greenhouses, manufacture pharmaceutical-grade cannabis extracts in state-of-the-art labs, and offer their products for sale to qualifying patients at retail dispensaries and online. For more information, please visit vireohealth.com.
About Cannabis Growth Opportunity Corporation
CGOC is a unique investment corporation incorporated under the laws of Canada. CGOC's investment objectives are to provide holders of common shares long-term total return through capital appreciation by investing in an actively managed portfolio of securities of public and private companies operating in, or that derive a portion of their revenue or earnings from, products or services related to the cannabis industry. http://cgocorp.com/. To register for the company's upcoming August webinar on Thursday August 16th at 4:30 PM EDT, please visit http://cgocorp.com/webinars/ and also take the time to register for the news feed.
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
SOURCE Cannabis Growth Opportunity Corporation
For further information: Jamie Blundell, President and Chief Operating Officer, Cannabis Growth Opportunity Corporation, 647-946-2205, [email protected]