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Health Canada and World Health Organization (WHO) Release Recent Updates
TORONTO, Aug. 21, 2018 /CNW Telbec/ - LIVEWELL CANADA Inc. ("LiveWell" or the "Company"), (TSXV: LVWL), applauds Health Canada's publication of a Class Exemption for use of Industrial Hemp for whole plant extraction. This key and historic Health Canada exemption allows for whole hemp plant utilization prior to legalization in Canada on October 17, 2018. Whole hemp utilization includes collecting, harvesting, drying and storing industrial hemp flower, buds and leaf materials, which were previously restricted. These materials contain the highest content of Cannabidiol (CBD) in the hemp plant, which previously could not be processed.
Why It's Important:
There is a growing body of evidence as to CBD's positive health effects including: pain relief, combatting mood disorders, lowering inflammation, fighting cancer, etc. The U.S. FDA just approved the first CBD-based drug, called Epidiolex®, to treat epileptic seizures. The scientific evidence keeps building every day. CBD is undergoing pre-clinical testing and clinical trials for many diseases. As research on CBD continues, other mechanisms of action are being discovered. Thus, the number of potentially treatable diseases continues to increase. Clinical trials are ongoing for other conditions including multiple sclerosis, neuropathic pain, schizophrenia, bipolar mania, anxiety, insomnia, and Huntington's disease.
In a prior release on August 13, 2018, LiveWell announced it had secured 1,000 acres of industrial hemp biomass that it plans to convert into approximately 25,000 kg of CBD isolate with an estimated wholesale value of USD$6,500/kg, based on current market conditions. It is expected to be harvested in mid-August 2018 and brought to market in 2019.
World Health Organization (WHO) Recommends Descheduling CBD
In addition, the World Health Organization released its recommendation on July 23, 2018 to the United Nations stating that "preparations considered to be pure CBD should not be scheduled within the International Drug Control Conventions."
LiveWell Canada Inc. President David Rendimonti says, "The reshaping of the global CBD from industrial hemp regulatory framework continues, and we are quickly approaching a world in which CBD could be redefined as a legal natural supplement, thus creating an ability for CBD products to be sold in all major retailers and pharmacies across the 194 WHO member countries. We have been preparing for this moment that is quickly approaching."
About LiveWell Canada
LiveWell Canada Inc. (TSX-V:LVWL) is an innovative Canadian company planning to become a leader in a new approach to health and wellness by conducting advanced studies on cannabidiol (CBD) and other cannabinoids in its world-class Research and Innovation Centre located in Litchfield, Québec. The company's mission also includes developing and distributing prescription and consumer health products. With more than 1.5 million square feet of greenhouses under construction located in Ontario and Québec, the company is supported by renowned academic and business partners such as Canopy Growth (TSX:WEED, NYSE:CGC) and Canopy Rivers. For more information, visit livewellcorp.com
This release includes forward-looking statements about the Company and its business. Often, but not always, forward-looking statements can be identified by the use of words such as "plan", "continue", "expect", "schedule", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements (including negative variations) that certain events or conditions "may" or "will" occur.Such statements are based on the current expectations of management. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of unknown and known risk factors and uncertainties affecting the Company, including risks regarding the cannabis and hemp industry, economic factors, the equity markets and risks associated with growth and competition. The Company cautions that this foregoing list of material factors is not exhaustive, and readers are encouraged to read all Risk Factors disclosed in the Company's Filing Statement dated May 29, 2018.
The forward-looking information contained in this press release represents expectations of the Company as of the date of this press release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities laws.