VANCOUVER, British Columbia, Feb. 27, 2019 /CNW/ -- Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQX: LDSYF), (Frankfurt: LD6, WKN: A14XHT) ("LDS" or the "Company") is proud to announce that as of Tuesday, February 27, 2019, Lifestyle Delivery Systems Inc. has signed a Memorandum of Understanding to enter into a Joint Venture (the "JV") with National Green Biomed Ltd ("NGB"). The JV will build a manufacturing facility in Mission, British Columbia, Canada to produce CannaStrips™.
Under the terms of the proposed JV agreement, NGB will provide an extension of its Rosebud Health Canada License to the JV and land for the new facility to manufacture CannaStrips™. Upon completion of a definitive agreement, LDS will invest a total of CAD$255,000 in a private placement for shares of common stock of NGB at $0.30 per share. LDS will contribute funds for the permits, design and build-out of the facility. NGB will receive a royalty on all sales from the Mission facility, more specifically a 5% royalty for sales in Canada and a 3% royalty on all sales outside of Canada. The Mission facility will be required to purchase raw material from NGB and provide custom processing for future products or business opportunities presented by NGB.
The Company's CEO, Brad Eckenweiler, commented, "We are a Canadian company, our medical research team is Canadian, and our ultimate goal has always been to produce CannaStrips™ in Canada. Hopefully, with this agreement and favorable legislation, one day CannaStrips™ will be shipped around the globe. We look forward to working with the NGB team. They are extremely talented and well-positioned to move the CannaStrips™ project forward both in Canada and globally. I believe the CannaStrips™ technology, a discreet, smokeless, and odourless system, permits the formulation to be consumed in any situation, overcoming the challenges associated with traditional cannabis consumption and concerns of unintended sharing with others nearby. That combination makes CannaStrips™ a responsible alternative for the Canadian market."
The availability of CannaStrips™ in Canada has not yet been determined; the Company will keep its shareholders apprised of the Company's progress on this project.
About National Green Biomed Ltd.
Based out of Richmond, BC, Canada, National Green Biomed LTD (NGB) is a Late-Stage Applicant for Licensed Production under the 2018 Cannabis Act. With its 18,000+ ft2 Richmond facility, and lush 68-acre property in Mission, BC, NGB is poised for the next phase and is preparing for site development construction to begin in 2019. NGB is well situated to service Greater Vancouver; the facility is within 15 minutes of the Vancouver International Airport and only 30 minutes from downtown Vancouver. NGB has a research and development component and has committed to donating $1Mil to UBC (https://www.ngbiomed.ca/2017/04/10/hello-world/) to investigate Cannabis for HIV/AIDS, pain management, and addressing the opioid crisis within Canada. NGB is committed to producing high quality health and lifestyle products, staking their claim in the burgeoning industry for CBD, edibles, and boutique coconut based products.
About Lifestyle Delivery Systems Inc.
Lifestyle Delivery Systems Inc. is a technology company that licenses its technology to a state-of-the-art production and packaging facility located in Southern California. The Company's technology produces infused strips (similar to breath strips) that are a safer, healthier option to any other form of delivery, and also allow for inclusion of a wide spectrum of ingredients from over the counter medications to homeopathic, nutraceutical, vitamins and supplements. The technology provides a new way to accurately meter dosage and assure the purity of selected product. From start to finish, the production process, based on the Company's technology, tests for quality and composition of all the ingredients used in each and every strip which results in a delivery system that is safe, consistent and effective.
On behalf of the board of directors of Lifestyle Delivery Systems Inc.
CEO & Director
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Cautionary Disclaimer Statement:
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, The Company undertakes no obligation to publicly update or revise forward-looking information.
SOURCE Lifestyle Delivery Systems Inc.