TORONTO, Aug. 22, 2018 /CNW Telbec/ - LiveWell Canada Inc. ("LiveWell" or the "Company"), (TSXV: LVWL), is pleased to announce it has signed its first cannabidiol (CBD) supply agreement for a minimum annual purchase commitment of 5,000 kilograms of CBD isolate at a price of USD$7,000 per kilogram over the next 12 months. This minimum volume represents approximately 20 per cent of the initial expected CBD supply to be extracted from the industrial hemp biomass secured by LiveWell as announced in an earlier release dated August 13, 2018. In addition, the contract contains annual renewals for up to five years.
"We are seeing evidence of substantial demand in the CBD market. We are delighted to be able to announce our first CBD supply agreement in Brazil and we are in active discussions regarding the balance of our supply for 2019," says David Rendimonti, LiveWell President. "Brazil is the largest country in South America and the eighth largest global economy, providing lots of room for growth."
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(®), for treatment-resistant epilepsy syndromes. 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.
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
Cautionary Note Regarding Forward-Looking Statements
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, as well as the additional risk factors disclosed in the press release dated August 13, 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For more information, visit livewellcorp.com
SOURCE LiveWell Canada Inc.
For further information: Media, Stephane Prud'homme - 514 756-9044, [email protected], Villemarie; Sonya Lord -- 866- 308-1518, [email protected]; Investors, Nicole Marchand -- 416-428-3533, [email protected]; Company, David Rendimonti, Steven Archambault; President, Chief Financial Officer