MOU also lays groundwork for Nuuvera's charitable efforts in the province
TORONTO, Jan. 12, 2018 /CNW/ - Today Nuuvera Inc. ("Nuuvera") (TSXV:NUU) announced that it has entered into a Memorandum of Understanding ("MOU") with the Province of New Brunswick to supply 2.5 million grams of cannabis and related products for the province's cannabis market.
The MOU sets the groundwork for Nuuvera to supply high-quality cannabis oil and flower to the province, beginning in July 2018. Included in the agreement is Nuuvera's commitment to donate two-percent of the gross value of cannabis products sold to the government to the Cannabis Education and Awareness Fund.
Lorne Abony, CEO of Nuuvera, said that the agreement signals Nuuvera's growing participation in Canada's cannabis industry.
"We are pleased to finalize this important MOU with New Brunswick", said Abony. "Not only is it the result of productive and open negotiations, but it is an endorsement of the way Nuuvera operates and what we stand for. We will keep working with the Government of New Brunswick, and governments across Canada, to help create a safe, high-quality industry that meets the needs of all cannabis consumers."
In addition to the MOU, Nuuvera also announced this week that it would establish a state-of-the-art laboratory in Saint John that will process, manufacture and distribute pharmaceutical-grade medical marijuana derivative products. This will be Nuuvera's second such facility in Canada and will create new, skilled jobs for the city.
"With offices in Toronto, Tel Aviv, Hamburg, and Milan, we are positioned to serve diversified international markets with medical grade cannabis products, and our New Brunswick operations will form a critical piece of our research and development efforts that will keep us on the leading edge of product innovation," said Abony.
For more information on Nuuvera, please visit: www.nuuvera.com
Nuuvera is a global cannabis company founded on Canadian principles, and built with the whole world in mind. Nuuvera is currently working with partners in Germany, Israel and Italy, and is exploring opportunities in several other countries, to develop commercial production and global distribution of medical grade cannabis in legalized markets. Through its subsidiaries, ARA – Avanti Rx Analytics Inc. and Avalon Pharmaceutical Inc., Nuuvera holds a Dealer License (GMP) under the Narcotic Control Regulations and Office of Controlled Substances. Nuuvera is currently in the final stages of the Health Canada review process to become a Licensed Producer of medical marijuana under the ACMPR, and has recently received its "letter to build" approval.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Nuuvera and its business. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Nuuvera. 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 known and unknown risk factors and uncertainties affecting Nuuvera, including risks regarding the cannabis industry, failure to obtain regulatory approvals, economic factors, the equity markets generally and risks associated with growth and competition. Although Nuuvera has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made Nuuvera undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the content of this press release.
SOURCE Nuuvera Inc.
For further information: For media inquiries only, please contact: Justin Burrows, Venture Communications, [email protected], 1-416-276-7699