VANCOUVER, April 16, 2019 /CNW/ - Ovation Science Inc. (CSE: OVAT) ("Ovation" or the "Company"), a product development company with a patented skin delivery technology and backed by over twenty years of research and development, today unveiled the launch of its new topical skincare product line infused with hemp-derived cannabidiol ("CBD") called ARLO Beauty. This announcement is in conjunction with the announcement that Ovation and Canopy Growth Partners have mutually elected to terminate their license agreement, eliminating the restrictions preventing the Company from dealing with other licensed producers in Canada and terminating the rights of first refusal held by Canopy which inhibited Ovation's ability to roll out its own line of non dispensary products in the US and both dispensary and non dispensary products in other countries. The elimination of these restrictions is particularly important because of the recent lifting of federal restrictions on CBD products in the US and now allows Ovation to immediately enter that market.
"As part of the Company's strategic focus on revenue generation and creating shareholder value, we are excited to announce the launch of ARLO Beauty, our anti-aging skincare product line enhanced with CBD. Due to changes in strategy, our agreement with Canopy has been mutually terminated and this now allows Ovation to launch our own lines and aggressively expand globally with other licensees as well," said Terry Howlett, President of Ovation. "We know our patented protected products will be disruptive in the retail and online market place based on the excellent customer response we have had to our medical / wellness products sold in US dispensaries. Shareholders will be excited because we will be generating revenue direct from consumers and wholesalers and this is a global opportunity. As our products are patent protected; there is no other product line in the marketplace that can deliver like Ovation's." He added, "Shortly we will be launching ARLO Beauty online in addition to seeking distribution partners in the US and globally where permitted. The first products we are introducing include our anti-aging Day Cream, Night Cream, Eye Cream and a luxurious Hand & Body Lotion. We also have a pipeline of additional skincare products poised to launch later this year."
- Our anti-aging product line ARLO Beauty helps fight the signs of aging with a rejuvenating day cream, a renewing night cream, a restoring eye cream as well as a super moisturizing hand & body lotion (click link to view);
- These products were developed using proven anti-aging ingredients with scientific evidence of their effectiveness at reducing the appearance of fine lines and wrinkles resulting in youthful looking skin, all enhanced with the power of CBD from hemp and delivered by Invisicare® drug delivery technology;
- CBD has shown many benefits including anti-inflammatory and antioxidant. It is non-psychoactive so it does not get you high;
Ovation has made the strategic decision to enter into the CBD marketplace as federal restrictions on CBD products in the US have been lifted and consumer acceptance and interest in CBD products grows exponentially. The research firm Jefferies, recently estimated that the CBD skincare market will grow to $25 billion globally in the next decade. They further indicated that online searches for CBD beauty have grown by 370 percent since the beginning of the year. Ovation is poised to capture this market beginning with offering its product online in the US, as well as seeking distributors in the US and globally where approved.
About Ovation Science Inc.
Ovation Science Inc. is a research and development company that develops topical and transdermal cannabis and hemp formulations made with patented Invisicare® skin delivery technology. The technology enhances the delivery of cannabidiol (CBD) and tetrahydrocannabinol (THC) to and through the skin and is protected by patents in eleven countries. With over twenty years of topical and transdermal drug delivery experience in the pharmaceutical market, Ovation's management and science team have created a unique pipeline of over twenty-five patent-protected medical / wellness topical and transdermal cannabis products incorporating CBD, THC and combination products along with a line of anti-aging / beauty products made with CBD. Ovation's business model is to develop, market or license-out its topical and transdermal formulations to cannabis companies globally. Ovation earns revenues from licensing and development fees, royalties, the sale of Invisicare to its licensees and now revenue from its own product sales. Ovation trades on the CSE under the symbol OVAT. Visit our website www.ovationscience.com.
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. Ovation Science Inc. cautions that all forward looking statements are inherently uncertain and that actual results may be affected by a number of material factors, many of which are beyond Ovation Science Inc.'s control.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Ovation Science Inc.
For further information: FOR INVESTOR RELATIONS: Dave Ryan, [email protected], Phone: 604-283-0903 ext. 2; FOR BUSINESS DEVELOPMENT & CORPORATE INQUIRIES: Doreen McMorran, [email protected], Phone: 604.283.0903 ext. 4