Allows Pivot to Start Production of CBD and THC Ingestibles and Edibles
COSTA MESA, CA, Nov. 28, 2018 /CNW/ - Pivot Naturals LLC, a wholly owned subsidiary of Pivot Pharmaceuticals Inc. (CSE: PVOT / OTCQB: PVOTF / FRA: NPAT) ("Pivot") is pleased to announce that it has received a Temporary License from the California Department of Public Health to manufacture adult and medicinal use cannabis-infused products in its Costa Mesa, California facility. Receipt of this license brings Pivot one step closer to production, generating revenue, and bringing its brands to the California ingestible and edible cannabis market.
"The grant of this Temporary License is a key milestone in implementing our commercialization strategy in the booming legalized California cannabis marketplace," said Patrick J. Rolfes, President of Pivot Naturals. "With the license in hand, we are quickly moving into finalizing our Costa Mesa production facility, and preparing to have products ready to be distributed through our established California distribution channels."
"Over the past few months we have been working diligently to position our company for commercialization and we are extremely excited to have received our Temporary License, speeding up our timeline to revenue while we are in the final stages of receiving our Annual License from the State of California," said Patrick Frankham, CEO of Pivot Pharmaceuticals. "Our Costa Mesa infusion facility will be second to none and our patented RTIC "Ready-To-Infuse-Cannabis" technology enables us to produce our brands with accurate dosing and controlled and desired effects, while receiving product protection with the RTIC family of patents."
This California Temporary Manufacturing Type N: Infusion License is a conditional license and authorizes the holder thereof to engage in commercial cannabis activity as would be permitted under the privileges of an Annual License, which Pivot has already applied for with the proper California licensing authority. To be awarded this license, Pivot met the stringent criteria set forth by the City of Costa Mesa and the State of California. There are currently only 61 Cannabis Manufacturing Type N: Infusion Licensed companies in the State of California. With the Company's growing distribution channel in California, manufacturing facility being finalized and license in hand, Pivot is well positioned to capture a substantial market share of the CBD and THC ingestibles and edibles in California.
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot's wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. ("PGS" or "Pivot Green Stream"), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. Pivot's wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, will manufacture and supply finished powderized cannabis products such as food additives, capsules, bulk powder and stick packs to the California market. PGS has acquired "RTIC" Ready-To-Infuse Cannabis oil-to-powder technology and Thrudermic Transdermal Nanotechnology (transdermal); acquired worldwide rights to BiPhasix™ Dermal Drug Delivery platform technology (topical), Solmic Solubilisation technology (oral), and Solumer™ Oral Drug Delivery technology; and an option to acquire worldwide rights to TriVair™ Nasal and Pulmonary Breath-Propelled Drug Delivery Systems™ for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. For more information please visit www.PivotPharma.com
Cautionary Note Regarding Forward-Looking Statements
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals Inc., Pivot Green Stream Health Solutions Inc., Pivot Naturals, LLC, or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of Pivot's products, statements with respect to internal expectations, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
SOURCE Pivot Pharmaceuticals Inc.
For further information: Pivot Pharmaceuticals Inc.: Patrick Frankham, PhD, MBA, Chief Executive Officer, Email: [email protected]; Virtus Advisory Group, Shareholder Inquiries, Email: [email protected], Phone: 416-644-5081