Glow Provides Update on Cannabis Development Activities and Ongoing Clinical Studies
Toronto, Ontario--(Newsfile Corp. - July 7, 2022) - Glow LifeTech Corp. (CSE: GLOW) (OTCQB: GLWLF) (FSE: 9DO) ("Glow" or the "Company"), is pleased to provide an update on commercial operations, cannabis-related development activities and clinical studies related to its proprietary MyCell®-enhanced products.
Glow is now focused on the final stages of development of proprietary CBD (cannabidiol) and THC1 (tetrahydrocannabinol) water-soluble ingredients in preparation for launch in Canada. With Glow's licensed cannabis processing space now built out and equipment successfully commissioned earlier this year, the company has been actively developing a diverse portfolio of high-bioavailability cannabis ingredients and new proprietary technologies to expand the Company's portfolio of solutions.
"We are excited to be in the final stages of development of our proprietary cannabis ingredients, after facing considerable COVID-related supply chain delays in 2021," said Tom Glawdel, Chief Operating Officer, Glow LifeTech. "Our MyCell® enhanced ingredients are well positioned to unlock a new era of more effective, fast-acting and great tasting products and we look forward to our commercial launch throughout North America."
The Company's MyCell® Technology is an advanced delivery system that transforms poorly absorbed cannabinoids, like CBD and THC, into water-soluble concentrates that have fast-acting onset, high-absorption and precise dosing.
Glow is engaged with a renowned branding firm and is in the late stages of establishing a refreshed brand identity that reflects the cutting-edge performance and quality of its technology and products. The Company is also pleased to report the completion of the recruitment phase of the ongoing clinical study on patients with long COVID syndrome, to assess the impact of its proprietary natural health product Artemic Support®, which features MyCell® Technology.2
Glow's portfolio of high-performance water-soluble cannabis ingredient solutions will unlock a step-change in what's possible with cannabis-infused products, enabling partner brands to easily innovate and differentiate with high-value products that are more effective, fast-acting, consistent and deliver predictable dosing. The versatility of MyCell® enhanced concentrates allows them to power a variety of product formats including: droppers, beverages, foods, topicals, and capsules.
Cannabis Market Growth
Cannabis is one of the fastest-growing industries globally, with the global legal marijuana market size valued at USD 13.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.5% from 2022 to 20303. The cannabis-infused categories are among the fastest growing segments in the market, with edibles and beverages growing +30% and +63% respectively in the U.S.4 In Canada, cannabis retailers experienced record sales of CAD $3.9 billion 2021, representing +50% year-over-year growth from 2020, according to federal data agency Statistics Canada.5
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About Glow LifeTech Corp.
Glow LifeTech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has rights to the groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
5 Statistics Canada. Table 20-10-0008-01 Retail trade sales by province and territory
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