Glow LifeTech Completes Development of Proprietary MyCell Liquid Cannabis Ingredients; Advances Plans to Launch in Canadian Market
Toronto, Ontario--(Newsfile Corp. - November 1, 2022) - Glow LifeTech Corp. (CSE: GLOW) (OTCQB: GLWLF) (FSE: 9DO) ("Glow" or the "Company"), a biotech innovator producing next-generation, science-backed natural ingredients, is pleased to announce the completion of development of its proprietary MyCell® liquid cannabis ingredients, including THC and CBD. The Company now plans for commercialization in the Canadian market, given product readiness.
The successful development of MyCell® liquid water-soluble THC and CBD ingredients allows the Company to immediately progress towards scaling-up production and making preparations for selling into the well-established market for THC and CBD products in Canada, as the first step in its global commercial strategy.
"With the completion of our development of proprietary MyCell® liquid cannabis ingredients, this marks an important milestone for Glow's push towards commercial launch," said Clark Kent, CEO Glow LifeTech. "Our growing portfolio of advanced ingredient technologies uniquely positions Glow to capitalize on the long-term, global growth prospects of cannabis-based products, beginning with the Canadian market."
Differentiated, Value-Added Products
As many cannabis industry players currently struggle with low-margin, commoditized product offerings, Glow has always maintained a long-term focus on delivering differentiated, value-added products and building a platform for high-margin growth. With its portfolio of high-performance, technology-driven products, the Company is well-positioned to capitalize on the growing industry-wide evolution towards high-value, science-based products.
Versatile Technology Platform
Glow's MyCell® Technology is a cutting-edge delivery system that optimizes the absorption, bioavailability and effectiveness of several verticals of natural active compounds including cannabinoids, vitamins, and botanicals, using only 100% natural components. It transforms poorly absorbed natural compounds, such as THC and CBD, into water-soluble compatible concentrates that have fast-acting onset, high-absorption, precision dosing and a clean taste profile. With its flexible technology platform and robust portfolio of enhanced ingredients, Glow can power a variety of product formats including: droppers, sprays, beverages, gummies, foods, topicals, and more.
Lean Operational Footprint
The Company has prudently built an efficient, asset-light cannabis production operation with a factor-in-factory manufacturing partnership in Toronto, Canada, that is designed to scale and minimize costs. With the processing facility built and equipment commissioned in early 2022, it will house all of Glow's cannabis-related R&D activities, serving as the Company's cannabis production centre of excellence to develop technologies and products that can be scaled globally. This single licensed production location provides the Company the necessary production capacity to produce a diverse portfolio of cannabis products to service the Canadian market nationally, across both adult-use and medical cannabis markets.
Growing Cannabis Market
The cannabis market remains a significant and growing consumer products market. In 2021, the Canadian recreational cannabis retail sales were $3.9 billion, +50% year-over-year, and continues to grow +22% in 2022 through August.1 The market is predicted to grow to $12 billion by 2030 according to ATB Capital Markets,2 an impressive market size considering total Canadian beer sales were $9.2 billion in 2021.3 The cannabis-infused categories, which are the focus of Glow's ingredient technologies, are among the fastest growing segments in the market, with edibles and beverages growing +30% and +63% respectively in the U.S.4
The Company recently announced positive preliminary results from clinical study of Artemic Support® on patients with long COVID syndrome. Full Story Here: https://bit.ly/3CHfNNV
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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.
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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
1 Statistics Canada. Table 20-10-0008-01 Retail trade sales by province and territory
3 Statistics Canada. Table 10-10-0011-01 Value of sales of alcoholic beverages of liquor authorities and other retail outlets, by beverage type
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