Tree of Knowledge Grows Impact in Medical Cannabis Industry and Enhances Patient Access to Care with Letter of Intent to Invest in LyteClinic
Toronto, Ontario--(Newsfile Corp. - August 13, 2019) - Tree of Knowledge International Corp. (CSE: TOKI) (OTCQB: TOKIF) (the "Company" or "TOK") is pleased to announce that it has entered into a Letter of Intent (the "LOI") for an investment in LYTE Clinics (or "LYTE"), to include the acquisition by the Company of 25 percent of shares in LYTE.
LYTE-a leading medical cannabis tele-health company, serving patients across nine Canadian provinces through Lyte Resource Centre-effectively meets medical cannabis needs, granting authorization and offering access to 22 Health Canada-approved licensed producers as part of a same-day service.
"We are very impressed with LYTE and their future-proof technology-driven way of efficiently meeting the needs of medical cannabis patients, and the investment we are making allows us to grow the impact of Tree of Knowledge," said Gary Prihar (CPA, CA), President of Clinical Operations, Tree of Knowledge International Corp. "That impact translates as scaling nationwide in Canada, integral as a boost to our clinic-rollout strategy."
LYTE is unique amongst cannabis clinics as the process of scheduling an appointment with a doctor, registering with a medical provider, and placing an order is all done online in a matter of minutes, using state-of-art tele-health software, with the benefit of minimizing wait time. Educators and physicians are available for members to discuss different forms of consumption, strains and dosages.
"Lyte Clinic takes pride in four key pillars of our business-convenience, experience, education and privacy-and those pillars are very much aligned with the organizational values of Tree of Knowledge, so this is fully synergistic," noted Ali Mohamad, President & CEO of Lyte Clinics. "Cannabis is the future of medication, and with this new investment, we can go further in broadening access, while at the same time ending the stigma."
Recognizing the potential for exponential levels of growth within the Canadian market, Tree of Knowledge plans even deeper investment in LYTE in upcoming phases of the agreement. Ultimately, once all phases are completed, the Company will hold a majority of shares.
Prihar added, "Part of our growth strategy includes bringing virtual health clinics from around the world on board; this transaction aligns well with others we've recently made and is testament to our commitment to executing on that strategy."
Tree of Knowledge continues to expand its international depth, with deals that have put a solid stake in the ground across various markets beyond Canada, including Australia, Brazil, Europe, and the United States.
ABOUT TREE OF KNOWLEDGE INTERNATIONAL CORP.
With its head office in Toronto, and operations in North York, Ontario and Spokane, Washington, TOK currently has three primary business segments: (1) Multidisciplinary specialty pain clinics with a focus on the treatment of chronic pain, including controlled applications of medical cannabis in Canada, (2) Development of formulated products for therapeutic purposes and natural health product alternatives at its manufacturing facility in Spokane, which provides formulations for the Company's products and for third parties equivalent to GMP standards, and (3) Distribution and sale of hemp-based cannabidiol ("CBD") products in the United States, Canada, Europe, Brazil and Australia. Through its Toronto Poly Clinic, the Company has gleaned extensive expertise from being involved in one of the largest observational clinical trials on medical cannabis and from its ongoing direct patient experience. The Company has developed and implemented MCERP (Medical Cannabis Education, Research and Best Practice Platform) and MCORP (Medical Cannabis Opioid Reduction Program) with great success. Currently, the Company has research agreements with multiple universities for medical cannabis research and new medical grade products development. TOK's CBD product line contains EVR Premium Hemp Oil, which is an organically grown and handled, gluten-free, vegan, non-GMO, synergistic compound that is derived from U.S. Department of Agriculture (USDA) approved industrial hemp grown in the United States. TOK currently offers several CBD products, which may be used in connection with the treatment of a number of ailments and for general wellness purposes.
ABOUT LYTE CLINICS
Lyte Clinic, founded in 2016, is one of Canada's leading virtual cannabis clinics. With its cutting-edge platform, Lyte is able to see patients across 9 provinces. With 22 licensed producers to choose from, patients will never run out of options for good quality medical cannabis. Covered under the Ontario Health Insurance Plan(OHIP), this gives Lyte the ability to allow patients access to medical cannabis completely free of charge to see a doctor. Lyte has an over 4,000 patient population that the company serves on a daily basis as of today. Lyte has become the choice clinic for many Licensed Producers to send both their staff and their patients to with the utmost confidence. Lyte Clinic sees patients from the most remote places in Canada through its virtual clinic platforms. This allows the company to become a leader in connecting rural parts of Canada to doctors and helping the company gain access to medical cannabis when no other options are available. With its new Clinic in a Box initiative, Lyte has now expanded into working with a number of pharmacies, to help it gain access to a cannabis clinic with 5 doctors on staff and over 22 Licensed Producers to choose from. You can visit Lyte Clinics online at LyteClinic.com, Facebook, Instagram.
For further information please contact:
Tree of Knowledge International Corp.
Michael Caridi, Chairman
Tel: +1 (917) 295-1374
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46894