Innocan to Distribute Its CBD Line of Products in Italy and Switzerland
Herzliya, Israel and Calgary, Alberta--(Newsfile Corp. - August 20, 2020) - Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (the "Company" or "Innocan"), is pleased to announce that its wholly owned subsidiary, Innocan Pharma Ltd. ("Innocan Israel") has entered into a distribution agreement (the "Agreement") with a Swiss CBD provider called Cloud 9 Switzerland LLC ("Cloud 9") to sell the Company's SHIRTM Beauty and Relief & Go product lines in Italy and Switzerland.
Under the terms of the Agreement, Cloud 9 will distribute Innocan's unique cosmetic CBD products in Italy and Switzerland on a nonexclusive basis. The Agreement defines the ordering and delivery mechanisms for the products and the marketing cooperation between the parties. The parties intend to carry out the Agreement immediately, following the completion of all registration and regulatory requirements in Italy and Switzerland.
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"In these extraordinary times, cannabis based pharma and cosmetic products respond to consumers' desires for a more natural and healthy lifestyle. Innocan has a proven high-level expertise and shared vision making them an ideal partner for us to develop these new markets," said Cloud 9's Founder and Managing Director, Dr. Francis Scanlan.
Iris Bincovich, Innocan's Founder and CEO, commented, "We are excited to have our products distributed in Switzerland and Italy. This is the second distribution agreement we have signed in Europe. I believe Cloud 9 will provide professional distribution of our SHIR and Relief & Go product lines."
Additionally, on July 7, 2020, the Company has engaged AGORACOM for investor awareness, marketing and branding services (the "Services") for a 12-month online marketing campaign to engage current shareholders and the broader investment community. As consideration for the Services, Innocan will pay to AGORACOM an aggregate of $75,000 (plus applicable taxes) by way of the issuance of common shares of the Company (the "Shares"), subject to regulatory and Canadian Securities Exchange approval. The Shares are payable in five equal installments during the period from August 2020 to July 2021, as further provided for in the online marketing agreement between the Company and AGORACOM. The number of Shares to be issued under each installment will be determined by using the closing price of the common shares of Innocan on the last trading day following each period during which the Services were provided.
AGORACOM will initiate Innocan's "HUB" which may be found at: https://agoracom.com/ir/InnocanPharma
George Tsiolis, AGORACOM's Founder, stated, "With the cannabis markets having consolidated over the past year due to failed business plans, investors are now demanding better companies with real businesses, products, and revenues that are supported by real growth plans. Innocan checks all the boxes, with commercialization of their consumer products now commencing, as well as, a pharmaceutical division that is developing the pharmaceutical guided missile to defeat coronavirus-infected lungs. It won't take long for the community to realize Innocan will form part of the new leadership group of cannabis driven pharmaceutical companies. We're proud to take the Innocan story to the world."
About Cloud 9 Switzerland LLC
The Cloud 9 Group of private companies comprises the founding company Cloud 9 Switzerland LLC, and its subsidiaries in Jamaica and France. All three are active in the health and wellness sectors, developing, producing and commercialising pharmaceuticals and nutraceuticals based on medicinal and aromatic plants - notably hemp/cannabis sativa L. Since its founding in July 2017, the group has focused on developing and commercialising premium hemp and cannabis products, building a unique portfolio of food, beverages and cosmetics; selective third party brands; and prescription and over-the-counter (OTC) medicines.
Agoracom provides online marketing, broadcasting, conferencing and investor relations services to North American small and mid-cap public companies, with more than 300 companies served. AGORACOM states that it is the home of more than 7.7 million users who have visited its site 55.2 million times and read over 600 million pages of information over the last 10 years. AGORACOM further states that the average user visit of 8min 43sec is more than double that of global financial sites, which can be attributed to the implementation and enforcement of the strongest moderation rules in the industry.
The Company, through its wholly owned subsidiary, Innocan Pharma Ltd., is a pharmaceutical tech company that focuses on the development of several drug delivery platforms combining cannabidiol ("CBD"). Innocan and Ramot at Tel Aviv University are collaborating on a new, revolutionary exosome-based technology that targets both central nervous system (CNS) indications and the Covid-19 Corona Virus using CBD. CBD-loaded exosomes hold the potential to help in the recovery of infected lung cells. This product, which is expected to be administrated by inhalation, will be tested against a variety of lung infections.
The Company signed a worldwide exclusive license agreement with Yissum, the commercial arm of the Hebrew University of Jerusalem to develop a CBD drug delivery platform based on a unique-controlled release liposome to be administrated by injection. The Company plans, together with Professor Berenholtz, Head of the Laboratory of Membrane and Liposome Research of the Hebrew University, to test the liposome platform on several potential indications. The Company is also working on a dermal product that integrates CBD with other pharmaceutical ingredients as well as the development and sale of CBD-integrated pharmaceuticals, including, but not limited to, topical treatments for relief of psoriasis symptoms as well as the treatment of muscle pain and rheumatic pain. The founders and officers of Innocan have commercially successful track records in the pharmaceutical and technology sectors in Israel and globally.
For further information, please contact:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding the markets, requisite regulatory approvals and the anticipated timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan's control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan's public reports and filings which are available under Innocan's profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
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