BURLINGTON, Ontario, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Rapid Dose Therapeutics Corp. (“RDT”) (CSE: DOSE) announced today that the installation and commissioning of its QuickStrip™ production equipment at Aphria Inc. (“Aphria”) (TSX: APHA and NYSE: APHA) has been completed pursuant to the terms of the Managed Strip Services Agreement between RDT and Aphria dated November 1, 2018 (the “Agreement”).
Under the Agreement, Aphria has been granted an exclusive license to manufacture, distribute and sell RDT’s QuickStrip™ innovative, proprietary delivery technology products to the medical and adult-use cannabis markets in Canada.
The Agreement also grants Aphria exclusive Preferred Vendor Status entitling them to enter additional territories under license terms similar to Canada and to produce QuickStrip™ product under white label manufacturing agreements.
In light of the installation of RDT QuickStrip™ production equipment, Aphria will now move forward with its production and distribution planning in Canada.
RDT’s proprietary QuickStrip™ technology is a Quick, Convenient, Precise, Discreet™ oral fast-dissolving drug delivery system providing cannabis consumers a smoke-free alternative, while simultaneously offering health benefits and improving patient outcomes.
“RDT remains committed to providing global consumers in the cannabis markets a Smoke-Free Choice™ that they can consume Anytime, Anywhere™. As the cannabis markets evolve and expand, we believe RDT will be at the forefront of innovative cannabis delivery,” said Mark Upsdell, CEO of RDT. “We are thrilled to have Aphria as our flagship partner in Canada, which we believe further strengthens and positions QuickStrip™ as a growing international brand and delivery device,” added Upsdell.
“Aphria is excited to introduce RDT’s QuickStrip™ products to the Canadian cannabis market later this year,” said Irwin D. Simon, Interim CEO, Aphria Inc. “This further demonstrates Aphria’s commitment to staying at the forefront of cannabis innovation. Not only do we believe that this innovative product will revolutionize the way patients and consumers interact with cannabis, we believe the QuickStrip™ will help ease concerns surrounding consumption by providing a smoke-free product that delivers a consistent and precise dosage,” added Simon.
About Rapid Dose Therapeutics Corp.
Rapid Dose Therapeutics Corp. is a publicly-traded Canadian life sciences company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry, including nutraceutical, pharmaceutical and cannabis industries. Within the cannabis sector, RDT provides a turn-key Managed Strip Service Program which enables RDT’s QuickStrip™ proprietary drug delivery technology to be licensed by select partners. RDT’s service-based annuity contracts drive recurring revenue which enables rapid expansion into emerging markets — generating value for consumers and shareholders. Rapid Dose Therapeutics is committed to continually create innovative solutions aimed at multiple consumer segments and future market needs — including humans, animals and plants.
For more information, visit: www.rapid-dose.com
| For inquiries please contact: | |
| Ian Fodie, CFO Rapid Dose Therapeutics Corp. ifodie@rapid-dose.com Office (416) 477-1052 | Ali Mahdavi, Managing Director Spinnaker Capital Markets Inc. am@spinnakercmi.com Office (416) 962-3300 |
| Social Media RapidDoseTherapeutics.linkedin RapidDoseTherapeutics.twitter RapidDoseTherapeutics.facebook QuickStrip.instagram |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward- looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, the delivery of products using the QuickStrip™ product delivery method, and the plans, estimates, forecasts, projections, expectations or beliefs of RDT as to future events or results and are believed to be reasonable based on information currently available to them. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, whether Aphria can successfully produce and distribute RDT’s QuickStrip™ delivery technology products to the medical and adult-use cannabis markets in Canada; whether Aphria elects to enter into additional territories; our belief that the cannabis markets will grow and expand; whether the QuickStrip™ delivery technology is adopted by consumers and others; risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.