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BURLINGTON, Ontario, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Rapid Dose Therapeutics Corp. (“RDT” or the “Corporation”) (CSE: DOSE) today reported that is has been issued a micro-processing licence by Health Canada for its Burlington, Ontario facility in accordance with the Cannabis Act and Cannabis Regulations.
“This is a major milestone for RDT and will now enable us to produce QuickStrip™ cannabis products for both the Canadian medical and recreational markets,” said Mark Upsdell, CEO. “Given the current global vaping crisis, regulators, medical experts, and consumers are looking for a reliable delivery solution to replace inhalation.”
RDT’s proprietary QuickStrip™ technology is a Quick, Convenient, Precise, Discreet™ non-inhalation, oral, fast-dissolving drug delivery system that offers an Anytime, Anywhere™ product to consumers.
Under the terms of the current Health Canada licence, RDT will produce sufficient quantities at its Burlington facility to supply some of the initial needs of the Canadian market through its manufacturing agreement with Thrive Cannabis.
“We are now in a position to offer a unique delivery option that permits accurate dosing, predictable onset, and efficient delivery of CBD, THC, and combination products,” said Upsdell. “RDT’s QuickStrip™ provides an alternative choice for consumers who desire the benefits of cannabis but prefer not to smoke, vape, or consume oils in other formats.”
The awarding of this licence by Health Canada will complement RDT’s strategy of entering into Managed Strip Services Agreements enabling vendors to manufacture, distribute and sell RDT’s QuickStrip™ products for the cannabis market in the U.S. and international territories. RDT currently has six signed agreements covering jurisdictions in Canada, United States and its Territories, and Europe.
RDT will continue to expand its strategic partnerships and further strengthen its unique delivery leadership position within the cannabis sector. RDT believes QuickStrip™ is a desirable technology and delivery option for consumers across Canada and throughout the world where cannabis has been legalized, while simultaneously offering health benefits and improving consumer outcomes.
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 ifodiel@rapid-dose.com Office (416) 477-1052 | Ali Mahdavi, Managing Director Spinnaker Capital Markets Inc. am@spinnakercmi.com Office (416) 962-3300 | |
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any Common Shares nor shall there be any sales of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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, in respect of the delivery of products using the QuickStrip™ product delivery method, express, as at the date of this news release, 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, 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.