VANCOUVER, British Columbia--(BUSINESS WIRE)--
NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES
Sproutly Canada, Inc. (SPR.CN) (SRUTF) (38G.F) (“Sproutly" or the “Company”) is pleased to announce that it has successfully completed the first run of the proprietary Aqueous Phytorecovery Process (“APP”) extraction technology licensed from Infusion Biosciences Inc. at its wholly-owned Toronto Herbal Remedies Inc. (“THR”) licensed facility. This initial APP run successfully recovered both water-soluble cannabinoids (“Infuz2O”), with onset of effects within approximately 5 minutes and which dissipate within approximately 90 minutes, and oil-based cannabinoids (“Bio Natural Oil”), a strain specific cannabis oil. The initial Infuz2O and Bio Natural Oil recovered is expected to be used for R&D and product formulation purposes for cannabis beverages and edibles within the proposed regulations recently announced by Health Canada.
The Company has previously announced they have entered into a definitive agreement with OCC Holdings Ltd., an affiliate of Moosehead Breweries Limited (“Moosehead”) to form an exclusive joint venture (the “Joint Venture) to develop, produce, and market non‐alcoholic cannabis-infused beverages. The Infuz2O recovered in this initial APP run will be utilized in the product formulation and shelf-stability testing of fast-onset cannabis beverages to be produced and marketed by the Joint Venture within the proposed regulations recently announced by Health Canada. The Company is currently working diligently towards completing the shareholder agreement and joint venture documents, which will be announced in due course.
In addition, the Bio Natural Oil recovered is expected with Infuz2O to develop and formulate fast-acting and long-lasting edible products for the Canadian market within the proposed regulations recently announced by Health Canada.
“Sproutly has made significant progress towards building a world-class cannabis beverage and edibles company since going public in July of last year” said Keith Dolo, CEO and Director. “The successful completion of our first run of the APP extraction technology in Canada marks a major milestone for our company and brings us another step forward in achieving our goal of becoming a leader in the cannabis infused product space.”
About APP Technology
APP technology is a patent pending process that uses proprietary reagents to gently recover naturally occurring water-soluble cannabinoids as well as the cannabis oils. This ground-breaking discovery delivers the total effects of the strain of cannabis from which it is made; on-set effects start within approximately 5 minutes and dissipate within approximately 90 minutes, which is more similar to drinking a glass of wine or a beer than consuming traditional cannabis oils.
About Sproutly Canada, Inc.
Sproutly’s core mission is to become the leading supplier to the cannabis beverage and edibles market. Our Toronto based, ACMPR licensed facility was built to cultivate pharmaceutical grade cannabis to supply a technological breakthrough in producing and formulating the first natural, truly water-soluble cannabis solution. Our water-soluble ingredients and our bio-natural oils will deliver revolutionary brands to international markets that are clamouring for well-defined commercial products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.
For more information on Sproutly, please visit: www.sproutly.ca.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or believes regarding future events of management of Sproutly Canada. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the expected launch of the Company’s first line of beverage products. These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These assumptions, risks and uncertainties include, among other things, the Company successfully completing the development and production of its first line of beverage and cannabis products and obtaining all applicable regulatory approvals from global jurisdictions including Health Canada. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended, such as the Company’s inability to successfully develop and produce its first line of beverage products or the Company’s inability to obtain any necessary regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.