InnoCan Signs its First Distribution Agreement with "Active Therapeutics" for InnoCan's CBD Derma Cosmetics products in the United Kingdom and Ireland
Tuesday, January 28, 2020 9:25 AM
HERZLIYA, ISRAEL and CALGARY, AB / ACCESSWIRE / January 28, 2020 / InnoCan Pharma Corporation ("InnoCan" or the "Company") (CSE:INNO) announced today that it has signed a distribution agreement with Active Therapeutics Ltd ("Active Therapeutics"), part of Natural Resources (NW) LTD ("Natural Resources") of Lancashire, United Kingdom to distribute InnoCan's cutting edge scientifically CBD based Derma Cosmetic products in the UK and Ireland markets.
Active Therapeutics Ltd. has vast experience in pharmaceuticals and healthcare including the brand portfolios of Merck, GSK, Astra Zeneca, 3M, and STADA. This experience has enabled Active Therapeutics to view the market with a long-term vision and introduce innovative and technologically advanced CBD based products to the growing demands of the UK and Ireland markets.
The CBD skincare market is projected to bring in US$959 million in sales by 2024, according to the leading cannabis market intelligence and strategic consultancy firm, Prohibition Partners latest report, The Impact Series: Disrupting Beauty, released on January 23, 2020. According to the report, the largest CBD markets in Europe today are the United Kingdom (UK) and Austria, each of which made up an early US $80 million market in 2018. The UK is expected to remain a market leader over the medium-term. Source: Bright field group, Press Release, Europe CBD Market through 2023.
Iris Bincovich, InnoCan's CEO said, "We are excited to present our first distribution agreement in the large, sophisticated UK and Irish market. Active Therapeutics is an exceptional distributor that will ensure that our products attain maximum visibility. With manufacturing agreements in the US and Europe and this first distribution agreement in a key market, InnoCan is rigorously executing its business plan for full commercialization in 2020.
Zahid Atcha Co-Founder, Active Therapeutics Ltd., said, " We are very excited to be working with Innocan Pharma's world class team and truly believe that customers will benefit from this relationship as we aim to introduce and educate consumers of the advanced scientific approach of Innocan Pharma's CBD portfolio."
About InnoCan Pharma Corporation
InnoCan Pharma brings pharmacological rigour to the burgeoning CBD marketplace. The founders and officers of InnoCan have commercially successful track records in the pharmaceutical and technology sectors in Israel and globally. InnoCan's business has three distinct operating segments relating to the incorporation in products of CBD in their formulation: (i) research, development, marketing, distribution and sales of InnoCan-branded OTC pharmaceutical products; (ii) research and development of non-pharmaceutical products for third parties in exchange for fees and/or royalties; and (iii) research and development of hydrogels containing liposomes intended for licensing or sale to third party pharmaceutical corporations for manufacturing, distribution and sales. http://innocanpharma.com/
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 product markets, 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 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 Pharma 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.
For further information, please contact:
For InnoCan Pharma Corporation:
Iris Bincovich, CEO
For Investor Relations: Proconsul Capital Ltd.
Andreas Curkovic 416-577-9927
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: InnoCan Pharma Corp.