James E. Wagner Cultivation Corporation Signs Cannabis Concentrate Program Agreement With MediPharm Labs Inc.
TORONTO, July 31, 2018 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (TSX VENTURE:JWCA) ("JWC" or the "Company") is pleased to announce that it has entered into a Cannabis Concentrate Program Agreement dated July 31, 2018 (the "Agreement") with MediPharm Labs Inc. ("MediPharm") further to the Company’s press release dated June 18, 2018. Pursuant to the Agreement, the parties have entered into a commercial arrangement whereby JWC will provide MediPharm with dried cannabis to use for the purposes of creating cannabis oil (the "Program").
Subject to the bulk transfer approval of Health Canada, JWC will ship dried cannabis to MediPharm which MediPharm will use to produce cannabis oil. The parties intend that under the Program, MediPharm may provide cannabis oil to JWC or to other licensed producers of medical cannabis at the direction of JWC. Alternatively, JWC may release the cannabis extract for use by MediPharm. The Program will be established at no capital cost to JWC; however, MediPharm will charge JWC processing fees for the cannabis oil produced, and the revenue earned on sales of cannabis oil by MediPharm will be shared between MediPharm and JWC.
Nathan Woodworth, JWC’s President and Chief Executive Officer, said: "Oil is an important product form in the cannabis industry, and JWC is pleased to be working with a company that offers a unique path to providing high quality oils to our patients.”
Pat McCutcheon, MediPharm’s President and Chief Executive Officer, said: “We’re very excited to provide an oil strategy to such innovative leaders in the cannabis space.”
The Program will be for an initial term of three years.
About MediPharm Labs Inc.
Founded in 2015, MediPharm is a pioneer in the cannabis industry and has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the Access to Cannabis for Medical Purposes Regulations (ACMPR) without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from our cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm to work with its established, Health Canada-approved cultivation partners to produce pharmaceutical-grade cannabis oil with a competitive advantage. MediPharm is research-driven and focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. MediPharm provides B2B contract processing of cannabis to Canadian authorized licensed producers and appropriate international growers, supplying integrity-assured cannabis oil to qualified companies for sale under their own brand. In addition, MediPharm will supply raw materials, formulations, processing and packaging for the creation of ready-to-sell advanced derivative products. Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.
For additional information about MediPharm, please see the company’s website: www.medipharmlabs.com.
About James E. Wagner Cultivation Corporation
JWC’s wholly-owned subsidiary is a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations and JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis. JWC uses an advanced and proprietary aeroponic platform named GrowthStorm™. JWC was founded as a family company and prides itself on its family values. JWC began as a collective of patients and growers under the Marijuana Medical Access Regulations (the precursor to ACMPR). Since its inception, JWC has remained focused on providing the best possible patient experience. JWC’s operations are based in Kitchener, Ontario.
Notice regarding forward-looking statements:
This press release contains forward-looking statements about JWC and its business which may include, but is not limited to, risk, uncertainties and other factors that may cause actual events to differ materially from current expectations. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting JWC. For example, there can be no guarantee that the Program will proceed as intended by the parties and set out in the Agreement. Other risk factors include risks regarding the cannabis industry, economic factors, the equity markets generally and risks associated with growth and competition. Although JWC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information about this release, please contact Nathan Woodworth, the President and Chief Executive Officer of JWC:
Phone: (519) 594-0144 x421
Released July 31, 2018