PreveCeutical $PREV Reports Cannabis R&D Partnership

PreveCeuticalPreveCeutical Medical Inc. (TSX: V.PREV, OTCQB: PRVCF) announced that it has executed a strategic R&D agreement for the supply of cannabis-derived products as well as related information from an ACMPR- licensed producer of medicinal cannabis. The agreement is aimed at advancing the commercialization and development and commercialization of the Company’s “sol-gel” delivery platform for the nasal delivery of medications, including those derived from cannabis.

The agreement stipulates that the licensed producer will provide PreveCeutical with prescribed strains of cannabis oil, dried cannabis extracts, and other ingredients. In return, PreveCeutical agrees to provide its partner with share purchase options totaling 2,565,000 units, valued at an aggregate of $2 million (CAD).

The LP is also entitled to a right of first refusal in any future PreveCeutical equity financings over the next 24 months, as well as right of first refusal on any non-exclusive licensing of the sol-gel technology.