Proactive Investors - Run By Investors For Investors

Alchemist Mining updates on Island Therapeutics deal, aimed at producing new remedies

British Columbia-based Island Genetics is focused on research and development (R&D) within the cannabis industry
Inking a deal
Alchemist has signed a binding letter of intent to enter into the agreement with IG

Alchemist Mining Inc (CSE:AMS) has inked a deal to take a stake in Island Therapeutics in bid to develop new strains of cannabis, targeting specific ailments.

British Columbia-based Island Genetics is focused on research and development (R&D) within the cannabis industry and the production and preservation of exotic heirlooms, unique hybrids, as well as other cannabis strains.

READ: Alchemist Mining takes 15% stake in Island Therapeutics

The company began in 2013 as a research project for Davis Allen to treat his chronic stomach disorder.

To get  the 15% stake, Alchemist said it would complete a share exchange, valued at C$112,500.

"Having recently announced a partnership to deliver transdermal cannabis patch technology, it was the natural next step to partner with a group like Island Genetics that is targeting specific ailments and researching and developing the best of breed cannabis strains to address them", said Alchemist CEO, Paul Mann.

The aim of  the agreement is to commercialize the existing genetics library of IG and further develop new strains of cannabis, targeting specific ailments.

Davis Allen, Founder of Island Genetics, added: "We look forward to working with Paul and his team at Alchemist because we truly believe the products that he is working on will have a powerful impact on the cannabis industry. We also admire Paul's professionalism and by-the-book approach- which is less common in this industry than people think. This has given us the confidence to take this step with Alchemist and become a partner."

View full AMS profile View Profile

Alchemist Inc Timeline

Related Articles

ROBO Global US CEO Travis Briggs
August 14 2018
Investors can buy directly into the popular ROBO ETF based on the benchmark index comprised of 87 top robotics, automation and AI companies.
N-P-K, nitrogen-phosphorus-potassium acronym image
April 01 2019
The Australian company will host a Q&A call for investors this Thursday at 10.30am eastern time.
ShareRoot imagery
November 11 2018
The consumer data security provider is aiming to grow revenue and reduce spending in the coming year.
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use