Innocan Pharma Corporation (CSE:INNO) announced Tuesday that its subsidiary Innocan Israel signed a manufacturing and distribution agreement with Endless Sky Incorporated (ESI), a large-scale cannabis extraction company based in Calgary.
ESI will exclusively distribute Innocan’s CBD products in Canada and manufacture them at its Health Canada-licensed facility in Redvers, Saskatchewan. In exchange, ESI will pay Innocan Israel a fee per product in addition to royalties based on net sales.
Innocan’s products include its Relief and Go CBD Spray and Cream as well as the SHIR Eye Serum, Face Cream and Night Cream.
READ: Innocan Pharma says its SHIR Beauty & Science CBD Derma Cosmetics greenlit to be marketed in European Union
“We believe that Innocan's patent-pending, CBD-integrated products will be some of the highest quality CBD products to enter the market to date,” Endless Sky CEO Travis George said in a statement. “Israel is well known as the global leader in CBD research and Innocan is leveraging that knowledge with a team of proven experts in the cosmetics, healthcare, sports medicine, and wellness markets. The pharmaceutical expertise of Innocan together with Endless Sky's large extraction capacity and manufacturing capabilities will combine to bring top of the line products to market at scale and price points that will allow for wide market access.”
The 12-month deal is conditional on ESI receiving Health Canada approval by the end of the year, the company said. The agreement is set to be automatically extended for additional year-long periods as long as minimum sales targets are met.
"We are thrilled to have found the right party to distribute and manufacture our CBD line of products in Canada,” Innocan CEO Iris Bincovich said. “Distributing our CBD line of products is a significant milestone for us, given the importance of Canada to the world of CBD. Collaboration with Endless Sky, one of Canada's largest extracting companies, will allow us to enter Innocan's revolutionary wellness brands into the Canadian market."
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