PreveCeutical Signs LOI with Crushed to Supply CBD Isolate
Ryan Allway
November 13th, 2018
News
PreveCeutical Medical Inc. (the “Company” or “PreveCeutical”) (CSE: PREV, OTCQB: PRVCF, FSE: 18H), announces that it has entered into a non-binding letter of intent dated November 9, 2018 (the “LOI”) with Crushedit LLC (“Crushedit”), whereby PreveCeutical’s newly created Cannabis Division (see news release dated July 24, 2018) will supply Crushedit with a minimum of 2,500 kilograms of Cannabidiol (“CBD”) isolate over a 12 month period at a purchase price of CAD $6,500.00 per kilogram, for aggregate sale proceeds of at least CAD $16,250,000 (the “Transaction”).
PreveCeutical’s Chairman, Chief Executive Officer and President, Stephen Van Deventer commented, “We are extremely excited with this transaction for our Cannabis Division. The transaction is very beneficial to PreveCeutical as the revenue from the sales of the CBD isolate positions us for future growth to increase shareholder value and allows us to continue executing our vision of becoming a global preventive healthcare company.”
Commercial Terms of the LOI
Under the terms of the LOI, PreveCeutical will supply Crushedit with a minimum of 2,500 kilograms of CBD isolate over a 12-month period. The funds paid by Crushedit in connection with the Transaction will be held in escrow until local testing of the CBD isolate is completed and all terms relating to the Transaction are agreed upon in a contract of sale to be entered into between the parties.
About PreveCeutical
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for type 2 diabetes and obesity; a Sol-gel drug delivery program; Nature IdenticalTM peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
PreveCeutical sells CELLB9®, an Immune System Booster. CELLB9® is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide obtained from Caribbean Blue Scorpion venom. This product is available on PreveCeutical’s website.
For more information about PreveCeutical, please visit www.preveceutical.com, follow us on Twitter: http://twitter.com/PreveCeuticals and Facebook: www.facebook.com/PreveCeutical.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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