TORONTO, Jan. 30, 2019 (GLOBE NEWSWIRE) -- CanaQuest Medical Corp. (OTC: “ADYNF”), a company focused on the development of unique health products and nutraceuticals utilizing cannabis and botanical oil extracts, and Jamaican Medical Cannabis Corporation (JMCC), a Toronto-headquartered company with rapidly expanding cannabis cultivation, processing and distribution operations in Jamaica, announced today that they have signed a preliminary agreement under which JMCC will exclusively provide Jamaican-based processing, packaging, warehousing and global distribution services for CanaQuests'’ new cannabinoid-rich mental health and nutraceutical products. The final agreement is anticipated to be completed and signed by March 31, 2019.
As previously announced on August 2, 2018, the two companies completed a supply agreement under which JMCC will supply cannabis for medicinal use by CanaQuest or its nominated third-party permitted buyers. The supply agreement ensures a source of high-quality raw material to support CanaQuests’ ongoing research programs with two prominent Canadian universities. The agreement announced today is intended to provide production and global distribution capabilities for products developed from these research programs.
Initially, CanaQuest expects to launch product formulations derived from research conducted at London, Ontario-based Western University, led by Dr. Steven Laviolette. Dr. Laviolette and his team are global leaders in research for more effective use of medical cannabis for mental health. They have identified safer and clinically superior cannabinoid formulations aimed at treating the symptoms of various psychiatric disorders such as anxiety, depression, schizophrenia, and post-traumatic stress disorder, while eliminating the negative side effects associated with traditional marijuana formats.
CanaQuest also funds a research program with Ontario’s University of Waterloo on cannabis oil and its constituents in the context of developing formulations to treat colorectum, pancreas, breast and prostate cancers. To date, CanaQuest has allocated C$1.69 million to these two university research programs.
CanaQuest President Paul Ramsay stated: “Our agreements with JMCC allow us to focus on our mission of conducting research in support of cannabis-related product development and the creation of unique product formulations for patients. The commitment of JMCC and our shared goals provide an opportunity to positively impact global medical and nutraceutical markets.”
JMCC Chair and CEO Diane Scott said the expansion of the relationship with CanaQuest represents a natural extension of her company’s integrated service offering, stating, “We founded JMCC with the goal of becoming the leading cultivator of high-quality, Jamaican medical cannabis for the world. We’re very proud that CanaQuest is now entrusting to us the manufacturing, packaging and global distribution of their novel products. It’s exactly what we believe we can do best: to support those medicinal industry players who want to concentrate on research and developing innovative products to help patients around the world.”
The parties intend to operate under the proposed production and distribution agreement to ultimately distribute these products for medicinal use in jurisdictions where the combination of cannabinoids and botanical plant extracts employed in CanaQuest’s formulations are permitted or approved, including after the completion of any required human trials. In addition, any distribution of these product formulations will remain subject to JMCC and CanaQuest satisfying relevant licensing and other local requirements in jurisdictions where such products are manufactured, imported and distributed.
About CanaQuest Medical Corp (formerly Algae Dynamics Corp)
CanaQuest Medical Corp is engaged in the development of unique health products and nutraceuticals that utilize hemp, cannabis and algae oils. The Company has engaged two Canadian universities to provide research into the use of botanical extracts and cannabis formulations, which we plan to use to develop products that combine the significant health benefits of Omega 3s, derived from algae oil, and extracts from cannabis oil. Our research is focused on the use of cannabis in the context of cancer and the use of cannabis derivatives for the development of our novel pharmacotherapies for mental health. The name change to CanaQuest Medical Corp reflects our new strategy, activities and developments. CanaQuest is also in the process of obtaining a purchase/sale, import/export license for cannabis and cannabis products as permitted under the Health Canada Cannabis Act.
For more information, visit http://www.canaquest.com.
About Jamaican Medical Cannabis Corp (JMCC)
JMCC is a Canadian-headquartered group of companies with rapidly expanding medical cannabis operations in Jamaica. Providing a range of cultivars sun-grown in specially designed greenhouses at various locations around the island, JMCC also offers an integrated and customizable outsourcing solution for the global medical cannabis industry, including processing/extraction, testing, global warehousing and distribution. Led by an international executive team with in-depth experience in highly regulated industries, JMCC provides premium medicinal cannabis and associated services to licensed producers and other industry participants to free them to focus on creating and delivering the best products for patients.
For more information, visit https://www.jamaicanmedicann.com
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, use of proceeds and the development, costs and results of current or future actions and opportunities in the sector. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact for CanaQuest:
Paul Ramsay, Co-Founder & President CanaQuest Medical Corp. E: ramsay@algaedynamics.com T: +1 416.704.3040
Contact for JMCC: Shelley Boyes Director, Marketing & Communications Jamaican Medical Cannabis Corporation T: +1 416.272.8981 E: shelley.boyes@jamaicanmedicann.com
