Rapid Dose Therapeutics Signs Production Agreement with OG Laboratories to Produce Cannabis Vape and CBD from Hemp Products
March 10, 2021
BURLINGTON, Ontario, March 10, 2021 (GLOBE NEWSWIRE) — Rapid Dose Therapeutics Corp. (“RDT” or the “Company”) (CSE: DOSE) is a Canadian Life Science company focused on innovative drug and active ingredient delivery solutions. The flagship product ‘QuickStrip™’ is a thin, orally dissolvable film, infused with an active ingredient (nutraceuticals, cannabis or pharmaceuticals) that is delivered quickly into the bloodstream bypassing first-pass metabolism resulting in rapid onset of the active ingredient.
The Company is announcing today that it has entered into a product manufacturing and distribution agreement with OG Laboratories Canada Inc., a wholly owned subsidiary of OG Laboratories LLC. (“OG”) headquartered in Deerfield Beach Florida, to manufacture OG’s vape line of products for the Canadian market. OG will license its formulations, processes, certain technology and provide the equipment to RDT in return for service fees based on sales.
OG has experienced rapid growth in the United States creating a premium CBD from hemp line of products marketed through its popular website www.oglaboratories.com. OG has been seeking a Canadian partner who shares the same business vision for its products and has the capability to produce for both the cannabis and non-cannabis sectors in the Canadian marketplace. RDT with its cannabis licence and built out production facility in Burlington Ontario is the perfect fit for establishing OG product sales in Canada.
OG’s product line adds to RDT’s growing array of products available to consumers through both the cannabis and nutraceutical distribution channels. With the recently announced acquisition of Consolidated Craft Brands, and through its selling shareholder alliances, these channels are expanding rapidly for products like the ‘QuickStrip™’, nutraceuticals, topicals and now the OG product line.
“Partnering with OG, a pioneer in the US non-cannabis CBD market, gives us the ability to quickly and efficiently enter the vaping market here in Canada. This fits perfectly into our strategy of being the leader in providing alternatives in the delivery of active ingredients in both the cannabis and CBD from hemp market,” Mark Upsdell, CEO of RDT explains.
Nick Trivedi, CEO of OG Laboratories, said, “OG Laboratories is excited to enter the Canadian market with the partnership with Rapid Dose. Quality is the key component of our products and processes, and we believe RDT provides the right partnership opportunity for us in the Canadian market. We have experienced demand from Canadians on our website that we were unable to fulfill. Through RDT, we can now make our popular aftermarket pods and disposable vaporizers available to Canadian customers. We are also looking forward to bringing continued innovation and new formulations to the market with this partnership with Rapid Dose.”
About Rapid Dose Therapeutics
Rapid Dose Therapeutics Corp. is a publicly-traded Canadian Life Sciences company providing innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry — including nutraceutical, pharmaceutical and cannabis industries. RDT’s service-based annuity contracts drive recurring revenue and facilitate rapid expansion into emerging markets across multiple consumer segments. RDT is committed to continually create innovative solutions for humans, animals, and plants.
About OG Laboratories
OG Laboratories is a privately held company producing and distributing its CBD products in the United States through both direct consumer channels and through retail outlets where CBD from hemp products are sold.
For more information, visit: www.rapiddose.ca
For inquiries please contact:
Ofc (416) 477-1052
Managing Director Capital Markets
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “will”, “could”, “are planned to”, “are expected to” or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the delivery of equipment and products using the QuickStrip™ product delivery method, the generation of recurring revenues and the dismissal of the CTT lawsuit, express, as at the date of this news release, the plans, estimates, forecasts, projections, expectations or beliefs of RDT management as to future events or results and are believed to be reasonable based on information currently available to RDT management. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; termination of WLM agreements; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition, currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by RDT management at the time of preparation will prove to be accurate as there can be no assurance that the plans, intentions, or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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