Ovation Science Signs Exclusive License Agreement for Its Topical / Transdermal Cannabis Products for Pennsylvania
VANCOUVER, BC and LAS VEGAS, May 24, 2023 /CNW/ - (CSE: OVAT) (OTCQB: OVATF) – Ovation Science Inc. ("Ovation" or the "Company"), with its proprietary topical and transdermal cannabis products powered by its patented skin delivery technology Invisicare®, is pleased to announce it has entered into an exclusive licensing agreement with PA Options for Wellness Inc. ("PA Options") for Pennsylvania. PA Options, founded in 2014, has six dispensaries doing business as Vytal Options. Ovation's products (co-branded as Invibe® MD and Vytal Options) will be sold through these dispensaries and through PA Options' extensive wholesale channels. Ovation will receive a royalty based on sales. This is Ovation's first licensee in the North East and is part of the Company's strategy to partner with leading US cannabis companies.
There are over 850,000 registered cannabis patients and caregivers and over 170 dispensaries throughout Pennsylvania and PA Options is focused on becoming the preferred provider of medical cannabis to these patients. Along with its six dispensaries and over 32,000 registered medical patients, PA Options has a 65,000 square foot state-of-the-art facility where it grows and processes premium grade medical cannabis. Its pharmaceutical-grade laboratory / manufacturing facility is led by its highly skilled team. Additionally, PA Options also collaborates with Penn State University College of Medicine on Medical Cannabis Research and with Penn State University Harrisburg on non-cannabis related research to explore the medicinal properties of hemp and flax.
"We are excited about collaborating with PA Options as both companies are focused on offering the best, most effective products to patients," said Terry Howlett, CEO of Ovation Science. "Our expansion with PA Options will now establish our products in a market that really needs our science-based products. Along with their impressive production facility and extensive distribution network, their team's knowledge and expertise will ensure our products will resonate with dispensaries and patients across the state. We believe this agreement with PA Options is just the start of many other fruitful collaborations between the companies."
"We look forward to making Ovation's innovative, science-based products available for medical cannabis patients throughout Pennsylvania" said Tom Trite, CEO of PA Options. "Both companies are focused on offering the best, most effective products to patients and we look forward to working and collaborating with the Ovation team."
Ovation leverages its expertise in the pharmaceutical industry by using its patented skin delivery technology Invisicare® in its highly effective, proprietary products. Invisicare, backed by over 20 years of research and development, enables substantially more CBD and THC and other cannabinoids to be delivered to and through the skin, which translates into better results for patients. Ovation topical creams can remain on the skin to deal with "skin issues" or allow the cannabinoids (CBD/THC) to be absorbed transdermally through the skin into the bloodstream. Studies show Ovation's products have a 10 times greater release of CBD to the skin and over 5 times greater penetration compared to other products tested.
Statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
PA Options for Wellness was founded with research and focused on patient outcomes and quality of life. Its mission is to combine plant science and medicine to bring top-quality, innovative products to the medical market and transform the lives of their patients while adhering to strict ethical standards. The company operates a 65,000 square foot, state-of-the-art cannabis grow/processing and production facility and six patient-centric cannabis dispensaries throughout Pennsylvania. The company also collaborates with medical leaders and universities in the state to advance patient care and research.
Ovation Science Inc. is a research and development company that develops topical and transdermal CBD/THC and other cannabinoid products which are out-licensed and also distributed under Ovation's own brands; ARLO CBD Beauty and InVibe® MD ("wellness" line); all powered by its patented Invisicare® skin delivery technology. Invisicare enhances the delivery of ingredients to and through the skin and is protected by patents and proprietary formulations which cannot be duplicated. With over 20 years of pharmaceutical drug delivery experience, Ovation's management and science team have created a unique pipeline of over thirty proprietary medical / wellness topical and transdermal products along with a line of anti-aging / beauty formulas. Ovation earns revenues from royalties on licensees' sales and the sale of Invisicare, along with revenue from its own product sales. Ovation has offices in Vancouver, Canada and Las Vegas, USA.
Stock symbols: CSE under the symbol OVAT and OVATF in the USA on OTC Markets.
Websites: CORPORATE: www.ovationscience.com
WELLNESS: www.invibemd.com BEAUTY: www.arlocbdbeauty.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular there is no assurance of sales and acceptance of its products in any of the state cited, continued sales in dispensaries or in retail markets or expansion to other states. There are no guarantees of future performance or changes to regulations. Ovation Science Inc. cautions that all forward looking statements are inherently uncertain and that actual results may be affected by a number of material factors, many of which are beyond Ovation Science Inc.'s control. Accordingly, readers should not place undue reliance on the forward-looking information. Ovation disclaims any obligation to revise or update any such forward-looking information to reflect future results, events or circumstances, except as required by law.
Neither the Canadian Securities Exchange, OTC Markets nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Ovation Science Inc.
INVESTOR RELATIONS: Dave Ryan: [email protected], PH: 604-283-0903 ext. 1; LICENSING & CORPORATE INQUIRIES: Doreen McMorran: [email protected], PH: 604-283-0903 ext. 4
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