VANCOUVER, BC and LAS VEGAS, Nov. 2, 2023 /PRNewswire/ - (CSE: OVAT) (OTCQB: OVATF) – Ovation Science USA Inc. ("Ovation" or the "Company"), with its proprietary topical and transdermal cannabis products powered by its patented skin delivery technology Invisicare®, today announced the signing of an exclusive licensing agreement for Ovation's topical / transdermal formulations for the state of Missouri. The Company's new licensee is MidWest Roots, LLC ("MidWest"); a company with a 65,000 square foot cannabis processing facility; one of the largest in Missouri.
Under the terms of the Agreement, MidWest will be responsible for all regulatory, manufacturing, marketing, sales and distribution activities for Ovation's formulations in the state of Missouri. Ovation will receive royalty income based on wholesale sales to dispensaries. Missouri is approved for adult-use and is growing rapidly, with over 200 dispensaries and already achieving $1.3 billion in sales this year as of the end of August 2023, and according to Headset.io, the sixth largest market. MidWest, known for its expertise in cannabis and consumer goods, is poised to enter the market with Ovation's products in late Q4 of 2023.
"We are excited to partner with MidWest to bring our innovative topical cannabis products to the Missouri market, said Terry Howlett, President of Ovation. "MidWest has not only a strong production division but also a dynamic team that understands the market including Ovation's topicals. They have a strong track record of success in the cannabis and consumer goods industry, and we believe that they are the perfect partner to generate revenue in Missouri and bring value for our shareholders."
"We are thrilled to bring Ovation's products to consumers in Missouri. Their products are some of the most effective topical cannabis products on the market, and we believe that they will be a valuable addition to our product line", said Chris Klein, CEO of Midwest Roots, LLC. "We look forward to launching these products and working with the Ovation team to make it a great success."
This is the fourth agreement announced by Ovation this year. It follows a recently announced license agreement with Planet 13 for Nevada, a license for Pennsylvania with PA Options for Wellness and a Supply and Distribution Agreement with Golfer's CBD Ltd. 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. In a recent in-house study, Ovation compared five CBD brand leaders to Ovation Science's topical CBD cream. All competitor creams tested release less than 2% CBD compared to 40% release from Ovation Science over two hours.
Statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
About MidWest Roots, LLC
Midwest Roots has a 65,000 square foot facility for the production of wide variety of cannabis products to serve the Missouri recreational and medical cannabis patients. It is one of the largest facilities in Missouri. Its facility is located in Washington, MO, near Interstates 44 and 70 which makes it an ideal location allowing the company to get the products to dispensaries across the state in a matter of business days. The company produces a variety of cannabis products, including topicals, vape pens, cannabis-infused edibles, pills and (coming soon) pre-rolled joints.
About Ovation Science USA Inc.
Ovation Science USA Inc, a wholly-owned subsidiary of 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.
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.
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SOURCE Ovation Science Inc.
