Investee Company Update: Nuuvera agrees MOU with the Province of New Brunswick to supply 2.5 million grams of cannabis and related products for the province’s cannabis market.
FastForward is pleased to note the announcement by investee company Nuuvera Corp. (“Nuuvera” (TSXV: NUU)), a privately held company formed to capitalize on the global trend towards the legalization of medical cannabis, in which FastForward has a holding of 3.75%, today, that it has entered into a Memorandum of Understanding (“MOU”) with the Province of New Brunswick to supply 2.5 million grams of cannabis and related products for the province’s cannabis market. The Nuuvera announcement reads as follows:
‘Nuuvera Inc. (“Nuuvera”) (TSXV:NUU) announced that it has entered into a Memorandum of Understanding (“MOU”) with the Province of New Brunswick to supply 2.5 million grams of cannabis and related products for the province’s cannabis market.
The MOU sets the groundwork for Nuuvera to supply high-quality cannabis oil and flower to the province, beginning in July 2018. Included in the agreement is Nuuvera’s commitment to donate two-percent of the gross value of cannabis products sold to the government to the Cannabis Education and Awareness Fund.
Lorne Abony, CEO of Nuuvera, said that the MOU signals Nuuvera’s growing participation in Canada’s cannabis industry.
“We are pleased to finalise this important MOU with New Brunswick. Not only is it the result of productive and open negotiations, but it is an endorsement of the way Nuuvera operates and what we stand for. We will keep working with the Government of New Brunswick, and governments across Canada, to help create a safe, high-quality industry that meets the needs of all cannabis consumers.”
In addition to the MOU, Nuuvera also announced this week that it would establish a state-of-the-art laboratory in Saint John that will process, manufacture and distribute pharmaceutical-grade medical marijuana derivative products. This will be Nuuvera’s second such facility in Canada and will create new, skilled jobs for the city.
“With offices in Toronto, Tel Aviv, Hamburg, and Milan, we are positioned to serve diversified international markets with medical grade cannabis products, and our New Brunswick operations will form a critical piece of our research and development efforts that will keep us on the leading edge of product innovation,” said Abony.’
For more information on Nuuvera, please visit: www.nuuvera.com
Nuuvera is a global medical cannabis company founded on Canadian principles, and built with the whole world in mind. Nuuvera is currently working with partners in Germany, Israel and Italy, and is exploring opportunities in several other countries, to develop commercial production and global distribution of medical grade cannabis in legalized markets. Through its subsidiaries, ARA – Avanti Rx Analytics Inc. and Avalon Pharmaceutical Inc., Nuuvera holds a Dealer License (GMP) under the Narcotic Control Regulations and Office of Controlled Substances. Nuuvera is currently in the final stages of the Health Canada review process to become a Licensed Producer of medical marijuana under the ACMPR, and has recently received its “letter to build” approval.
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