Pivot Pharmaceuticals Inc (OTCMKTS:PVOTF) and its medical cannabis products segment, Pivot Green Stream Health Solutions Inc. reported that they have signed a letter of intent to establish “PGS-California” in order to support the monetization of the “RTIC” technology as previously reported on December 20, 2017.
Pivot Pharmaceuticals intends to construct manufacturing facilities in approved cannabis markets throughout Europe and North America, get the required licensures, and release products utilizing RTIC know-how which revolutionizes cannabis oil into powder for mixture. The letter of intent is contingent to customary conditions including regulatory nod, the negotiation of a definitive deal and satisfactory closure of due diligence.
Pivot Pharmaceuticals seeks to record market share in the beverage and food division of the cannabis industry in approved markets in the near term via in-house brand advancement and by offering co-packing services for further edible brands via strategic associations. Co-packing services mark as an underserved, high-demand division of the cannabis market on the B2B front and will help enhance the visibility and awareness of the “Made with Instant Hemp” and “Made with Instant THC” brands.
Pivot Pharmaceuticals will appoint Patrick Rolfes and Ross Franklin to executive leadership profiles within PGS-California to assist execute its business plan of performing research, development and marketing of cannabinoid-based offerings. Rolfes stated that Pat and he look forward to associating with company to monetize the RTIC patents. Their facilities can produce a variety of beverage and food products such as K-Cups, capsules, baked mixes, stick packs, protein shakes, liquid shots, lotions, bottle beverages and topicals.
Dr. Patrick Frankham, the CEO of Pivot, expressed that the company continues to follow on its business plan to upscale cannabis oils into leading nutritional and healthcare offerings. The California cannabis industry is projected to be worth $7 billion yearly making it an interesting territory for company’s pipeline of technologies and products.