Ovation Science Topical and Transdermal Cannabis Sales Increase over 70% in Nevada Dispensaries - Continued Strength Shown As Demand for Cannabis Increases
VANCOUVER, BC and LAS VEGAS, March 9, 2021 /PRNewswire/ - (CSE: OVAT) (OTCQB: OVATF) – Ovation Science Inc. ("Ovation" or the "Company"), a topical and transdermal cannabis product development company with a patented skin delivery technology and backed by over twenty years of research and development, reports that sales in January 2021 through its licensee in Nevada outperformed the previous month (December 2020) by over 70%. January sales were also the highest since February 2020. Ovation earns royalty income from these sales.
"We are thrilled to report that our royalty income for January resulted in the highest increase in the last twelve months. We believe this represents the beginning of a big turnaround in the topical cannabis business since the beginning of the pandemic said Terry Howlett, CEO of Ovation Science. He added, "We anticipate sales to continue to grow with the re-opening up of the economy and increased tourism back to Nevada and across the country. The proven effectiveness and subsequent repeat buyers of our topical and transdermal products remains a key driver to our superior performance." Mr. Howlett added "We continue to be focused on selecting a multi-state operator (MSO) in the United States that can duplicate and surpass the success that we have in Nevada. Although all businesses were affected due to the unprecedented lockdowns, we are pleased with the strong start to the new year."
Ovation's topicals, backed by over 20 years of R&D, are cannabis-infused creams and lotions that you apply directly to your skin to provide relief . Ovation formulates two types of topicals; ones that remain on the skin to deal with "skin issues" and transdermal creams that allows the CBD (cannabidiol), and/or the THC (tetrahydrocannabinol) to be absorbed through the skin into the bloodstream. Ovation products are powered by Ovation's Invisicare® drug delivery technology; a patented technology that enhances topical products by increasing the amount of drug delivered to and through the skin. Franz cell diffusion studies were conducted and showed a 41% better release topically by Ovation's products and an 81% greater transdermal penetration, compared to other market leading products tested.
Topical cannabis products appeal to traditional cannabis users as well as non-traditional users exploring cannabis for the first time. It is an easy entry into the cannabis market and more people are experiencing the benefits of using topical products; particularly ones backed by science like Ovation's products. According to a 2020 CWI Consulting Services survey, the key reasons people purchase topicals is pain relief and skin health (Cannabis Science and Technology, "A Market Overview: Cannabis Topicals", January/February 2021, Volume 4, Issue 1). A 2019 Brightfield Group report, predicted by 2025, topicals would reach $4.5 billion in the US alone. With the United Nations recently reclassifying cannabis from its Schedule IV list (narcotics designated as potentially addictive and dangerous), broader deregulation could be on the horizon as well as increased cannabis research and medical use worldwide. (Trends Transforming The Cannabis and CBD Industry Outlook in 2021 https://linchpinseo.com/trends-in-the-cannabis-industry/ Updated March 2, 2021).
From the Company's and licensee's (distributor) perspective, topical cannabis products can offer a great deal of value to a product mix as Ovation's products are relatively inexpensive to produce yet offer high margins and appeal to a broader market than traditional cannabis products. With the industry losing its stigma, the new pro-cannabis administration in the US and the overall greater acceptance of cannabis, Ovation Science is poised for growth in 2021.
Ovation's stock trades on the CSE under the symbol OVAT at www.theCSE.com and recently announced it has begun trading on the OTCQB under OVATF and can be accessed on www.otcmarkets.com/stock/OVATF.
For information about Ovation Science Inc. visit www.ovationscience.com
CBD Product Lines:
HEALTH & WELLNESS: www.invibemd.com
BEAUTY: www.arlocbdbeauty.com
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 Ovation Science Inc.
Ovation Science Inc. is a research and development company that develops topical and transdermal consumer products including its CBD/THC cannabis formulations including ARLO CBD Beauty and InVibe® MD ("health & wellness" line), and secondly, its unique DermSafe® hand sanitizer; all made with its patented Invisicare® skin delivery technology. The technology enhances the delivery of ingredients to and through the skin and is protected by patents in eleven countries. With over twenty years of topical and transdermal drug delivery experience in the pharmaceutical market, Ovation's management and science team have created a unique pipeline of over twenty-five patent-protected medical / wellness topical and transdermal products along with a line of anti-aging / beauty formulas. Ovation earns revenues from licensing and development fees, royalties, the sale of Invisicare to its licensees along with revenue from its own product sales. Ovation has offices in Vancouver, BC Canada and Las Vegas, Nevada, USA. Ovation trades on the CSE under the symbol OVAT and in the USA on OTC Markets under the symbol OVATF. Visit our website www.ovationscience.com for more information.
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 continued sales or expansion of distribution. 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.
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