Rapid Dose Therapeutics Completes QuickStrip™ Equipment Installation at Flower One Resulting in Immediate Revenue Generation
BURLINGTON, ON, July 25, 2019 /PRNewswire/ - Rapid Dose Therapeutics Corp. ("RDT") (CSE: DOSE) announced today that they have completed the last phase of the Managed Strip Services Agreement (the "Agreement") signed in January 2019 with Flower One Holdings Inc. ("Flower One") (CSE: FONE) (OTCQX: FLOOF), pursuant to which Flower One has been granted Gold Vendor Status to manufacture, distribute and sell RDT's QuickStrip™, an innovative, proprietary delivery technology, for the cannabis market in Nevada, USA. The result of this milestone is the immediate commencement of revenue to RDT under the Agreement.
Flower One is now initiating production of QuickStrip™ products for planned distribution later in 2019 to both the adult recreational and medical cannabis markets in Nevada, one of the most lucrative cannabis markets in the United States, hosting more than 55 million tourists annually from all over the globe.
RDT's proprietary QuickStrip™ technology is a Quick, Convenient, Precise, Discreet™ oral fast-dissolving drug delivery system providing cannabis consumers a smoke-free alternative, while simultaneously offering health benefits and improving patient outcomes.
"Through the Agreement RDT remains committed to providing consumers in the United States cannabis markets a Smoke-Free Choice™ that they can consume Anytime, Anywhere™. As these markets evolve and expand, RDT will be at the forefront of innovative cannabis delivery," said Mark Upsdell, CEO of RDT. "The Agreement will enable Flower One to sell to all licensed dispensaries in Nevada, under their own private brand, in addition to a white label program. Our relationship with Flower One further strengthens and positions QuickStrip™ as a growing international brand and delivery device."
"As we look to scale up our operations in the Nevada cannabis market, partnerships with brands like RDT's QuickStrip™ will play an integral role not only in that growth, but to our ability to deliver product diversity to the market," said Ken Villazor, Flower One's President and CEO. "Our cultivation, processing and custom packaging facilities in Nevada total more than 480,000 square feet and are expected to produce upwards of 148,000 pounds of dry flower and trim per year. The scale, technology, and automation of our facilities will bring precision, quality and a consistent ability for Flower One to bring RDT's innovative QuickStrip™ delivery technology to Nevada's fast-growing cannabis market. Through QuickStrip™ we are well positioned to bring a unique and exciting product offering to Las Vegas and Nevada's tourist-driven cannabis market."
About Rapid Dose Therapeutics Corp.
Rapid Dose Therapeutics Corp. is a publicly-traded Canadian life sciences company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry, including nutraceutical, pharmaceutical and cannabis industries. Within the cannabis sector, RDT provides a turn-key Managed Strip Service Program which enables RDT's QuickStrip™ proprietary drug delivery technology to be licensed by select partners. RDT's service-based annuity contracts drive recurring revenue which enables rapid expansion into emerging markets — generating value for consumers and shareholders. Rapid Dose Therapeutics is committed to continually create innovative solutions aimed at multiple consumer segments and future market needs — including humans, animals and plants.
For more information, visit: www.rapid-dose.com
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward- looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the delivery of products using the QuickStrip™ product delivery method, express, as at the date of this news release, the plans, estimates, forecasts, projections, expectations or beliefs of RDT as to future events or results and are believed to be reasonable based on information currently available to them. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Rapid Dose Therapeutics Corp.
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