EnWave and Tilray Sign a Commercial Royalty-Bearing Sublicense with The Green Organic Dutchman to Dry Cannabis in Canada
JAN 3RD 2019, 06:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that EnWave and Tilray, Inc. (“Tilray”) (NASDAQ:TLRY) have signed a royalty-bearing commercial sublicense (the “Agreement”) with The Green Organic Dutchman Holdings Ltd. (“TGOD”) (TSX:TGOD), a major Canadian producer of medical and adult-use cannabis, and a global leader in cultivating premium, certified organic cannabis. The Agreement grants TGOD the right to use the Company’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology to dry organic cannabis in Canada.
EnWave and Tilray entered into an exclusive partnership in October 2017 in which EnWave named Tilray as its licensed partner under the terms of an exclusive, sub-licensable, royalty bearing commercial license (the “License”). The License grants Tilray an exclusive right to use and sub-license the Company’s proprietary REV™ dehydration technology in Canada for efficient production of cannabis products. Under the terms of the License, EnWave and Tilray will share royalties from TGOD’s use of EnWave’s REV™ technology on an undisclosed basis.
Pursuant to the Agreement, TGOD has signed an equipment purchase agreement and submitted a purchase order to EnWave for a large-scale 60kW commercial REV™ machine to initiate commercial production in Canada.
The Agreement further expands the application of EnWave’s REV™ technology within the rapidly growing global medical and adult-use cannabis market. EnWave’s strategy is to commercialize its proprietary REV™ technology throughout the global cannabis sector under its licensing and royalty business model.
About The Green Organic Dutchman
The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) is a publicly traded, premium global organic cannabis company, with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as the Canadian adult-use market. The Company grows high quality, organic cannabis with sustainable, all-natural principles. TGOD’s products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. TGOD has a funded capacity of 170,000 kgs and is building 1,382,000 sq. ft. of cultivation facilities across Ontario, Quebec and Jamaica.
For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, legal cannabis and pharmaceutical sectors. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up eight distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;
2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
3. quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance
President & CEO
For further information:
John Budreski, Executive Chairman at +1 (416) 930-0914
Brent Charleton, Senior Vice President, Sales and Business Development at +1 (778) 378-9616
Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (647) 203-8793
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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