EnWave Signs Royalty-Bearing License for Drying Cannabis in Canada with Glasshouse Botanics
AUGUST 30, 2019,5:30 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that it has signed a royalty-bearing commercial sublicense (the “License”) with Glasshouse Botanics Inc. (“Glasshouse Botanics”). Glasshouse Botanics cultivates high-quality medicinal cannabis at its licensed facility in Ontario, Canada. The License grants Glasshouse Botanics a non-exclusive right to use EnWave’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology for the drying of cannabis in Canada.
Under the terms of the License, Glasshouse Botanics will pay EnWave a usage-based royalty tied to the weight of finish dried cannabis dried using the REV™ machine.
Glasshouse Botanics will lease a small-scale 10kW REV™ machine for three months to initiate commercial production of dehydrated medical cannabis using EnWave’s REV™ technology. Glasshouse Botanics will have the option to purchase the 10kW REV™ machine at the completion of the three-month lease in order to extend the term of the License. All other terms of the License are confidential.
About Glasshouse Botanics Inc.
Glasshouse Botanics Inc. is a privately-held Canadian corporation cultivating and processing pharmaceutical-grade medicinal Cannabis flower and derivatives. The company’s facility is located in the Whitewater Region of Ontario, Canada, west of Ottawa. Glasshouse Botanics has recently received its Health Canada cultivation license, and the first 43,000 sqft of its planned 520,000 sqft greenhouse is substantially complete.
For more information on Glasshouse Botanics, please visit https://glasshousebotanics.ca/
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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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