VANCOUVER, British Columbia--(BUSINESS WIRE)--NanoSphere Health Sciences Inc. (CSE:NSHS) (OTC:NSHSF) (“NanoSphere” or “the Company”), the biotechnology leader behind the patented NanoSphere Delivery System™, is pleased to announce the Company has signed a Letter of Intent forming a partnership with Abba Import Export S.A. de C.V., to launch Evolve’s growing product line in Mexico.
The partnership was developed through NanoSphere’s Canadian-based cannabis division, NanoSphere Cannabis International Inc. (NCI). President Gary Symons says the agreement is part of NCI’s strategy to find global partners in countries where medical or recreational cannabis is being legalized. Mexico’s designated Interior Minister Olga Sanchez announced on Nov. 8 that Mexico would become the third country in the world - after Uruguay and Canada - to legalize both medical and recreational cannabis.
“We have been looking at the market in Mexico for some time, and we’ve been very fortunate to find a strong partner in Abba, with existing sales channels through the three largest pharmacy chains in the country, and their own GMP certified production facility for health supplements,” Symons explained.
This agreement marks the second licensing deal for NCI since the company was formed on Nov. 1st, 2018. The first was an agreement ceding the Master License for NanoSphere delivery technology to Delta 9 Cannabis Inc., which is currently building out its cannabis extract production facilities.
“In my opinion, NanoSphere has developed the most advanced delivery system for cannabis in the world, and this proprietary technology is allowing us to expand very quickly,” said Symons.
Julio Antonio D Miguel, President and CEO of Abba, says the upcoming partnership with NCI and Delta 9 will allow his company to take a leading role in the fast approaching cannabis market.
“As a leading distributor of health supplements in Mexico, we can see the tremendous potential for the cannabis industry,” said Ibarra. “Our goal was to secure the relationship with NanoSphere so that our company would have the exclusive right to distribute a truly revolutionary product for our customers.”
The Letter of Intent provides Abba with the exclusive Master License for NanoSphere’s cannabis and CBD products throughout Mexico, pending the signing of a definitive licensing agreement.
Under the agreement, NanoSphere will initially export its cannabis product line, Evolve Formulas to Abba from Canadian partner and Licensed Producer Delta 9 Cannabis Inc. The companies also plan to collaborate on a production facility in Mexico for dried cannabis, extracts, and NanoSphere’s various cannabis products.
NanoSphere Health’s Evolve Formula’s line, currently consists of three variations of the transdermal NanoSerum™ formula, one THC-dominant, CBD-dominant and hemp-derived CBD. All applications utilize the NanoSphere Delivery System™, for increased bioavailability, minimal wait-time and precision-metered dosing. This patented technology is the first and only advanced cannabinoid delivery system and can only be found in NanoSphere Health products.
To secure the Definitive Licensing Agreement, Abba has agreed to pay to NanoSphere a licensing fee of $400,000 USD, with those funds to be used by NCI to help complete the buildout of Abba’s production facility and distribution network. The two companies will share equally in the gross profits resulting from the sale of NanoSphere products in Mexico.
NanoSphere’s Commitment to Licensing IP
NanoSphere launched its IP licensing program in 2015 and is entertaining several licensing opportunities via a rigorous evaluation process. For more information about NanoSphere’s licensing program, please visit: https://www.nanospherehealth.com/licensing/
About NanoSphere Health Sciences LLC and NCI
NanoSphere is a biotechnology firm that developed a patented platform using nanotechnology in the biodelivery of supplements, nutraceuticals and over-the-counter medications for the cannabis, pharmaceutical and animal health industries, and beyond. NanoSphere trades on the CSE under the stock symbol NSHS. NCI is the cannabis division of NanoSphere. For more information on NanoSphere, please visit http://www.nanospherehealth.com.
About ABBA IMPORT EXPORT SA DE CV
Abba and its fabrication subsidiary Viride Laboratorios were founded in 1996 to supply high quality health products to consumers across Mexico. Abba imports only the finest quality products produced under GMP standards, and distributes through the country’s largest retail networks, including among others Walmart, Costco, GNC, and the largest pharmacy and grocery chains in Mexico.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement Caution
This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Without limitation, these include assumptions, risks and uncertainties inherent in completing sub-licensing arrangements in the United States, Canada and abroad, product demand, production, competition and government regulation of the Cannabis industry, any and all of which may have an adverse effect on the Company’s expansion plans, sales, revenues and its financial results and condition. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements. Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements, whether as a result of new information, future events or otherwise.