DENVER--(BUSINESS WIRE)--NanoSphere Health Sciences Inc. (CSE: NSHS) (OTC: NSHSF), the biotechnology leader behind the patented NanoSphere Delivery System™, today signed a new letter of intent with 4Evergrn LLC, which will bring Evolve Formulas products to the Oklahoma medical and recreational cannabis markets. The brand’s pioneering product, the Evolve Formulas Transdermal NanoSerum™, will hit dispensary shelves in the third quarter of 2019.
Nanosphere Health Sciences has developed the world’s first patented and clinically-proven delivery system for cannabis. The NanoSphere Delivery System™ allows producers to nano-encapsulate cannabinoid molecules in lipid membranes for transportation through the skin and mucosa in the nose and mouth into the bloodstream within minutes. The result is high bioavailability, minimal wait-time, precision-metered dosing and elimination of adverse side effects. This patented technology is the first and only advanced cannabinoid delivery system and can only be found in NanoSphere Health products.
The two companies signed a Memorandum of Understanding granting 4Evergreen the limited right in Oklahoma under its patents and other relevant intellectual property for a License to make, use, distribute and sell the NanoSphere Delivery System™ through the Evolve brand and product line.
Since acquiring its patent for the delivery of cannabinoids via nano-encapsulation in July, 2018, NanoSphere has expanded its operations through licensing agreements in Colorado, California, Oregon, Canada and Mexico.
“As a company, we look for partners who hold to a high, pharmaceutical standard of production and service,” said NanoSphere President and COO David Sutton. “We have been very impressed by the management and the operations at 4Evergrn, and we are looking forward to working with them to bring our cutting-edge solutions to the people of Oklahoma.”
4Evergrn has been awarded a cultivation, processing and dispensary license by the State of Oklahoma. It has engaged GB Sciences of Las Vegas, Nevada to design and construct a state-of-the-art facility, using best practices operating procedures. “Our team at 4Evergrn is passionate about cutting-edge cannabis development, and our mission is to bring Oklahomans the best products available in our industry,” said 4Evergrn CEO Brooklyn Green Clopton. “We believe NanoSphere has developed something truly revolutionary in terms of providing a better, healthier product for medical cannabis patients, and we are very excited to be able to bring this product to market.”
Under the Memorandum of Understanding 4Evergrn will enter into a 36-month, renewable licensing agreement with NanoSphere upon payment of a $150,000 licensing fee while NanoSphere will provide the equipment and training necessary to produce the NanoSphere products.
4Evergrn will pay to NanoSphere $4 USD per unit sold for all products utilizing the Nanosphere Delivery System™.
On behalf of the Board
Robert Sutton, CEO Nanosphere Health Sciences Inc.
NanoSphere Health Sciences LLC, is a biotechnology firm specializing in the creation of the NanoSphere Delivery System™, a revolutionary platform using nanotechnology in the biodelivery of supplements, nutraceuticals and over-the-counter medications for the cannabis, pharmaceutical and animal health industries, and beyond. For more information on NanoSphere, please visit http://www.nanospherehealth.com.
About Evolve Formulas
Evolve Formulas is the provider of the world's first and only scientifically proven nanoparticle delivery system in cannabis. Evolve’s pioneering product, Transdermal NanoSerum™, is a fast-acting, ultra-strength transdermal formula infused with nano-encapsulated cannabis and cannabis extracts. For more information on Evolve Formulas, visit https://www.evolveformulas.com/. Follow us on Facebook, Instagram and Twitter.
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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. Forward Looking Statements in this release include the prospect that 4Evergrn LLC will complete the Licensing Agreement as contemplated in the Memorandum of Understanding, and failure to do so could affect the outcome expected from this Agreement. 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.