SASKATOON, Saskatchewan--(BUSINESS WIRE)--ZYUS Life Sciences Inc. (“ZYUS” or the “Company”) is pleased to announce that effective December 6, 2019, it received a “3 year” Standard Processing Licence from Health Canada for its Saskatoon-based Phase I processing facility (the “Processing Licence”). The Processing Licence allows ZYUS to handle and extract dried cannabis into cannabis oil, to perform analytical testing on cannabis and derivative products and to formulate and otherwise process cannabis oil into cannabinoid-based therapeutics and product candidates. The Processing Licence also allows ZYUS to process dried cannabis and sell cannabis oil to other licenced producers.
The newly attained Processing Licence is a proud step forward for the Company as it works to leverage the power of cannabinoids to manage disease and improve patient quality of life.
"The timely grant of the Processing Licence from Health Canada marks a major milestone for ZYUS and, more importantly, a solution to improve quality of life for patients who seek medical cannabis to manage symptoms,” said Brent Zettl, President and CEO of ZYUS. “Our team of scientists, extraction experts, healthcare practitioners and quality control experts at ZYUS will leverage their collective experience to advance cannabinoid-based formulations, with the goal of restoring health and well-being for patients.
With the award of the Processing Licence from Health Canada, ZYUS intends to launch its clinical trial process in the near future. Clinical trials and research partnerships will further advance the Company’s goal of being a global leader in the development of innovative and patient-focused cannabinoid-based formulations.
To improve patient outcomes globally, the Company is also in the process of planning and developing production capabilities in Portugal and Australia to establish a base of operations proximate to key target markets. ZYUS expects to continue to strategically pursue additional global agreements with major pharmaceutical distributors to build its international profile over the coming year.
ZYUS will now apply to Health Canada for a medical Sales Licence, which will authorize ZYUS to sell cannabinoid-based formulations directly to medical cannabis patients who have received a medical document from their healthcare practitioner. The Sales Licence will allow the Company to distribute directly to medical cannabis patients in oil, gel cap and other extract-based formulations intended to target a range of symptoms.
ZYUS intends to immediately commence operations in its Saskatoon Phase I, GMP designed processing facility. The Company remains on track to complete the development and construction of Phase II of the processing facility by the end of 2020.
About ZYUS Life Sciences Inc.:
ZYUS is a Canadian-based life sciences company focused on the global development and commercialization of innovative cannabinoid-based therapeutics and product candidates. Through clinical research and IP development, we intend to deliver high-quality oils, gel-caps, topical creams and other cannabinoid-based therapeutics and product candidates to patients worldwide. At ZYUS, our vision is to elevate cannabinoids as a standard of care and to expand the potential of protein-based therapeutics in pursuit of a transformational impact on patients’ lives. ZYUS: Advancing the Science of Well-Being.
For Further Information:
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ZYUS to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, expectations with respect to our business plans and product lines.
Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “expectation,” “expected,” “anticipates,” “believes,” “intends,” “estimates,” “predicts,” “continues,” “potential,” “targeted,” “plans,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” “would” or “should” occur or be achieved, or the negative of these terms or other comparable terminology. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements.
Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. ZYUS does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.