Business
Sundial and Crescita Sign Exclusive Partnership to Develop Cannabis and Hemp Topicals
CALGARY and LAVAL, QC, Oct. 28, 2019 /PRNewswire/ - Sundial Growers Inc. (Nasdaq: SNDL) ("Sundial"), a Canadian licensed producer of cannabis and Crescita
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[{"type":"text","content":"CALGARY and LAVAL, QC, Oct. 28, 2019 /PRNewswire/ - Sundial Growers Inc. (Nasdaq: SNDL) (\"Sundial\"), a Canadian licensed producer of cannabis and Crescita Therapeutics Inc. (TSX: CTX) and (OTC US: CRRTF) (\"Crescita\"), a Canadian commercial dermatology company, today announced a development and licensing agreement (the \"Agreement\") granting Sundial the worldwide rights to Crescita's proprietary transdermal delivery technologies for the development of topicals containing cannabis and hemp. \n\n \nThe partnership combines Crescita's leading expertise in dermal sciences and in the development of patented topical formulations with Sundial's cannabis production, extraction and commercialization expertise. The Agreement will enable the development of unique, high-quality cannabis and hemp topicals for the Canadian and international non-prescription markets.\n\"Partnering with a world-class dermatology company like Crescita is a significant step for Sundial as we continue to stay on top of consumer trends in the cannabis industry and prepare for expanded global reach,\" said Brian Harriman, COO of Sundial. \"This partnership is a key component of our international CBD strategy across Canada, Europe, the United States and future jurisdictions, allowing us to provide effective and safe branded products based on differentiated intellectual property (\"IP\") that consumers can trust.\"\nPursuant to the Agreement, Crescita will develop formulations for topical cannabis and hemp products using its patented transdermal delivery technologies: Multiplexed Molecular Penetration Enhancers™ (\"MMPE\") and DuraPeel™ (\"DuraPeel\"). Based on a study conducted in 2018, MMPE and DuraPeel both showed significantly increased skin absorption of cannabidiol (\"CBD\") by up to 14- and 6-fold respectively, when compared to the control formulation. \n\"We are thrilled to establish this important partnership with Sundial, a visionary in crafting premium cannabis brands and a company that shares our passion for innovation,\" said Serge Verreault, President and CEO of Crescita. \"This milestone underscores the strength of our IP and technologies in providing a differentiating factor in the cannabis market and is a step forward in making Crescita a leading dermatology company.\" \nSundial will fund the development and formulation costs and will have the wor...