PlantEXT positioned for competitive advantage in international markets
Toronto, Ontario--(Newsfile Corp. - January 28, 2019) - PlantEXT Ltd. ("PlantEXT") and BB1 Acquisition Corp. (TSXV: BBA.P) are pleased to announce that the Israeli Government's Cabinet has approved export of medical cannabis products. Exports are expected to begin after regulations are written, likely within the next 9-12 months.
According to Doug Sommerville, CEO of PlantEXT, "The approval of medical cannabis exports from Israel is exciting news for the Israeli medical cannabis industry. The ability to export medical cannabis will create a competitive advantage for Israeli research and development firms, like PlantEXT, that expects to be ready to export products when the regulations are implemented later this year."
"PlantEXT is executing on its vision to develop and commercialize what it expects to be the world's most effective anti-inflammatory medical cannabis formulations, based on Israeli science and clinical research, in order to improve the quality of life for patients across the globe. PlantEXT has been conducting R & D in Israel since 2015, and is positioned, through existing Israeli supply chain and GMP manufacturing relationships, to bring its proprietary anti-inflammatory products to market in Israel, and to export its products from Israel to countries that have approved cannabis imports, worldwide," said Mr. Sommerville.
PlantEXT is an Israeli company focused on developing and commercializing the world's most effective medical cannabis formulations for the treatment of inflammation related medical conditions. Plantext has entered into a strategic partnership with the State of Israel's Agricultural Research Organization ("ARO") to develop and commercialize a treatment for inflammatory bowel disease ("IBD"). PlantEXT also operates independent research and development facilities near Tel Aviv, where it is developing a pipeline of anti-inflammatory products supported by pre-clinical and clinical research. PlantEXT is preparing to begin commercial marketing of ARO's IBD product in Israel during Q1 2019 and internationally when Israel's export regulations are implemented.
For more information please contact Doug Sommerville, CEO at +1 416 640 5353.
Forward Looking Information, Disclaimer and Reader Advisory
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. No assurance can be given as to the timing, approval or ultimate terms of any export license granted to PlantEXT by the government of Israel. The foregoing statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability of the Company to complete the Transaction. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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