VANCOUVER, BC and LAS VEGAS, NV / ACCESSWIRE / April 11, 2024 / (CSE:OVAT)(OTCQB:OVATF) - Ovation Science Inc. ("Ovation" or the "Company"), with its patented topical and transdermal cannabis products powered by its skin delivery technology Invisicare®, is pleased to announce the signing of an exclusive licensing agreement for Ovation's products for Canada with Ripco Processing Inc. ("Ripco"); a company based in Calgary, Alberta and founded by successful legal cannabis pioneers. Ripco is focused on the Canadian market where the demand for cannabis products is strong at an estimated $2.6 billion annually.
Under the terms of the License Agreement, Ripco will be responsible for all regulatory, manufacturing, marketing, sales and distribution activities for Ovation's formulations through-out Canada, starting initially in Ontario, Alberta, BC, Saskatchewan and Manitoba. Ovation will receive a double-digit royalty based on sales, with a minimum quarterly payment after an initial start-up phase. Ripco has already submitted Ovation's products to Health Canada for approval, positioning the launch of Ovation's InVibe®MD product line for early Q3 of 2024.
Ripco operates a licensed micro processing facility in Calgary, Alberta. Ripco also acquired an interest in the Canadian Olympic Gold Medal Winner, Ross Rebagliati brands. Ross is a cannabis pioneer and a recognized cannabis celebrity worldwide and is an active brand ambassador of Ripco. Additionally, Ripco has established distribution with Herbal Dispatch, a recognized national online medical and recreational distributor with a BC direct to retailer delivery program and a focused veteran's sales channel.
"Our Agreement with Ripco is very exciting as we can now bring our innovative topical cannabis products to Canadian consumers", said Terry Howlett, President of Ovation. "Ripco's strong management team has secured excellent distribution channels in Canada and will build a successful market for Ovation's topicals. This Agreement not only allows our Canadian shareholders to use our topical products in Canada but it signifies international expansion which brings added value for all of our shareholders."
"We are thrilled to be able to bring Ovation's highly effective topicals to Canada through our various distribution channels," said Shawn Ripley, CEO of Ripco Processing Inc. "We believe these products will be a valuable addition to our portfolio of products and that consumers will feel the advantage of Ovation's transdermal products when they experience their effectiveness."
This Agreement for Canada fortifies Ovation's strategic expansion plan; providing an opportunity for the Company to expand its revenue, cash flow and market presence. The Company previously announced a series of new agreements including MidWest Roots in Missouri; Planet 13 in Nevada; PA Options for Wellness in Pennsylvania and two Supply and Distribution Agreements including Golfer's CBD Ltd. and VenWell; both online US marketers. Leveraging over two decades of pharmaceutical research and development, Ovation's patented skin delivery technology, Invisicare®, ensures enhanced cannabinoid delivery for superior patient outcomes. Invisicare enables substantially more CBD and THC and other cannabinoids to be delivered to and through the skin, which translates into better results for patients.
About Ripco Processing Inc.
Ripco Processing Inc., based in Calgary, Alberta, is an innovative cannabis manufacturing company focused on bringing effective, easy to use products to medical and recreational users of CBD and THC therapies. Operating within the legal, regulated space in Canada, Ripco's highly experienced team includes top business, development, science, manufacturing and cannabis marketing experts. Ripco currently markets four brand product lines including StickIt (infusion device for pre-rolls), StripIt (infused oral dissolvable film product), Ross' Gold product line and Craft Botanicals.
About Ovation Science Inc.
Ovation Science Inc. and its wholly-owned subsidiary; Ovation Science USA Inc., is a research and development company that develops topical and transdermal CBD/THC and other cannabinoid products which are out-licensed and also distributed under Ovation's own brands; ARLO CBD Beauty and InVibe® MD ("wellness" line); all powered by its patented Invisicare® skin delivery technology. Invisicare enhances the delivery of ingredients to and through the skin and is protected by patents and proprietary formulations which cannot be duplicated. With over 20 years of pharmaceutical drug delivery experience, Ovation's management and science team have created a unique pipeline of over thirty proprietary medical / wellness topical and transdermal products along with a line of anti-aging / beauty formulas. Ovation earns revenues from royalties on licensees' sales and the sale of Invisicare, along with revenue from its own product sales. Ovation has offices in Vancouver, Canada and Las Vegas, USA.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular there is no assurance of sales and acceptance of its products in any of the state or country cited, continued sales in dispensaries or in retail markets or expansion to other states or countries. There are no guarantees of future performance or changes to regulations. Ovation Science Inc. cautions that all forward looking statements are inherently uncertain and that actual results may be affected by a number of material factors, many of which are beyond Ovation Science Inc.'s control. Accordingly, readers should not place undue reliance on the forward-looking information. Ovation disclaims any obligation to revise or update any such forward-looking information to reflect future results, events or circumstances, except as required by law.
Statements have not been evaluated by the Food and Drug Administration or Health Canada. These products are not intended to diagnose, treat, cure, or prevent any disease.
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