- Ovation Science Inc. (CSE:OVAT) signed an exclusive licensing agreement for its products in Canada with Ripco Processing Inc.
- Ripco will be responsible for all regulatory, manufacturing, marketing, sales and distribution activities for Ovation’s formulations throughout Canada
- 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 2024
- Ovation Science Inc. opened trading at $0.05 per share
Ovation Science Inc. (CSE:OVAT) signed an exclusive licensing agreement for its products in Canada with Ripco Processing Inc.
Ovation Science stock was up 10 per cent by midday Thursday trading on this news.
Now that the research and development company can bring its topical cannabis products to Canadian consumers, the team stated in a news release that this agreement fortifies its expansion plan; providing an opportunity to expand its revenue, cash flow and market presence.
Under the agreement, Ripco will be responsible for all regulatory, manufacturing, marketing, sales and distribution activities for Ovation’s formulations throughout Canada, starting initially in Ontario, Alberta, British Columbia, 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 2024.
“Ripco’s strong management team has secured excellent distribution channels in Canada and will build a successful market for Ovation’s topicals,” Ovation’s president, Terry Howlett, said in a statement. “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.”
Ripco Processing Inc. operates a licensed microprocessing facility in Calgary and is a cannabis manufacturing company for medical and recreational users of cannabidiol (CBD)/tetrahydrocannabinol (THC) therapies.
Ripco also acquired an interest in the Canadian Olympic gold medal-winning snowboarder Ross Rebagliati’s brands. Rebagliati is a cannabis pioneer, 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 B.C. direct to retailer delivery program and a focused veteran’s sales channel.
Ovation Science Inc. develops topical and transdermal CBD, THC and other cannabinoid products that are out-licensed and also distributed under its own brands.
Ovation Science Inc. (CSE:OVAT) opened trading at $0.05 per share.
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