Alchemist Signs Binding Letter of Intent with Island Therapeutics to License, and Deliver Handcrafted Transdermal Patches and other Cannabis-Infused Natural Healing Remedies
VANCOUVER, BC / ACCESSWIRE / April 17, 2019 / Alchemist Mining Inc (CSE: AMS) ("AMS" or the "Company") is pleased to announce the signing of a binding Letter of Intent ("LOI") for the acquisition of a 15% interest in Island Therapeutics. The purchase price shall be $150,000 Canadian dollars, paid in the common shares of the capital of Alchemist with an option to acquire up to 49% of the company.
Founded and grown within the beautiful Cowichan Valley on British Columbia's Vancouver Island, Island Therapeutics specializes in hand-crafted transdermal patches, full spectrum oil tinctures, and other CBD-infused natural healing remedies. The passion for cannabis shines through all of their delicately fashioned products.
"Our partnership with Island Therapeutics represents the beginning of the next phase of our business roadmap," said Alchemist CEO, Paul Mann. "Having built out our technology platform to handle the licensing, compliance, back of-house product, and customer management (including the banking and point of sale), we are now beginning to on-board producers of high-quality craft cannabis products for supply to our US and Canadian distribution networks. Transdermal delivery of cannabis products are known to be the most effective method of delivery into the bloodstream. The great advantage being that it bypasses the lungs, liver, and stomach which are places where the body naturally filters or breaks down the cannabinoid. With transdermal delivery, you get 100 percent of the medicinal value of the CBD."
"The Alchemist proposition really resonated with us. Our agreement with them allows us to focus on producing high-quality, compliant, white label and branded products, under license in the USA, and to the Canadian market from our facilities on Vancouver Island in British Columbia Canada," said Ely Trinczek CEO of Island Therapeutic.
On Behalf of the Board,
Paul Mann, CEO
Alchemist Mining Inc.
For further information on this release, please contact:
Sukh Sandhu Investor Relations
Investors@alchemistinc.ca
604-601-2093
About Alchemist Inc.
Upon affecting the Fundamental Change as announced on September 25, 2018, Alchemist's goal is to be a global provider of technology solutions to the cannabis sector. It will be primarily focused on investing and building a sustainable portfolio of business entities, by actively identifying opportunities in the developing global cannabis market, through a combination of acquisitions, incubations and investments, with a goal to create shareholder value.
Notice Regarding Forward Looking Statements
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements.
SOURCE: Alchemist Mining Inc.