BURLINGTON, Ontario – Rapid Dose Therapeutics Corp. (“RDT”) (CSE: DOSE) announced today that the installation and commissioning of its QuickStrip production equipment at Aphria Inc. (“Aphria”) (TSX: APHA and NYSE: APHA) has been completed pursuant to the terms of the Managed Strip Services Agreement between RDT and Aphria dated November 1, 2018 (the “Agreement”).
Under the Agreement, Aphria has been granted an exclusive license to manufacture, distribute and sell RDT’s QuickStrip innovative, proprietary delivery technology products to the medical and adult-use cannabis markets in Canada.
The Agreement also grants Aphria exclusive Preferred Vendor Status entitling them to enter additional territories under license terms similar to Canada and to produce QuickStrip product under white label manufacturing agreements. In light of the installation of RDT QuickStrip production equipment, Aphria will now move forward with its production and distribution planning in Canada.
RDT’s proprietary QuickStrip technology is a Quick, Convenient, Precise, Discreet oral fast-dissolving drug delivery system providing cannabis consumers a smoke-free alternative, while simultaneously offering health benefits and improving patient outcomes.
“RDT remains committed to providing global consumers in the cannabis markets a Smoke-Free Choice that they can consume Anytime, Anywhere. As the cannabis markets evolve and expand, we believe RDT will be at the forefront of innovative cannabis delivery,” said Mark Upsdell, CEO of RDT. “We are thrilled to have Aphria as our flagship partner in Canada, which we believe further strengthens and positions QuickStrip as a growing international brand and delivery device,” added Upsdell.
“Aphria is excited to introduce RDT’s QuickStrip products to the Canadian cannabis market later this year,” said Irwin D. Simon, Interim CEO, Aphria Inc. “This further demonstrates Aphria’s commitment to staying at the forefront of cannabis innovation. Not only do we believe that this innovative product will revolutionize the way patients and consumers interact with cannabis, we believe the QuickStrip will help ease concerns surrounding consumption by providing a smoke-free product that delivers a consistent and precise dosage,” added Simon.
About Rapid Dose Therapeutics Corp.
Rapid Dose Therapeutics Corp. is a publicly-traded Canadian life sciences company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry, including nutraceutical, pharmaceutical and cannabis industries. Within the cannabis sector, RDT provides a turn-key Managed Strip Service Program which enables RDT’s QuickStrip proprietary drug delivery technology to be licensed by select partners. RDT’s service-based annuity contracts drive recurring revenue which enables rapid expansion into emerging markets — generating value for consumers and shareholders. Rapid Dose Therapeutics is committed to continually create innovative solutions aimed at multiple consumer segments and future market needs — including humans, animals and plants.