Pivot Pharmaceuticals, Inc. (CSE: PVOT / OTCQB: PVOTF / FRA: NPAT) (“Pivot” or the “Company”) is pleased to announce that it has signed a Letter of Intent to create a Joint Venture (“the Joint Venture”) with Cartagena Inc., a subsidiary of Mexico-based Licorera Del Sur. The Joint Venture will develop and commercialize cannabis-infused non-alcoholic beverages using Pivot’s patented, water-soluble powdered cannabis technologies combined with Cartagena’s fine spirits and flavoured extract formulations. In addition, the Pivot and Cartagena Joint Venture will have extensive access to sales, distribution and marketing expertise.
Cartagena Inc. is exclusively responsible for the international expansion of Licorera Del Sur. The group specializes in crafting multiple types of spirits with a focus on agave-based alcoholic beverages, including tequila, mezcal and agave liquor while also producing premium vodka, rum, aguardiente and whisky. With over 35 years of experience, 2000 employees, three modern state-of-the-art distilleries, thirteen bottling plants and global distribution capabilities, Licorera Del Sur is well positioned to enter the cannabis-infused beverage space through Cartagena Inc., capitalizing on the recent legalization of cannabis in Canada. The group will also get ready for the potential legalization of cannabis in Mexico.
Pivot Pharmaceuticals has an extensive library of patents and formulations that are perfectly suited for the food and beverage industry. Research and development performed by Solubest Inc., Pivot’s Israeli-based partner, has shown positive results for the Company’s cannabis powder technologies. Test formulations that have been successfully developed are stable, tasteless, odourless, colourless, and completely water-soluble.
Mr. Paul Bou-Nader, Managing Director of Cartagena Inc. stated “We are excited to partner with Pivot to create low calorie, rapid onset cannabis-infused beverages. This is a brand-new category of beverages and we are happy to be early movers in the space. Pivot’s intellectual property and formulations will allow us to accelerate the commercialization of several potential products. We look forward to bringing our creations to market very soon.”
Dr. Patrick Frankham, CEO of Pivot stated, “We are thrilled that Cartagena Inc. has agreed to enter into this Joint Venture. Their world class team of experts and award-winning product lines combined with Pivot’s industry leading intellectual property portfolio will result in consumers being able to enjoy cannabis-infused beverages that taste good, are stable and consistent, science-based and provide the experience they are looking for without the side effects of alcohol. This is yet another milestone moment for Pivot as we will once again monetize our intellectual property portfolio. The importance of having patent protection should also not be underestimated. We realize that there are several companies offering cannabis-infusion technology but we are confident that our portfolio of issued patents is strong and defensible.”
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