Speedy Dose Therapeutics Completes Amalgamation of Consolidated Craft Brands

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Ryan Allway

March 9th, 2021

BURLINGTON, Ontario, March 08, 2021 (GLOBE NEWSWIRE) — Speedy Dose Therapeutics Corp. (“RDT” or the “Company”) (CSE: DOSE), is a Canadian life sciences business focused on revolutionary drug and active ingredient delivery options. The flagship solution ‘QuickStrip™’ is a thin, orally dissolvable film infused with an active ingredient (nutraceuticals, cannabis or pharmaceuticals) that is delivered swiftly into the bloodstream bypassing initial-pass metabolism resulting in speedy onset of the active ingredient.

The Organization is announcing right now that, additional to its press release of January 11, 2021, it has signed the Amalgamation Agreement (“Amalgamation Agreement”) to obtain 2544737 Ontario Restricted, operating as Consolidated Craft Brands (“CCB”), in a share transaction (the “Transaction”) totalling $five,000,000 CDN. (5 million dollars Canadian). The Transaction is an acquisition by RDT of CCB with CCB becoming amalgamated into a newly developed subsidiary of RDT. CCB is a majority 1st Nations owned private business carrying on small business in the improvement of packaged goods for wellness and wellness merchandise.

Terms of the Transaction

Pursuant to the terms of the Letter of Intent announced on January 11, 2021, RDT was to challenge 16,666,667 Typical Share Units every single consisting of one particular prevalent share and one particular prevalent share buy warrant at a deemed price tag of $.30 per Unit in exchange for one hundred% of the prevalent shares of CCB. Every warrant could be exchanged for one particular prevalent share of the Organization at a price tag of $.45 per prevalent share for a period of 24 months from the closing of a definitive agreement. Subsequent to this, the terms of the share exchange have been modified to reflect the alterations in the marketplace price tag of RDT’s prevalent shares. The worth of the transaction remains at $five,000,000 CDN for one hundred% of the prevalent shares of CCB, having said that, there are 20,000,000 units issued consisting of one particular prevalent share and one particular prevalent share buy warrant at a deemed price tag of $.25 per Unit. Every warrant entitles the holder to obtain one particular prevalent share of the Organization at a price tag of $.375 per prevalent share for a two year period from the issuance date.

The prevalent shares issued are topic to an escrow arrangement whereby the shares shall be released more than an eleven-month period from closing of the Transaction with the final 20% released at the finish of the eleven months. The Amalgamation Agreement makes it possible for for a “clawback” of all or a portion of the final release shares upon the occurrence of particular defined events.

In addition, the Amalgamation Agreement makes it possible for the CCB promoting shareholders the proper to nominate one particular Director to the Board of Directors of RDT. Accordingly, Tom Bryson, the CEO of CCB prior to the Transaction, has agreed to join the Board of RDT helpful right away. Also, the Board of Directors of RDT have supplied, and Mr. Bryson has accepted, the additional part as President of RDT.

What the acquisition brings to the Organization

With the amalgamation comprehensive, CCB becomes a wholly owned subsidiary of RDT. CCB brings CPG and Pharma manufacturing experience, a Wellness Canada R&ampD License with created proprietary formulations, branded merchandise, many patent pending technologies for speedy onset beverage enhancements and a consortium of strategic alliances which includes 1st Nation majority shareholders. The balance sheet of CCB incorporates $three,000,000 in money and money equivalents which includes a repayable advance of $600,000 to RDT as an advance to closing of the Transaction, gear, inventory, patent pending technologies and the R&ampD License. In addition, liabilities in CCB are significantly less than $50,000.

Comments from the Company’s CEO

Mark Upsdell, President and CEO comments on the transaction: “I am delighted with this acquisition – it brings considerable added benefits to our Organization:

  • The money of $three,000,000 coupled with the proceeds from the Private Placement of $899,842 completed in December, 2020, offers us with the necessary money to ramp up production to meet demand as we enter the Commercialization and Speedy Development Phase in our improvement.
  • The experience, contacts and the assets that come with the CCB amalgamation match effectively inside our technique to aggressively expand our solution offerings.
  • The new subsidiary will create, create and distribute skin creams, topicals, lip balm and shampoos and deliver white label solutions to markets in North America not at the moment served by RDT. The special connection that CCB has with its strategic alliances will continue and be enhanced via combining RDT’s merchandise and licenced production facility with CCB’s channels of distribution.

I am so pleased that Tom Bryson is joining our group each as a Board Member and President. He brings vast practical experience in industrial enterprises, expertise of monetary markets and, truly importantly, the capacity to bring persons and enterprises collectively to develop worth.”

About Tom Bryson

Tom Bryson brings far more than 30 years of diversified manufacturing and distribution practical experience to RDT. He has been the “lead” on many higher-profile Mergers and Acquisitions and is proud to have been a delegate on Canadian Government international trade missions for 20 years. Tom has set up quite a few “Greenfield” facilities in Canada, Mexico and the USA. Also, Mr. Bryson is an IP Licensing specialist holding 17 Patent filings.

It is pretty fascinating to see constructive final results from trials on our Flagship solution “QuickStrip” as a delivery system for vaccines, smoking cessation and preventative wellness care. This builds on the study employed to develop a new category in the cannabis space that provides a discreet and sophisticated choice to health-related and adult recreational customers seeking for an option to standard delivery strategies.

“I am seeking forward to the challenges ahead to make RDT a globe class organization as the business shifts its concentrate from clinical study and solution improvement to developing its income swiftly and sustainably.”

About RDT

Speedy Dose Therapeutics Corp. is a publicly-traded Canadian life sciences business offering revolutionary, proprietary drug delivery technologies created to strengthen outcomes and top quality of lives. RDT provides Rapid, Easy, Precise and Discreet™ possibilities to buyers. RDT is focused and committed to clinical study and solution improvement for the healthcare manufacturing sector — which includes nutraceutical, pharmaceutical and cannabis industries. Inside the cannabis sector, RDT also offers a turn-essential Managed Strip Service System enabling RDT’s QuickStrip™ proprietary cannabis delivery technologies to be licensed to pick operators in identified markets. RDT’s service-primarily based annuity contracts drive recurring income and facilitate speedy expansion into emerging markets across many customer segments. RDT is committed to continually develop revolutionary options for humans, animals, and plants.

For far more data, pay a visit to: www.rapiddose.ca

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This post was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s major agency and digital monetary media network devoted to the burgeoning CBD and legal cannabis industries. Get in touch with +1 (833) 420-CNFN for far more data.

Ryan Allway

About Ryan Allway

Mr. Allway has more than a decade of practical experience in the monetary markets as each a private investor and monetary journalist. He has been actively involved in the cannabis sector because its inception, covering public and private corporations.

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