VANCOUVER, Jan. 8, 2019 /CNW/ – (CSE: OVAT) – Ovation Science Inc. (“Ovation” or the “Company”), a skincare research and development company that utilizes its patented skin delivery technology to develop innovative, patent protected topical and transdermal cannabis products, announced today that the passing of the 2018 Farm Bill in the USA as well as Health Canada’s draft regulations for cannabis topicals, both have the potential to positively impact Ovation’s business.
2018 Farm Bill
On December 20, 2018 the 2018 Farm Bill became law in the United States. Under the 2018 Farm Bill, industrial and commercial hemp will no longer be classified as a Schedule I controlled substance in the United States. Under the 2018 Farm Bill, hemp includes the plant Cannabis sativa L. and any part of that plant, including seeds, derivatives, extracts, cannabinoids and isomers. To qualify under the 2018 Farm Bill, hemp must contain no more than 0.3 percent of delta-9-tetrahydrocannabinol (THC). The 2018 Farm Bill explicitly allows interstate commerce of hemp which will enable the transportation and shipment of hemp.
Ovation expects the removal of hemp as a controlled substance will positively impact the public perception of hemp and sales of its topical and transdermal products containing CBD should increase. In addition, Ovation expects that now that industrial and commercial hemp is federally authorized, the barriers to national distribution have been eliminated and therefore the trend should be product sales expanding nationally in the United States for Ovation and its licensees.
On December 22, 2018, Health Canada published in the Canada Gazette, Part I, draft regulations for edible cannabis, cannabis extracts and cannabis topicals. These regulations cover the production and sale of cannabis topicals and permitting their legal sale by October 17, 2019. This is positive news for Ovation as following legalization of topical CBD and THC products, Ovation can expand its business into Canada.
“Both the 2018 Farm Bill and the draft regulations from Health Canada are exciting, positive changes to our industry and for Ovation,” said Terry Howlett, President of Ovation. “Ovation has 25 topical and transdermal products already developed using our patented technology so we are gearing up for an exciting 2019. We can now target a launch of our anti-aging beauty line made with CBD and our wellness products for this year in both Canada and the USA.”
About Ovation Science Inc.
Ovation Science Inc. is a company that licenses its proprietary topical and transdermal cannabis formulations made with its patented Invisicare® skin delivery technology and backed by science. Invisicare, used in Ovation’s topical and transdermal products, enhances the delivery of cannabidiol (CBD) and tetrahydrocannabinol (THC) to and through the skin. Ovation’s out-licensing business model generates revenue from multiple revenue streams including development fees, licensing fees, on-going royalties and sales of Invisicare polymer to its licensees. For more information please visit www.ovationscience.com
Forward-Looking Statements Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Ovation Science Inc. cautions that all forward looking statements are inherently uncertain and that actual results may be affected by a number of material factors, many of which are beyond Ovation Science Inc.’s control.
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SOURCE Ovation Science Inc.