Subsidiaries Of Aleafia Health Inc (OTCMKTS: ALEAF) Divests Certain Clinical Assets To Myconic Capital Corp: Receives Health Canada Research License For The Manufacture Of Cannabis Products
Aleafia Health Inc (OTCMKTS: ALEAF) auxiliary units GrowWise Health Limited and Canabo Medical Corporation divested certain clinical assets to Myconic Capital Corp in May 2021.
Both Canabo and GrowWise sold equipment, inventory, clinical leases, and contracts related to the clinical operations to Myconic. As per the terms of the deal, Canabo will support Myconic by providing its staff for the operation of the clinics for ten years to ensure uninterrupted services to its existing patients.
As a result, Canabo will earn a certain portion of the third-party revenues and pay a license fee to Myconic. It will also receive to perform services for 10 years.
Canabo and GrowWise receives shares from Myconic
Following the deal, Myconic issued seven million common shares each at $1.50 to Canabo and GrowWise.
Aleafia Health’s clinical network continued their patient consultations virtually during the coronavirus pandemic. It offered best-in-class CBD therapy to its patients.
Aleafia Health Inc (OTCMKTS: ALEAF) Receives Health Canada Research License For The Manufacture Of Cannabis Products
Health Canada granted a Research License to Aleafia Health Inc (OTCMKTS: ALEAF). The license allows the company to manufacture cannabis products at its Paris Center for human sensory analysis.
Aleafia would evaluate the smell, touch, taste, and sight of its consumer cannabis and medical cannabis products during the palatability trials. Geoffrey Benic, CEO of Aleafia, said its development team would use the best product evaluation techniques employed in the beverage and food industries as it continues to introduce innovative products in the market.
Aleafia engages in the development of innovative formats to complements its sublingual strips, edibles, dried flower, vape cartridges, extracts, and soft gels. The sensory assessment studies allow it to evaluate product characteristics and compare the products in its product development.
Aleafia improved its medical cannabis revenues by 95% YoY to $2.657 million in Q1 2021. Its registered patient count rose by 61% YoY to 17,637 in Q1 2021.
The company reported a growth of 143% YoY to $1.722 million in adult-use cannabis revenues in Q1 2021. However, its wholesale cannabis revenues declined by 84% YoY to $1.866 million in Q1 2021.
Aleafia unveiled sublingual strips infused with cannabis in the adult-use and medical use markets in Q4 2020. Kin slips helped the company to improve margins in the adult-use cannabis segment.