Neurotech International has announced a cultivation partnership with CannaPacific to grow and maintain genetic stock and help in the development of elite varietal strains developed by Neurotech and Dolce Cann through their exclusive licensing agreement.
Following the successful outcome of Phase I/II clinical trials starting this quarter, the partnership enables Neurotech to prepare for expanded clinical studies in larger patient groups in Q2 and Q3 to assess the efficacy of the strains for autism and related neurological disorders.
CannaPacific will house the genetic stock and help in the development of Neurotech’s Dolce varietal strains at its licensed Northern NSW cultivation facility.
CannaPacific CEO Joshua Dennis said: “CannaPacific is delighted to work with the Neurotech/Dolce team to assist in providing a GMP supply chain for their unique varieties within our Northern NSW facility.
“We’re creating an agricultural innovation hub for companies who wish to enter the medicinal cannabis space and leverage our existing cultivation and production facility.”
Chairman of Neurotech International Brian Leedman added: “Positive results from our initial trial will pave the way for larger studies to address the unmet need for effective treatments for autism and broader neurological conditions.”
The initial agreement runs to June 31, 2021 subject to due diligence and the receipt of all relevant regulatory approvals.
As part of the fees payable, CannaPacific will be issued 1,000,000 fully paid ordinary shares in Neurotech upon receipt of an Office of Drug Control permit to produce Neurotech/Dolce cannabis strains for clinical trials, and a further 1,000,000 within five business days of the delivery of the first harvest of dried flower to Neurotech, or by August 1, 2021 (whichever occurs first).