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Pivot Pharmaceuticals Inc (OTCMKTS:PVOTF) To Commercialize Cannabis Offerings In California Under Latest Regulations

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Pivot Pharmaceuticals Inc (OTCMKTS:PVOTF) reported that its recent Letter of Intent to buy patent for RTIC for beverage and food-based products from ERS Holdings LLC will allow the firm to commercialize Stick Pack and K-Cup cannabis offerings under the new laws that became effective from January 1, 2018 in California. The company will commence advancement of emulsified cannabis powder for mixture into beverages as its introductory commercial product in a soon-to-be-reported facility in Anaheim, California.

The buzz

In December 2017, Pivot Pharmaceuticals finalized a subsidiary deal for establishing a California-based center in order to perform research, commercialization and development of cannabinoid-based products utilizing certain intellectual property and trade secrets for the beverage and food markets. The company is presently working on plans for a commercial installation. California showcases the biggest legal recreational pot market in America.

It is projected that recreational cannabis sale in the state of California can hit US$7 billion by 2019. The company has positioned itself to launch its pipeline of products into the buzzing market. Dr. Patrick Frankham, the CEO of Pivot Pharmaceuticals, expressed that after their recent venture into the California bio-cannabis segment they expect recording revenues from their RTIC technology in this year. California has more than 1,000 dispensaries and a proven network of points of purchase for their premium offerings.

Dr. Frankham added that their objective is to offer unique formulations of cannabinoid-based offerings that ultimately enable patients and consumers to manage their lifestyle or healthy results. Bio-cannabis represents the exceptional user-centric offerings in a market that will go mainstream over the upcoming years.

In the last trading session, the stock price of Pivot Pharmaceuticals declined 3% to close the day at $1.94. The decline came at a share volume of 52,376 compared to average share volume of 61,829. Post the recent decline, the market cap of firm was noted at $164.4 million.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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