Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) (CSE: PVOT), is pleased to announce that the Company has successfully completed the integration of its Californiasubsidiary, ERS Holdings Ltd., under the guidance of Mr. Patrick Rolfes, President of Pivot Pharmaceuticals USA. Mr. Rolfes continues to surround himself with proven, well-respected and experienced leaders in the scientific, legal, financial, and marketing and branding fields. As Pivot prepares for product launch in California in 2018, a consumer-facing brand is being developed for the entire company and will be unveiled in the coming weeks. New websites and marketing materials for our various subsidiaries are also under development. A product list based on our industry-leading and patented bio-cannabis formulation and delivery technologies will be available for consumers and retailers in the coming months.
The Company also wishes to announce that it has secured a listing on the Frankfurt Stock Exchange ("FSE") and has commenced trading under the symbol "NPAT". The FSE is one of the world's largest trading centres for securities, and the largest of Germany's seven stock exchanges. The Company believes the listing in Germany will give it greater exposure to a European-based investor audience, fuelling interest and liquidity in Pivot. The Company's shares continue to trade on the OTCQB and the Canadian Securities Exchange.
Mr. Rolfes comments that "We are a health and wellness manufacturing company whose branded products incorporate patented scientific processes to bring cannabinoid-based derivatives to the market in discreet and consistent dosages with significant, targeted health benefits and superior bioavailability." Mr. Rolfes added that "Pivot's consumer-facing brands, backed by our patented technologies and formulations, will provide health conscious consumers with natural edible and topical cannabis products delivering exceptional targeted results which will quickly differentiate Pivot in the cannabis space."
A report from the cannabis industry research firm BDS Analytics estimates sales of cannabis in California to hit USD $3.7 billion by the end of 2018 alone, and predicts that number will increase to USD $5.1 billion in 2019 as more dispensaries come online. For comparison, beer sales in the state hit USD $5 billion in 2017, according to industry research group IBIS World. California, the world's sixth largest economy with a population of close to 40 million, will form a massive portion of the total market for cannabis in North America.
Dr. Patrick Frankham, Pivot's CEO, states "As the Company prepares for legalization of cannabis in Canada, we continue to expand our business operations in the US market on a state-by-state basis, where regulations permit. California alone has a population four million people higher than Canada and the potential cannabis market size speaks for itself. During recent strategy sessions with Pivot USA, we finalized plans for Mr. Rolfes and his experienced team to launch Pivot's consumer-facing brands through Pivot's wholly-owned California licensed manufacturing facility, coming online later this year. Creating value for shareholders is of the utmost importance and I am confident that their investment will be rewarded in the weeks and months ahead."
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