Algae Dynamics Corp. (OTCQB: ADYNF), a company focused on the development of unique health products and pharmaceuticals utilizing cannabis and algae oils, this morning announced its entry into a letter of intent with 6779264 Manitoba Ltd dba Bonify, a licensed producer with the capability to grow multiple strains of cannabis in its state-of-the-art 320,000 square foot facility. Under the terms of the agreement, Bonify has agreed to supply raw cannabis plant material to ADYNF for processing into cannabis oil for sale and for use in research. “We believe this Letter of Intent gives us an improved pathway to early revenues as well as a reliable high-quality source of cannabis oil for the universities to support our important algae-cannabis oil research,” Paul Ramsay, chairman and president of ADYNF, stated in the news release. “We look forward to expeditiously completing this agreement.” The term of the agreement is for three years from the commencement of operations and is renewable by mutual agreement. Given the favorable terms of this agreement with Bonify, ADYNF does not anticipate moving forward with its previously announced joint venture with ARA – Avanti Rx Analytics Inc.
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About Algae Dynamics Corp.
ADC is engaged in the development of unique health products and pharmaceuticals that utilize hemp, cannabis and algae oils. We have engaged two Canadian universities to provide research into the use of extracts from cannabis oil, which we plan to use to develop products that combine the significant health benefits of Omega-3s derived from algae oil and extracts from cannabis oil. Our research is focused on the use of cannabis oil in the context of cancer, and the use of cannabis derivatives for the development of novel pharmacotherapies for mental health. For more information, visit http://www.algaedynamics.com
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