The hallmark of a smart organization is the recognition of when it needs and seeks help.
Toronto-based Revive Therapeutics Ltd (TSX-Venture:RVV) announced one such alliance on Thursday when it entered into a non-binding letter of intent (the “LOI”) with Richmond Cannabis Co. to form a Collaboration and Royalty agreement. Under the terms of the LOI, Revive and Richmond will collaborate to establish a cannabis oil production license under the Cannabis Act out of the Richmond facility located in Napanee, Ont.
The LOI also means Richmond will handle the preparation, submission and oversight of the cannabis oil production license, communication with Health Canada, and providing adequate space for extraction, research and development, manufacturing, packaging, storage, and shipping.
Revive will be responsible for the financing the process, and extraction and packaging equipment and inventory.
Shares in RVV skyrocketed three cents, or 26.1%, early afternoon Thursday, to 14.5 cents, on volume of 978,000
