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Apollo Health and Beauty Care Granted Research and Development License Under the Cannabis Act

TORONTO--(BUSINESS WIRE)--

Acasta Enterprises Inc. (AEF.TO) (“Acasta” or the Corporation”) announced today that its wholly-owned subsidiary, Apollo Health and Beauty Care Inc. (“Apollo”) has been granted a research and development license (the “License”) by Health Canada pursuant to the Cannabis Act.

The License will permit Apollo to perform research and development of cosmetics containing CBD pursuant to its research protocol submitted to Health Canada. Research and development by Apollo will be conducted at its state of the art, GMP-certified manufacturing facility located in Toronto. Apollo has, in addition, initiated the process which, when granted, would authorize Apollo to distribute and sell products which will be developed as a result of the research performed.

“The growth in CBD infused topicals is forecasted to be exponential in the coming years”, says Co-CEO, Charles Wachsberg. “Apollo is committed to its marketplace leadership in quality, innovation, and premium product development. CBD topicals will compliment and be incremental to our existing and broad array of lifestyle products. Our entry into the CBD sector will allow Apollo to optimally and reliably serve the evolving interests and aspirations of our cherished global clients”.

Cautions Regarding Future Plans and Forward Looking Information

Certain statements contained in this press release constitute forward-looking statements within the meaning of applicable Canadian securities laws which reflect the Corporation’s current expectations and projections about future results. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “consider”, “should”, “plans”, “predict”, “estimate”, “potential”, “could”, “likely”, “approximately”, “scheduled”, “forecast”, “variation” or “continue”, or similar expressions suggesting future outcomes or events. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect. In particular, but without limitation, there is no assurance that: i) the Corporation will successfully develop suitable CBD topical products; or ii) the Corporation will receive regulatory approval from Health Canada to amend the License in order to distribute and sell CBD topical products in a timely manner or at all.

Except as specifically required by applicable Canadian securities law, the Corporation undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. These forward-looking statements should not be relied upon as representing the Corporation’s views as of any date subsequent to the date of this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that the Conversion will be completed as proposed or at all.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191021005855/en/