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Primo Nutraceuticals Inc. (BUGVF)

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Previous Close0.0912
Open0.1100
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Day's Range0.0912 - 0.0912
52 Week Range0.0180 - 1.1685
Volume75
Avg. Volume966
Market Cap1.072M
Beta (5Y Monthly)0.22
PE Ratio (TTM)N/A
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  • GlobeNewswire

    Primo Nutraceuticals Inc., Engages MedCan Biotechnologies to Conduct Chemo typing & Geno-typing Studies of Psilocybin Mushrooms

    VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) -- PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("PRIMO" or the "Company") Primo Nutraceuticals Inc. has entered intoa non-binding letter of intent (the "LOI") with MedCanBiotechnologies Inc. (“MEDCAN BIOTECH”). MEDCAN BIOTECH will act as a consultant to conduct a chemo typing (Chemical Analysis) and a genotyping (Genetic Analysis) study of up to 5 strains of Psilocybin mushrooms (commonly known as Magic Mushrooms).Terms of EngagementHealth Canada (HC) has recently shifted towards psychedelic-assisted psychotherapies in safe, controlled environments as acceptable treatment options.Pursuant to Section 56 exemption from the Canadian Drugs and Substances Act to treat anxiety associated diagnoses,MEDCAN BIOTECH will apply to Health Canada to receive approval under the Controlled Drug and Substances Act to allow MEDCAN BIOTECH to conduct research in order to effectively standardize the extraction of psilocybin from mushrooms.The Health Canada permitby MEDCAN BIOTECHwill allow to develop and license intellectual property (IP) exclusively for further product development by PRIMO via chemo-typing and geno-typing of 5 different mushrooms to understand their properties.MEDCAN BIOTECHwill proceedto patent methods of analysis and results on behalf of PRIMO, whereby data generated will be used in the production of nutraceutical products.All IPand products developed as a result of the analysis will become the property of PRIMOfor their exclusive use.Psychedelic research focused on psychedelic medicine and psychedelic drugs have demonstrated that these substances have potential for treating ailments including anxiety, addiction, depression, substance dependency, attention deficit hyperactivity disorder and even post-traumatic stress disorder.The data produced can be used to generate premium natural health mushroom nutraceutical products. Genotyping can be used for the identification and labeling of different varieties of psilocybin mushrooms.About MEDCAN BIOTECHMEDCAN BIOTECH is an all-natural solution research and development company to better personal wellbeing.MEDCAN BIOTECH has already researched and formulated a range of cannabinoid products that combine with the multi-faceted cannabinoid component with other natural active ingredients to create products for Sleep, Mood, Mind and Pleasure presented online at: www.medcanbiotech.comFounder, Dr. David Noshad is a part-time faculty member at British Columbia’s Thompson Rivers University as well as President of Bio-Act Technology which specializes in research and development consulting with respects to life-science, cannabis and agri-food industry.In 2010, Dr. Noshad served as Principle Co-Investigator with the UBC’s Faculty of Pharmaceutical Sciences in cannabis pharmacology; characterizing cannabinoids and terpenes in cannabis and Humulus. The projects included in vitro culture techniques, biochemical analysis, molecular biology and genomic techniques.About the Psychedelic MarketIn the first half of 2020, US$150 million was raised by psychedelics-focused companies. The research group projects that the global psychedelics industry may reach a total value of US$7 billion by the year 2027. According to: https://reportonpsychedelics.com/Richard Cindric, CEO of Primo Comments:“It is an honor to have Dr. Noshad collaborating with us. We are confident his qualifications and experience in characterizing cannabinoids and terpenes in cannabis will translate into the development of IP focusing on psilocybin treatments for neuropsychiatric diseases.By investing resources in functional mushroom beverages with Brujera Elixer, as well as developing an IP on psychedelics with MedCan, we will be able to introduce premium natural health mushroom products toboth thepsychedelic and non-psychedelic market places.”About Primo Nutraceuticals Inc.Primo Nutraceuticals Inc. ("Primo" or the "Company") is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis natural health products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo Nutra's management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of the “Primo” & "Thrive," brands and a selection of curated partner brands. Most recently Primo announced that it had received its Natural Product Number (NPN) and it has been issued a Medical Device Establishment License(MDEL) from Health Canada.On behalf of the Board of DirectorsPRIMO NUTRACEUTICALS INC.“AndyJagpal”Andy Jagpal President and DirectorFor further information, please contact Zoltan Sarkozy, IR Representative at: 604-722-0305, or; info@primoceuticals.com .To learn more about what this news means to the shareholders visit:www.primonutraceuticals.com www.twitter.com/Prmoinc www.thrivecbd.com www.mariannacorp.com www.dcppe.net www.statebelevate.comFORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. No regulatory authority has approved or disapproved the information contained in this news release.

  • GlobeNewswire

    Primo Nutraceuticals Inc. Signs Letter of Intent with Brujera Elixirs Inc. to Formulate 4 Innovative Adaptogenic Mushroom-Infused Beverage Products

    The specific types of functional mushrooms which will be used in formulating Primo Nutra’s exclusive beverages will be: Reishi, Cordyceps, Lion’s Mane and Chaga. The Company was granted its first NPN (80099466) on May 22, 2020 for their lemon hand sanitizer.

  • GlobeNewswire

    Primo Nutraceuticals Inc. and Dan Duquette, Former MLB Executive, Sign Definitive Agreement to Capitalize on Primo Receiving an MDEL License from Health Canada and announces Stock Option Grant

    VANCOUVER, British Columbia, Sept. 24, 2020 (GLOBE NEWSWIRE) -- PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVD) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("Primo" or the "Company") is pleased to announce that further to the Letter of Intent (the "LOI") with Duquette Consulting LLC ("Duquette Consulting“) referred to in the Company’s news release dated September 1, 2020 the Company has signed a Sales & Marketing Agreement to consummate the transaction. As Primo expanded into the Canadian Medical Devices and personal protective equipment (“PPE”) markets, the Company pursued and was granted a Medical Device Establishment License (“MDEL”). The Company must comply with the regulations of Health Canada relating to manufacturing, importing, distributing and selling medical devices in Canada in order to receive a MDEL. Primo has demonstrated to Health Canada that the Company has met the regulatory requirements mandated of a MDEL license holder.Primo and Duquette Consulting will work towards securing contracts and purchase orders for PPE equipment that includes N95 surgical masks, KN95 masks and surgical masks. Primo intends to acquire any and all additional necessary licensing and will take any additional steps required to import and/or distribute all four classes of medical devices in Canada, which include nitrile gloves, face shields, surgical gowns, respirators and testing kits.TERMS OF THE TRANSACTIONThe Sales & Marketing Agreement was made effective as of the 9th day of September 2020.Primo, a reporting issuer on the CSE was required to obtain an MDEL license from Health Canada to authorize the parties to sell and distribute PPE products for government contract purposes and to commercialize any related opportunities. To consummate this relationship Primo Nutraceuticals Inc., obtained the following approvals; 1. a Government Procurement number;806756235PG0001  2. an Interim COVID-19 site license number;COV0950 and 3. a Medical Device Establishment License number; 14815. Primo will assist Duquette Consulting in bidding on government tenders in Canada.PPE Distribution Market worth $28.9 Billion by 2025 in North America and E.UThe North America and Europe distribution market for PPE is expected to reach US$28.95 M by 2025. * The safety-supplies sector in North America is anticipated to witness significant growth of over 7% from 2017 to 2025. * Head, eye and face protection are anticipated to grow at a compound annual growth rate of over 6% from 2017 to 2025. * Product demand in the U.S. is expected to be valued at over US$1.6B by 2025 according to a new report by Grand View Research, Inc. https://www.ohscanada.com/overtime/north-america-e-u-ppe-distribution-market-worth-28-9-billion-2025/ About Dan Duquette & Duquette Consulting LLCDan Duquette is a twice named Major League Baseball (MLB) Executive of the Year and former Executive Vice-President of the Baltimore Orioles, General Manager of the Montreal Expos, Boston Red Sox, and Milwaukee Brewers.Duquette Consulting entered the PPE market by sourcing and selling products and supplies at a government & state level to help in the fight against COVID-19, securing, shipping and recently delivering over 5 million masks to the State of Maryland. https://www.businesswire.com/news/home/20200727005153/en/Duquette-Consulting---State-Maryland-PPE-FulfillmentStock Options GrantedIn addition, the Company has granted a total of 2,300,000 incentive stock options to directors, officers, employees and consultants under the Company’s stock option plan, which was approved by the Company’s board of directors. The incentive stock options (the “Options”) are exercisable at $0.15 per share and will expire on September 25, 2021. Following this option grant the Company has 2,300,000 Options outstanding.Primo Nutraceuticals Inc.Primo Nutraceuticals Inc. ("Primo" or the "Company") is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis natural health products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo's management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of the “Primo” & "Thrive," brands and a selection of curated partner brands. Most recently Primo announced that it has received its Natural Product Number (NPN) and it has been issued a Medical Device Establishment License (MDEL) from Health Canada.On behalf of the Board of DirectorsPRIMO NUTRACEUTICALS INC.“Andy Jagpal”Andy Jagpal President and DirectorFor further information, please contact Zoltan, IR Representative at: 604-722-0305, or; info@primoceuticals.com.To learn more about what this news means to the shareholders visit:www.primonutraceuticals.com www.twitter.com/Prmoinc www.thrivecbd.com www.mariannacorp.com www.dcppe.netFORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. No regulatory authority has approved or disapproved the information contained in this news release.