Cannabis interests continue to elbow for space to get their name and product out there, a situation that has only intensified since medical marijuana got the federal “green light” last fall.
On Thursday, it was the turn of Toronto-based Revive Therapeutics Ltd. (TSX-Venture:RVV) to mount its soapbox. The company plans to establish a cannabis product derivative manufacturing and development facility and, to that end, has entered into a definitive lease and purchase option agreement to a 12,000-square-foot facility in Mississauga, Ont. with an option to acquire 100% interest in said plant, as well as the option to expand into a 50,000-sq.-ft. facility, at the Company’s discretion, in Bowmanville, Ont.
Said CEO Craig Leon, “We are excited about entering in our next stage of our growth plan as our expansion into our dedicated facility not only allows Revive to establish its position as a cannabis derivative manufacturing and product development company that focuses on high quality cannabis products and contract manufacturing services to third parties, but also allows Revive to leverage and expand on its cannabis-based patent portfolio in creating unique products for recreational and medicinal markets as the cannabis industry evolves.”
Revive’s shares did just that, shortly after noon on Thursday, taking a penny, or 10.5%, to 10.5 cents, on volume topping 113,000