Signs Strategic Cooperation Agreement with China-Based Zejiang Yatai Pharmaceutical
Benchmark Botanics, Inc. (BBT.C) a federally-licensed producer and distributor of medical-grade cannabis, announced that it has signed a non-binding letter of intent of strategic cooperation with China-based Zhejiang Yatai Pharmaceutical Co., Ltd., a publicly listed company on the Shenzhen Stock Exchange (stock code: 002370), to promote and conduct research and development, production, extraction and the commercial application of CBD and its derivative products for medical applications. Benchmark and Zhejiang Yatai agree to create, develop and market a variety of high content cannabinoid based (“CBD”) pharmaceuticals, natural health products and cosmetics for international markets.
“Partnering with a team that understands health-related product development from ideation to formulation, will provide Benchmark Botanics with a significant advantage as we plan for long-term success. I’m pleased to welcome Mr. Yaogen Chen and the Zhejiang Yatai team, who are already applying their expertise in the development of natural health products, drug development and molecular modeling for a variety of cannabis products,” said William Ying, CEO of Benchmark Botanics. “Their vision is impressive, and together we’ve laid out an ambitious plan to extend into international consumer markets such as health and wellness, cosmetics and nutraceuticals.”
“This is a natural progression for Zhejiang Yatai and Benchmark Botanics as Benchmark's team already have experience in growing, cultivating and processing medical cannabis. We share the same principles as well as a philosophy rooted in science and geared for the production of unique, safe, and quality products,” said Mr. Chen, Chairman of Yatai Pharmaceutical. “We’ve already established a multi-year plan and we’re preparing our fully-equipped, state-of-the-art facility in Canada to capitalize the medical applications of CBD.”
The companies agree to establish a new joint venture company in Canada to fully integrate Zhejiang Yatai 's advantages in drug research and development, production and sales in the medical field and Benchmark’s advantages in cannabis cultivation and extraction.
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