Canadian companies announce cannabis collaboration

Medicinal cannabis company Asterion has granted PreveCeutical Medical a worldwide licence to manufacture and distribute three of its natural health products.

Preventative treatment developer PreveCeutical shared the news of the Canadian companies’ collaboration on Thursday, August 16.

Three natural sleep aid products are included in the licensing agreement: Blissful Sleep, Blissful Sleep Ex, and Skullcap Serenity. The ingredients in the products are traditionally used in herbal medicine, PreveCeutical said.

Blissful Sleep and Blissful Sleep Ex both contain humulus lupulus (a plant in the cannabis family) and the root of valeriana officinalis (a flowering plant native to Europe and Asia).

Skullcap Serenity contains powdered scutellaria lateriflora (a perennial herb in the mint family), which is also used to alleviate anxiety and menstrual pain.

All three products meet or exceed the quality measurement requirements of both the European Pharmacopoeia, which provides quality standards in the pharmaceutical industry in Europe, and Health Canada, according to the release.

The non-exclusive licensing agreement gives PreveCeutical the right to use Asterion’s IP to make and sell certain products for an initial term of five years, renewable for five consecutive one-year terms thereafter.

Asterion will remain the sole and exclusive owner of all IP licensed to PreveCeutical, though the products will be marketed and sold under PreveCeutical’s branding and trademarks.

The deal gives PreveCeutical the right to sublicense Asterion’s IP.

Under the terms of the agreement, PreveCeutical will pay a royalty equal to 20% of gross sales of the products.

Earlier this year, Asterion announced its plans to build the world’s largest greenhouse cannabis production facility in Queensland, Australia.

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories sent like this straight to your inbox.