Luminor Medical Technologies (TSXV: LMT) plans to acquire the exclusive Canadian and Jamaican licenses for cannabis medical and consumer products from Jamaica BLU. The commercial products, owned by Jamaica BLU, a private Ontario Corporation, are based on a patent pending process to create cutting edge cannabis consumer products for both the medical and Adult-Use markets, as these markets emerge, around the world.
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The first group of Adult-Use consumer products leverages the well-known aphrodisiac qualities of cannabis to address both male and female sexual dysfunction.
Christian Sauvageau, CEO of Luminor Medical, stated: “J-BLU’s technological platform promises to create a wide variety of precise formulations that produce specifically-targeted effects for various types of patients, including people with diabetes. Patients and Health Care providers expect consistent high quality product produced by the best available practices and methods and that is just what J-BLU provides. Although our primary interest is directed toward the J-BLU diabetes formulation, Luminor Medical will capitalise on every formulation developed for the Canadian and Jamaican markets.“
Under the terms of the letter of intent, Luminor will issue 9.5 million shares to the shareholders of J-BLU, and $200,000 for intellectual property access.
Anton Mattadeen, President and CEO of J-BLU, stated, “We are very excited by this new partnership with Luminor Medical. The combination of their mission to improve the lives of people with health issues like diabetes and our proprietary formulations of cannabis has the potential to play an important role in offering a variety of highly efficacious solutions while addressing the rapidly growing demand for cannabis-based medical products around the world. It is our collective goal to take a leadership role in this area.”
Luminor, a medical diagnostic company, is focused on acquiring, developing and commercializing medical technologies for unmet clinical needs. The company’s Scout DS® device, is the first non-invasive testing system designed to provide a highly sensitive and convenient method for measuring prediabetes/type 2 diabetes related biomarkers in the skin. It has been regulatory cleared in certain markets both as a clinical tool to assist in the identification of both prediabetes and type 2 diabetes.
The company is currently raising up to $3 million through the issuance of up to 7.5 million units at a price of $0.40 per unit, with each unit consisting of 1 share and one-half a warrant, with each full warrant exercisable at $0.50 for 24 months.
For more information, please visit www.luminormedical.com, contact Mark Komonoski, Communication Director, at 403-470-8384 or email [email protected].
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