VANCOUVER, British Columbia, July 23, 2019 (GLOBE NEWSWIRE) -- BOUGAINVILLE VENTURES INC. (CSE: BOG) (FRA: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("Bougainville" or the "Company") is pleased to announce that the board of Directors have approved the terms of a Contract Production Agreement (the “Production Agreement”) with a Co-packing Company subject to acceptance of final terms, to produce and process our dedicated line of Cannabidiol derived (“CBD”) products which include the proprietary CBD blended, Medium Chain Triglycerides (“MCT”) Oils tincture product for anxiety, energy and sleep recently acquired from the Island Biopharma Inc., acquisition.
The Co-packing Company is a fully-licensed cannabis co-packing and bottling company that operates to GMP standards. The Production Agreement will enable Bougainville to launch its patented line of bio-cannabis MCT Oil tincture products cost effectively. Pursuant to the Production Agreement the co-packing company has agreed to provide product development, manufacturing, and distribution of our CBD blended MCT Oil tincture products for anxiety, energy and sleep. Bougainville Ventures will commit to a minimum purchase order of 1,000 gallons or 56,000 units. Packaging costs are very competitive with industry norms for the nutraceutical and herbal treatment products and the company’s strategy is primarily to sell to the wholesale market first.
According to an estimate from cannabis industry analysts the hemp-CBD market alone could reach $22 billion by 2022. CBD can be used to effectively to treat epilepsy, anxiety, insomnia and chronic pain. The Island Biopharma CBD line is designed to harness the healing power of cannabis without the psychotropic effects of THC.
About the Co-Packing Company
The Co-packing Company is a Canadian-based company, which is engaged in expanding the ancillary side of the cannabis industry. The company offers local and international brands key services, such as formulation, manufacturing, co-packing, and distribution for THC & CBD infused products.
About Bougainville Ventures, Inc.
Bougainville Ventures Inc. is dedicated to rapid growth in production, processing, retail and branding of cannabis and cannabis related products. Currently the company provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate properties. We offer fully built out turnkey facilities equipped with state-of-the-art growing infrastructure to cannabis growers and processors. Also, the Company is focused on building a strong presence in the hemp industry with the objective of extracting cannabinoids in both Canada and the United States. Along with our flagship Hemp project in Oregon State and the Greenhouse campus in Washington state, the Company has proprietary formulas for cannabis edibles, topical, and tinctures.
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, President and Director
For further information, please contact Andy Jagpal at info@bougainvilleinc.com. Please note that our Toll free number has changed to 1-877-517-7816.
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FORWARD 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.