PRESS RELEASE

Tampa, FL, October 10 2019 — Canavation Product Group (“Canavation”), a recently formed Delaware company, announced today that it has acquired the consumer products division of Teewinot Life Sciences (“Teewinot”). Terms of the deal were not publicly disclosed.

Canavation is rapidly entering the cannabinoid consumer product space with several market advantages over traditional cannabinoid consumer-focused companies. With the purchase, Canavation also acquires a Teewinot issued patent (Patent # US7399872B2) for technology covering the conversion of hemp derived CBD into delta 8 (Δ8)THC and traditional Δ9THC. Δ8THC is a rare and difficult to produce cannabinoid that has similar but also unique and enhanced medicinal benefits when compared to Δ9THC, as well as being considerably less psychotropic. This provides Canavation a significant market opportunity for Δ8THC, and the company plans to license this patented process on a territory basis to qualified licensed producers.

In addition to the transaction, the two companies have entered into a strategic supply agreement where Teewinot will provide Canavation mutually exclusive access on a worldwide basis, to select rare cannabinoids produced using Teewinot’s patented CannSynthesis® biotechnology platform, for consumer-based applications. Canavation now has the expertise and capabilities in cannabinoid product development and formulation to support robust consumer product partnerships.

“In the consumer-facing marketplace, companies need a competitive advantage in order to differentiate.” stated Bill Barlow, Canavations’s CEO. “Canavation has several competitive advantages right out of the gate as a result of this acquisition. Good science integrated with quality ingredients and patent protected technology will help us emerge and maintain our position as a leader in the cannabinoid consumer product space.”

The strategic decision of Teewinot to sell the consumer product division allows Teewinot to focus on commercialization of its CannSynthesis® platform, as well as the advancement of its pharmaceutical pipeline.  In addition to the transaction, the two companies have entered into a strategic supply agreement where Teewinot will provide Canavation access to select rare cannabinoids produced using Teewinot’s patented CannSynthesis® platform, for consumer-based applications.

Canavation plans to establish multiple joint ventures with best in class brands. The company will provide quality cannabinoids, formulary and development support as well as education and claim support.

Canavation is led by Bill Barlow, a 20+ year veteran in the consumer product space with numerous consumer-focused international branding and marketing successes.

About Canavation Product Group
Canavation Product Group is an international product development and marketing company. Canavation develops highly differentiated consumer products as well as product line extensions for new and established brands. The company leverages its exclusive pharmaceutical quality CBD and other rare cannabinoids sourced from hemp grown in organic conditions or generated through patent-protected conversion and biocatalytic technologies. We demonstrate quality leadership in the consumer cannabinoid product space and are backed by third party organizations and research facilities.

About Teewinot Life Sciences

Teewinot Life Sciences is a global leader in the biosynthetic development and production of cannabinoids and their derivatives for consumer and pharmaceutical products. The Company is leveraging a unique integrated biocatalytic and chemical synthesis platform, that allows the production of an unprecedented range of cannabinoids and cannabinoid NCEs from bench to cGMP manufacturing.  This platform supports Teewinot’s drug discovery programs as well as industry partnerships for pharmaceutical and consumer product development. Teewinot is revolutionizing the synthetic cannabinoid space with its cost-effective, commercial scale approach to meet the global growing demand for cannabinoid-based products to address unmet health, wellness, and therapeutic needs.

About CannSynthesis®
CannSynthesis® is the world’s only patent-protected biocatalytic process for the production of rare cannabinoids from bench to cGMP commercial scale. It utilizes a modular approach for bioreactions to produce specific rare cannabinoids at high titer and purity with high efficiency and speed.  The biocatalytic process is complemented with a variety of proprietary chemical transformations to convert the biologically-derived cannabinoids into other rare cannabinoids. Today, this platform allows for Teewinot to deliver the widest and most diverse range of cannabinoids for the growing market demand.