Pivot Pharmaceuticals Inc. (Pivot) and Pivot Green Stream Health Solutions Inc. announced that Pivot has signed a binding letter of intent to establish a California-based entity in order to accelerate the monetization of the Ready to Infuse Cannabis technology as previously announced on December 20, 2017. Pivot plans to build manufacturing facilities in legal cannabis markets throughout North America and Europe, obtain the necessary licensures, and launch products using RTIC technology which transforms cannabis oil into powder for infusion. The letter of intent is subject to customary conditions including regulatory approval, the negotiation of a definitive agreement and satisfactory completion of due diligence.

Pivot will appoint Ross Franklin and Patrick Rolfes to executive leadership roles within PGS-California to help execute its business strategy of conducting research, development and commercialization of cannabinoid-based products.