FastForward Innovations has announced that a transaction involving its investee company Nuuverra Corp, in which FastForward has an effective holding of 3.75%, has received conditional approval from the TSX Venture Exchange. In summary, Mira IX Subco Inc., a wholly-owned subsidiary of Mira IX, will amalgamate with Nuuvera. Prior to closing of the Transaction, it is intended that Nuuvera will change its name to “Nuuvera Holdings Limited” and Mira IX will change its name to “Nuuvera Inc.”. The transaction is expected to close on or before December 29, 2017. The announcement suggests that the development is significant: Lorne Abony, Chief Executive Officer of FastForward, is quoted as saying, “Today’s announcement is yet another exciting step forward in the development of Nuuverra to be the leading Canadian producer [of medicinal cannabis products] with one of the lowest cost production facilities in Canada”.
About Nuuvera
FastForward describes Nuuvera as a privately held company formed to capitalize on the global secular trend towards the legalization of cannabis. The principal business of Nuuvera is to identify and evaluate businesses and assets with a view to acquire entities currently licensed for and engaged in the production, extraction and sale of medicinal cannabis products.
Nuuvera carries on its business through its subsidiaries, ARA-Avanti Rx Analytics Inc. (“Avanti“), of which Nuuvera indirectly holds 51%, and Avalon Pharmaceuticals Inc. (“Avalon“), an indirect wholly-owned subsidiary of Nuuvera.
Avanti is a “Licensed dealer”
FastForward says that Avanti is a “Licensed Dealer” as defined pursuant to the Narcotic Control Regulations and holds an establishment license evidencing its facilities compliance with Health Canada’s Good Manufacturing Practices requirements. The business of Avanti is the extraction, testing and analysis of cannabis and cannabis derivative products on behalf of Licensed Producers and other authorized individuals under the Narcotic Control Regulations and the Access to Cannabis for Medical Purposes Regulations. Avanti does not grow, distribute, nor sell/commercialize cannabis. In addition, Avanti offers a comprehensive menu of services in respect of controlled substances beyond cannabis including analytical research and development and quality control, waste management, as well as quality assurance and regulatory consulting.
Avalon has permission to build its cultivation facility
Avalon has not yet carried on any operations but has been advised that Health Canada has completed its paper based review of Avalon’s pending application to become a “Licensed Producer” under the Access to Cannabis for Medical Purposes Regulations. Accordingly, Health Canada has granted Avalon permission to proceed with the construction of its cultivation facility located in Brampton, Ontario. Avalon is in negotiations regarding the build-out of its facility. Nuuvera has also entered into a global strategic partnership with Aphria Inc. and Nuuvera is currently exploring additional cannabis related opportunities outside of Canada.
FastForward’s Nuuvera aiming to be Canada’s leading low cost Cannabis producer : FFWD