Green Relief to Acquire Majority Ownership of Bodhi Research
HAMILTON, ON, Dec. 14, 2018
HAMILTON, ON, Dec. 14, 2018 /CNW/ - Green Relief Inc., Canada's leading licensed producer of medical cannabis using aquaponics as a growing method, today announced it has entered a share purchase agreement for a majority stake of Bodhi Research & Development Inc. ("Bodhi Research").
Under the share purchase agreement, Green Relief has acquired 51 per cent of the outstanding common stock in Bodhi Research in exchange for Green Relief shares. Bodhi Research will be renamed Green Relief Innovations, and will acquire the company's intellectual property and patent-pending nutraceutical product to treat symptoms of concussion.
The agreement provides Bodhi Research shareholders with the ability to divest the remaining 49 per cent of their shares to Green Relief over a six-year period.
"We are thrilled to welcome Dr. Jha and his colleagues to the Green Relief family," says Warren Bravo, Chief Executive Officer, Green Relief Inc. "With its unparalleled expertise in cannabis-based R&D and clinical trials, the team at Bodhi Research will be integral to growing our research and development arm, and establishing an innovative suite of cannabis-based medical products to serve a growing nutraceutical market."
Dr. Jha, who is reputed internationally for specializing in concussions, head, and spine injuries, has committed to continuing to lead research and development at Green Relief Innovations, and operate as Chairman and CEO for a five-year period. Additionally, Dr. Jha will serve as a member of Green Relief's board of directors.
Dr. Jha has organized international conferences, founded peer reviewed journals, chaired white papers, worked with the various professional sports leagues and sat on various boards. He has been a constant presence in the media from Sportsnet to HBO.
"Both the team at Bodhi Research and Green Relief share a common purpose of bringing innovative, cannabis-based nutraceuticals – and eventually pharmaceuticals – to the global health and wellness marketplace," Dr. Jha says. "Together, we will work to develop products that will not only target priority medical conditions, but also provide patients with more choices to enhance their health and well-being, thus establishing Green Relief as a globally trusted household brand for medicinal cannabis.
"We joined the team at Green Relief as it has demonstrated a strong commitment to health and wellness, and has entrusted us to develop a suite of products that are clinically tested and rooted in science."
Dr. Jha and his team have conducted clinical trials that support the efficacy of cannabinoids in managing concussions. Subsequent to the completion of an additional trial, and its ongoing patent application, Green Relief Innovations will look at launching a nutraceutical for the treatment of concussion symptoms.
"As a medically focused licensed producer, we couldn't be happier with this agreement," Bravo says. "Not only will Green Relief Innovations play a key role in helping patients improve their quality of life, it will also advance the science behind medical cannabis through research that raises the profile of the many benefits of cannabinoid therapy."
About Green Relief
Based in Hamilton, Ont., Green Relief is Canada's leading licensed producer of medical cannabis using aquaponics to sustainably grow its plants. Aquaponics is a closed-loop system that combines aquaculture (raising fish) with hydroponics (the soilless cultivation of plants). As a result, aquaponics uses up to 90 per cent less water than conventional agriculture, while also producing 10 times the crop yield per hectare, and an end product free from synthetic fertilizers and harmful pesticides. Additionally, once the system's fish reach market size, Green Relief donates the protein source to a food rescue service that delivers meals to those in need. Over the last three years, Green Relief has donated more than 40,000 fish through this initiative. At Green Relief, the mission is simple: helping patients improve their quality of life while also being environmentally responsible, and giving back to the community. Green Relief is a privately held company with plans to go public in early 2019.
About Bodhi Research
Bodhi Research and Development Inc. is an Ontario-based research company founded by Dr. Neilank K. Jha, a Toronto-based neurosurgeon. Bodhi Research conducts research trials that explore the use of cannabis in the treatment of concussions and post-concussive syndromes. This reasearch has been completed in collaboration with some of the world's foremost experts in concussions and pain management.
About Dr. Neilank K. Jha MD, MSc, MBA
Dr. Jha holds his medical degree, neurosurgical training and spine fellowship from McMaster University and the University of Toronto. He holds MSc and MBA degrees from the London School of Economics and Ivey Business School, respectively. He is a practising neurosurgeon and founded Bodhi Research in 2016. Upon closing of the share purchase agreement with Green Relief, Dr. Jha will be appointed as Chairman and CEO of Green Relief Innovations.
SOURCE Green Relief Inc.