Replies to post #231 on PreveCeutical Medical Inc (PRVCF)

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PreveCeutical Announces LOI with Crushedit LLC to Supply CBD Isolate for Expected Sale Proceeds of $16.25 Million
 

November 13, 2018, Vancouver, British Columbia: PreveCeutical Medical Inc. (the “Company” or “PreveCeutical”) (CSE: PREV, OTCQB: PRVCF, FSE: 18H), announces that it has entered into a non-binding letter of intent dated November 9, 2018 (the “LOI”) with Crushedit LLC (“Crushedit”), whereby PreveCeutical’s newly created Cannabis Division (see news release dated July 24, 2018) will supply Crushedit with a minimum of 2,500 kilograms of Cannabidiol (“CBD”) isolate over a 12 month period at a purchase price of CAD $6,500.00 per kilogram, for aggregate sale proceeds of at least CAD $16,250,000 (the “Transaction”).
 
PreveCeutical’s Chairman, Chief Executive Officer and President, Stephen Van Deventer commented, “We are extremely excited with this transaction for our Cannabis Division. The transaction is very beneficial to PreveCeutical as the revenue from the sales of the CBD isolate positions us for future growth to increase shareholder value and allows us to continue executing our vision of becoming a global preventive healthcare company.”
 

Commercial Terms of the LOI
 
Under the terms of the LOI, PreveCeutical will supply Crushedit with a minimum of 2,500 kilograms of CBD isolate over a 12-month period. The funds paid by Crushedit in connection with the Transaction will be held in escrow until local testing of the CBD isolate is completed and all terms relating to the Transaction are agreed upon in a contract of sale to be entered into between the parties.