CANAQUEST SIGNS MENTANINE® AND MENTABINOL® PRODUCTION AND DISTRIBUTION AGREEMENT WITH PURCANN PHARMA AND SILICYCLE INC.

TORONTO, Feb. 02, 2021 (GLOBE NEWSWIRE) -- CANAQUEST MEDICAL CORP (OTC Markets: “CANQF”) (the "Company" or “CanaQuest”), a Life Science/Pharmaceutical Company developing health products utilizing cannabinoid molecules and other botanical compounds (pharmaceutical grade), today announced a new production and distribution agreement with PurCann Pharma (“PurCann“) and SiliCycle Inc. (“SiliCycle“). PurCann, a subsidiary of SiliCycle, is recognized for its unique expertise in the Extraction-Purification and commercialization of cannabinoids.

This agreement facilitates CanaQuest’s planned production, distribution and global export of Mentanine^® and Mentabinol^® formulations, through its wholly owned subsidiary, ADC BioMedical Corp, which was awarded a Cannabis Medical Sales, Import/Export License from Health Canada under the Cannabis Act. Initial sales are anticipated within 16 weeks after funding.

Hugo St-Laurent, PurCann, President, stated, “Mentanine^® and Mentabinol^® perfectly align with our strategic objectives. CanaQuest can benefit from SiliCycle and PurCann’s robust Canadian distribution channels and also leverage our organization’s international pharmaceutical health product marketing expertise across more than 100 countries.“

Paul Ramsay, CanaQuest Co-Founder & President, added, “We are extremely pleased to have PurCann Pharma, a Health Canada Licenced Processor and its parent company SiliCycle as new partners for our medicinal formulated products rollout, reflecting their exceptionally high pharma quality standards, expertise and processing capabilities.“

CanaQuest - Commercial Ready Master Formulations:
Mentanine^®, Omega-3 + CBD based formulation, non-psychotic – increases the efficacy of CBD at a specific nuclear receptor in the brain, for the treatment of mental ailments. The formulation interacts with the Central Nervous System "CNS" that controls anxiety, depression, schizophrenia, Post Traumatic Stress Disorder “PTSD”, and addiction. Additionally, the improved efficacy (sublingually delivered) requires substantially smaller doses of CBD, thus, eliminating or minimizing existing liver toxicity caused by high oral consumption of CBD (as noted in a recent FDA comment).

Mentabinol^®, THC based formulation & L-theanine - a safer alternative, for people who are taking THC for mental ailments, chronic pain, chemotherapy side-effects or for reducing anxiety or depression. The formulation could also be a viable treatment for opioid addiction.

Both formulations, are scientifically developed and proven by pre-clinical trials at Western University by a scientific team lead by Dr. Steven Laviolette.

About CanaQuest Medical Corp:

CanaQuest Medical Corp is a Life Science/Pharmaceutical Company developing health products utilizing cannabinoid molecules and other botanical compounds (pharmaceutical grade). The Company is the industry partner for research and product development with Dr. Steven Laviolette, a professor and neuroscientist, who has 20 years of research experience in the field of mental health and cannabinoids and oversees a team of 13 scientists at Western University. The Company’s research is focused on the use of cannabinoids for the development of novel pharmacotherapies for mental health, such as anxiety, depression, addiction, schizophrenia, and Post Traumatic Stress Disorder “PTSD”. CanaQuest has identified the regulatory pathways to obtain Drug Identification Numbers (DINs) for its two Master Formations, Mentanine^®Rx and Mentabinol^®Rx in Canada and the USA.

As well, CanaQuest will be selling both products through its wholly owned subsidiary, ADC BioMedical Corp, which was awarded a Cannabis Medical Sales, Import/Export License, from Health Canada under the Cannabis Act. Licenced GMP Contract Manufacturers in Canada and the USA, capable of formulating, processing, and packaging, have been selected for production and distribution. The Company won the Go Global Awards, 2019, "Business of the Year – Category of Life Science,” presented by the International Trade Council.

For a short video on the research, visit https://www.youtube.com/watch?v=O_D4wkHHbDg
For more information on CanaQuest, visit http://www.canaquest.com

About SiliCycle:

SiliCycle Group is a world leader in the development, manufacturing, and marketing of specialty products for the pharmaceutical and health sciences industry. A technical expert in fine chemistry, SiliCycle’s Group sells its solutions in the extraction and purification of molecules of interest and in silica chemistry in more than 100 countries. SiliCycle Group's know-how is sought after by major industrial manufacturing companies, including analytical laboratories, pharmaceutical, cosmetic, nutraceutical, food companies and academic laboratories around the world. The members of the SiliCycle Group are technology companies specializing in research and development and in the manufacture of products and services dedicated to health, well-being and the reduction of environmental impacts for its global clientele. It includes the following divisions and subsidiaries:

• SiliCycle (Chromatography products, Synéova, YuLife)
• PurCann Pharma
• Akua Nature
• Gbr
• Total Ocean
• Pharma in silica
• Mirapakon
• RV2 Technologies

For more information on SiliCycle, visit https://www.silicycle.com/ca/about-silicycle

About PurCann Pharma:

PurCann Pharma is specialized in the manufacturing and commercialization of cannabinoid-rich extracts from hemp and cannabis grown in Canada. A significant portion of these biomasses are certified Organic. The purified and standardized extracts rich in CBD and / or THC are sold in bulk or as finished products, such as tinctures, sprays and softgels. PurCann Pharma also offers R&D, extraction, purification and packaging services. The Company obtained its R&D license from Health Canada that allowed it to finalize and optimize its extraction-purification process, and its cannabis processing license that allows it to start the production.

PurCann Pharma benefits from the facilities of SiliCycle Inc, located on a 165,000 ft² site in the Parc Technologique of Quebec City, Canada. The state-of-the-art factory built in 2009 was recently extended and now occupies more than 45,000 ft², including 9,000 ft² of laboratories and 20,000 ft² of manufacturing and packaging space - a $ 45 million total investment. The site is ISO 9001:2015 certified and Good Production Practices (“GMPs“), in accordance with Health Canada’s Cannabis Regulations, which are being established.
For more information on PurCann, visit https://www.purcannpharma.com/

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, use of proceeds and the development, costs, and results of current or future actions and opportunities in the sector. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission and OTC Markets.

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