Rapid Dose Therapeutics Corp. announced receipt of its Canada Revenue Agency (CRA) Cannabis Licence in February 2020, and now has obtained all approvals for cannabis processing and packaging for Canada. The licensing was required by RDT in order for RDT as a service provider to accept delivery of cannabis oil from its customers for RDT to process its customers’ cannabis oil into QuickStrip™ products at its Burlington, Ontario facility. The QuickStrip™ products are then delivered to the customer from whom the corresponding cannabis oil was received.
Although RDT does not own, buy or sell cannabis, RDT has been categorized as a cannabis company by its insurance provider due to its cannabis licensing. RDT’s current Directors and Officers insurance provider has recently been acquired by another insurer. The new insurer has made the internal decision not to offer insurance coverage for cannabis and cannabis-related businesses. RDT is currently exploring other D&O markets for coverage for RDT’s unique circumstances.
As a result, RDT announces the resignation of Donald Sheldon as a director of the Corporation and Miles Nagamatsu as its Chief Financial Officer, both resignations being effective February 20, 2020, due to the pending expiry of the Corporation’s current D&O insurance coverage.
Both Mr. Sheldon and Mr. Nagamatsu have indicated a willingness to be re-appointed as soon as replacement insurance policies can be secured by the Corporation with an alternate insurer. In the interim, Mr. Sheldon will be continuing to serve the Corporation as legal counsel and Mr. Nagamatsu will be continuing to serve as a consultant. Rishi Kapadia, Controller, will temporarily assume and perform the responsibilities of Chief Financial Officer.
Jason Lewis, SVP of Business Development, has been appointed as a director of the Corporation, effective immediately. “We would like to thank both Mr. Sheldon and Mr. Nagamatsu for their contributions to the Corporation in their respective roles,” said Mark Upsdell, Chief Executive Officer of RDT, “and we look forward to them re-joining RDT as a director and senior officer, respectively, in the near future.”
Rapid Dose Therapeutics Corp. is a publicly traded Canadian life sciences company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry, including nutraceutical, pharmaceutical and cannabis industries.