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Alchemist Mining updates on Island Therapeutics deal, aimed at producing new remedies

British Columbia-based Island Genetics is focused on research and development (R&D) within the cannabis industry

Inking a deal
Alchemist has signed a binding letter of intent to enter into the agreement with IG

Alchemist Mining Inc (CSE:AMS) has inked a deal to take a stake in Island Therapeutics in bid to develop new strains of cannabis, targeting specific ailments.

British Columbia-based Island Genetics is focused on research and development (R&D) within the cannabis industry and the production and preservation of exotic heirlooms, unique hybrids, as well as other cannabis strains.

READ: Alchemist Mining takes 15% stake in Island Therapeutics

The company began in 2013 as a research project for Davis Allen to treat his chronic stomach disorder.

To get  the 15% stake, Alchemist said it would complete a share exchange, valued at C$112,500.

"Having recently announced a partnership to deliver transdermal cannabis patch technology, it was the natural next step to partner with a group like Island Genetics that is targeting specific ailments and researching and developing the best of breed cannabis strains to address them", said Alchemist CEO, Paul Mann.

The aim of  the agreement is to commercialize the existing genetics library of IG and further develop new strains of cannabis, targeting specific ailments.

Davis Allen, Founder of Island Genetics, added: "We look forward to working with Paul and his team at Alchemist because we truly believe the products that he is working on will have a powerful impact on the cannabis industry. We also admire Paul's professionalism and by-the-book approach- which is less common in this industry than people think. This has given us the confidence to take this step with Alchemist and become a partner."

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Price: 0.055 CAD

CSE:AMS
Market: CSE
Market Cap: $2.15 m
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