EnWave Signs Equipment Purchase Agreement and Royalty-Bearing License for Drying Cannabis in New Zealand with Helius Therapeutics Ltd.

VANCOUVER, British Columbia, Dec. 11, 2019 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that EnWave has signed an exclusive, royalty-bearing commercial license (the "License") with Helius Therapeutics Ltd. (“Helius”). Helius is New Zealand's largest licensed medical cannabis company with a strong focus on research and development. It is also the first cannabis company in the world to be certified as New Zealand Grown. Helius has a state-of-the-art biotechnology facility in Auckland, New Zealand, with large-scale indoor controlled growing systems, integrated extraction site, an advanced cannabinoid research laboratory and manufacturing operations. The License grants Helius the exclusive right to use EnWave’s proprietary Radiant Energy Vacuum (“REV”) dehydration technology for the drying of cannabis in New Zealand with the ability to sublicense to additional third-party Cannabis companies.

Pursuant to the License, Helius has purchased a 10kW REV machine to use REV technology for commercial production of dehydrated medicinal cannabis. In order to retain its exclusivity under the License as well as sub-licensing rights, Helius must purchase an additional REV machinery with 60kW or greater rated power by June 2021.

Under the terms of the License, Helius will pay EnWave a usage-based royalty based on the weight of cannabis dried using the REV machine. The other terms of the License, including the terms of the sub-licensing rights, are not disclosed.

This is the seventh commercial royalty-bearing license for cannabis processing granted by EnWave, and its first granted in New Zealand. EnWave has granted royalty-bearing commercial licenses for cannabis dehydration in Canada, Europe, Australia and New Zealand.

About Helius Therapeutics Ltd.

Helius Therapeutics is New Zealand’s largest medicinal cannabis company, specialising in the research, development, cultivation, and manufacturing of GMP-certified medicinal cannabis products. The company has built its state-of-the-art facility in Auckland, with indoor controlled growing systems, integrated extraction site, an advanced cannabinoid research laboratory and manufacturing operations. As New Zealand’s regulatory environment changes to allow commercial production from early 2020, Helius is poised to set the standard for effective and accessible medicinal cannabis products in the region.