Rhinomed announced that it has signed a non-binding term sheet with Columbia Care LLC to license Rhinomed's nasal platform for the delivery of medical cannabis and cannabinoid compounds, analogues and derivatives. The non-binding term sheet sets out proposed terms for the licensing of the Rhinomed platform technology, and enable Columbia Care and Rhinomed to jointly develop a range of unique cannabinoid products targeting a wide range of significant and unmet clinical and consumer health needs in the United States. The binding agreement (which the parties hope to complete in the next 90 days) will deal with the licensing of Rhinomed's platform technology, intellectual property, product royalties and supply of technology, exclusivity and other commercial issues. The program will leverage Rhinomed's nasal platform with development taking place in Columbia Care's research and manufacturing facilities
nationally. The companies believe that nasally delivered, dose controlled, targeted medical cannabis formulations open up a new pathway and opportunity across a range of indications for this class of medication within the clinical and over-the-counter consumer health settings.