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Agreement will see Emblem export to one of the world’s largest legal medical cannabis markets
TORONTO, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Emblem Corp. (TSXV: EMC, OTCQX:EMMBF) ("Emblem" or the "Company"), today announced that, through its wholly-owned subsidiary Emblem Cannabis Corporation (“ECC”), it has signed a definitive agreement with German pharmaceutical wholesaler Acnos Pharma GmbH (“Acnos”) in respect to launching a joint venture under the name “Emblem Germany” (the “JV”) for the purpose of exporting Emblem-branded cannabis products from Canada into Germany. The JV – owned 60% by ECC and 40% owned by Acnos – will allow Emblem to commence exporting its products to Germany, with first deliveries expected to be made in mid-2019.
With a population of approximately 82.5 million and federal health insurance coverage for medical cannabis, Germany has created potentially one of the largest legal medical cannabis markets in the world. Subject to all applicable regulatory approvals, Emblem will supply the JV with cannabis oil for sale to German pharmacies, wholesalers and clinical labs for medical purposes.
“Finalizing and signing the definitive agreement with Acnos is a critical first step towards the establishment of a world-class distribution channel that extends internationally to key markets including Germany,” said Nick Dean, President and CEO of Emblem. “Our joint venture capitalizes on Acnos’ significant market knowledge, depth of understanding, and experience as a distributor with a strong track record in the pharma industry. We anticipate incredible demand for medical cannabis in this market and with that comes an opportunity for Emblem to provide physicians, pharmacists and patients with its trusted, high-quality, innovative, and patient-focused products. Emblem is well positioned to begin operations in an important international market.”
Emblem’s new 30,000 sq. ft. Product Innovation Centre, which includes a 5,000 sq. ft. laboratory built to GMP standards, is expected to be online in Q1 2019. This expanded footprint will provide significantly increased oil extraction capacity required for Emblem to meet the expected demands of the German market.
“Emblem’s medical division has positioned itself as an industry leader by innovating and producing high-quality pharmaceutical products,” said Maximillian Claudel, Co-Owner of Acnos. “From our experience, the long view of the German medical market is focused on oil extracts versus combustible products. Emblem’s experience innovating and delivering premium oil products to patients – along with the Company’s imminent growth in extraction capacity – make it an ideal international partner for Acnos.”
The export of products to Germany will be predicated upon Emblem satisfying applicable regulatory requirements for shipping cannabis products to Germany. This includes completion of Emblem’s GMP-certified laboratory in Ontario, followed by receipt of the European Medical Agency GMP certification which is expected to occur in mid-2019. Emblem will also require a Health Canada issued export permit and provisional import status from the German Bundesopiumstelle (Federal Narcotics Bureau) to import medical cannabis products into Germany.
Mr. Dean added, “This milestone further solidifies Emblem’s position as an industry leader in product innovation, branding and securing distribution networks. We are leveraging the Company’s strong medical history to create lucrative, sustainable partnerships that continue to put patients first. This will be achieved by building long-lasting relationships with some of the best partners the industry has to offer.”
Acnos Pharma GmbH is a pharmaceutical wholesaler based in Aachen, Germany. The company’s mission is to supply branded and non-branded medicines to pharmacies, wholesalers and other healthcare companies within the industry. By working closely with medical professionals and multinational manufacturers, Acnos strives for the highest and the latest standards and procedures to ensure the highest level of safety and quality. The quality management system and staff far exceed the industry's regulatory requirements and standards to ensure flawless, traceable and monitored product paths from the manufacturer to the customer.
Emblem is a fully integrated cannabis company focused on driving shareholder value through product innovation, brand relevance, and access to patient and consumer channels. Through its wholly-owned subsidiary Emblem Cannabis Corporation, Emblem is licensed to cultivate, process, and sell cannabis and cannabis derivatives in Canada under the Cannabis Act. Emblem’s state-of-the-art indoor cannabis cultivation facility and Product Innovation Centre is located in Paris, Ontario. Emblem is also the parent company of GrowWise Health Limited, one of Canada’s leading cannabis education services. Emblem trades under the ticker symbol EMC on the TSX Venture Exchange.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. In particular, this news release contains forward-looking statements relating to, among other things: (i) the timing and completion of the proposed facilities by the Company; (ii) the ability of the Company to utilize the new facilities to produce additional dried cannabis; (iii) potential sales of dried cannabis produced at the new facilities and the value thereof; (iv) the Company's future production capacity; (v) the availability of additional sources of financing; (vi) the ability of the Company to negotiate and enter into definitive agreements with respect to the JV; (vii) the Company’s ability to obtain all necessary regulatory approvals required to complete the export of cannabis to Germany; (viii) the demand for the Company’s products in the German market; (ix) the ability of the Company to produce high quality dried flower; (x) the intention to grow the business, operations and potential activities of the Company; and (xi) the size of the market expected to exist in Germany. Management of the Company believes the expectations reflected in such forward-looking statements are reasonable as of the date hereof but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those material factors and assumptions are based on information currently available to the Company, including data from publicly available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which Emblem believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. While Emblem is not aware of any misstatement regarding any industry or government data presented herein, the medical marijuana industry involves risks and uncertainties and is subject to change based on various factors.
Forward-looking statements are not a guarantee of future performance and are subject to and involve a number of known and unknown risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks identified in the Company's December 31, 2017 Management's Discussion and Analysis, which has been filed with the Canadian Securities Administrators and available on www.sedar.com. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.NEXT ARTICLE
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