Agreement will see Emblem export to one of
the world’s largest legal medical cannabis markets
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.”
About Acnos
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.
About Emblem
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.
For media inquiries, please contact:
Morgan Cates H+K Strategies 416.413.4649
Morgan.Cates@hkstrategies.ca
For further information contact:
Ethan Karayannopoulos Investor Relations Emblem
Corp. 647.748.9696 ethank@emblemcorp.com
Alex Stojanovic Chief Financial Officer Emblem Corp.
416.923.1331 alexs@emblemcorp.com
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.
Emblem Corp (TSXV:EMC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Emblem Corp (TSXV:EMC)
Historical Stock Chart
From Apr 2023 to Apr 2024