BERLIN and ERFURT, Germany, Nov. 18, 2019 /CNW/ - AMP German Cannabis Group Inc. ("AMP") (CSE: XCX), (Frankfurt: C4T, ISIN: CA00176G1028) announces the Thuringian State Office for Consumer Protection (Thueringer Landesamt fuer Verbraucherschutz) ("TLV") has granted an import licence for cannabis products for medical purposes for Germany according to Section 72 of the German Medicine Law (Arzneimittelgesetz - AMG) to Alternative Medical Products GmbH ("AMP Germany"), a wholly-owned subsidiary of AMP.
The TLV deals with fundamental matters of economic consumer protection and consumer policy for the Free State of Thuringia in Germany.
The import license allows AMP to import medical cannabis purchased from outside the European Union into Germany. Once imported into Germany, AMP sells the European Union-Good Manufacturing Practices (EU-GMP) medical cannabis flower to pharmaceutical distributers who supply to German pharmacists. AMP's supply chain across Germany is currently being EU-GMP audited to ensure the quality and integrity of the medical cannabis is maintained during transportation, warehousing, testing and distribution. This audit should be successfully finalized before year-end.
AMP has entered into supply agreements to purchase collectively 2,400 kg of EU-GMP medical cannabis annually from two producers once they have obtained their Health Canada sales license and received EU-GMP certification from TLV. AMP has entered into a multi-year distribution agreement for the sale of 1,200 kg annually in the first year of EU-GMP medical cannabis with a German pharmaceutical distributor. AMP anticipates entering into additional supply and pharmaceutical distribution agreements before year-end.
Dr. Stefan Feuerstein, Managing Director of AMP Germany, commented, "AMP receiving its import license according to § 72 AMG (German Medicine Law) after a stringent audit is an important step to be fully capable to import EU-GMP medical cannabis into Germany."
Mr. Alex Blodgett, CEO of AMP, commented, "AMP has put all the pieces together for it to be one of the first significant importers of medical cannabis to Germany that is not involved in cultivation. In the near future, we plan to enter into additional supply agreements for EU-GMP medical cannabis for the growing German market from international partners."
About AMP German Cannabis Group Inc.
AMP German Cannabis Group is the parent company of several European investment subsidiaries focusing on the import of pharmaceutical-grade (EU-GMP) cannabis into Germany. AMP provides EU-GMP gap analysis and audits, logistical, transportation and other related services for the importation of medical cannabis into Germany through its AMP EU-GMP German Certification Protocol Program.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the shares in the United States. The shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This news release contains forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to the completion of the offering, the timing thereof and the expected use of proceeds from the offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.