Avana initiates international expansion plan through one of Europe's principal commercial entry points
ST. THOMAS, ON, April 10, 2019 /CNW/ - Avana Canada Inc. ("Avana") has signed a letter of intent ("LOI") with the Maltese economic development agency, Malta Enterprise. The LOI between Avana and Malta Enterprise initiates the first step to developing a medical cannabis production facility in Malta.
"We have been very selective in our evaluation of companies, who need to show rigorous processes and strict regulations. Our goal is to be at the forefront of the research and production of medical cannabis, and we believe businesses like Avana will help us achieve this in Malta," says Chief Executive Mario Galea, Malta Enterprise.
Avana expects to use this facility as a medical cannabis processing hub, where it will import cannabis flower into Malta and process the flower into medical products for distribution to other European markets.
"The European market is one of the largest opportunities in the nascent global medical cannabis industry. Our familiarity in establishing and working within GMP compliant production facilities will lead to an efficient facility roll-out in Malta," says Zubin Jasavala, Chief Executive Officer, Avana. "Our experience operating CannaWay Clinics and our formulation partnership with Covar Pharmaceuticals is guiding product development which we are excited to bring to Malta and the broader European market in 2020."
In the upcoming months, Avana will work to commence construction of the facility in Malta. Avana will be participating in the Medical Cannabis World Forum held in Malta in November 2019, where Jasavala will be speaking to Avana's experience in the Canadian medical markets in both production and distribution to-date.
Avana is a family of cannabis brands and businesses positioned for growth domestically and in global medical markets. Focusing on consumer-driven, high-value cannabis product development, Avana derives unique market insights through a wholly-owned subsidiary, CannaWay Clinic, a network of clinics specializing in cannabis treatment programs. Leveraging these insights, Avana is forging the way for cannabis formulations and medical applications in Canada and ultimately the broader European market.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, Avana's future plans with respect to cannabis sales and processing, Avana's intention to expand internationally and Avana's retail cannabis stores in Saskatchewan and Manitoba. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political, contractual and social uncertainties; and the delay or failure to receive regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Avana assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.