Chinook establishes EU-GMP standards for its imports of medical cannabis to Germany from Canada
BERLIN, Germany, May 29, 2019 /CNW/ - Chinook Tyee Industry Limited ("Chinook") (TSXV: XCX), (Frankfurt: C4T, ISIN: CA16961T2083) has entered into a consulting agreement with a leading German pharmaceutical and medical consulting company, pursuant to which, among other things, the consultant shall evaluate and confirm that medical cannabis produced by a Canadian licensed producer of cannabis (a "LP") that has entered into a supply agreement with Chinook meets EU-GMP regulations for importing medical cannabis into Germany from Canada.
Chinook's business is to import pharmaceutical grade (EU-GMP) medical cannabis produced by LPs into Germany. EU-GMP certification is an internationally recognized system that ensures that pharmaceutical goods, including medical cannabis, meet the highest consumer health and safety standards. Canadian cannabis production and operating standards need to be upgraded to EU-GMP standards and receive EU-GMP certification from a German State before a LP is able to import medical cannabis into Germany. Upon entering a supply arrangement with a LP, Chinook conducts a gap analysis with its German business partners to determine any required EU-GMP upgrades. Upon passing an audit of any upgrades, Chinook arranges for EU-GMP certification by applicable State authorities in Germany. After a LP has obtained EU-GMP certification from a Germany State, Chinook and such LP then arrange for the necessary permits to import medical cannabis to Germany from Canada.
"Germany, whose medical cannabis industry is estimated to be valued at €7.7 billion by 2028, is experiencing a supply shortage and is dependent on imports predominantly from Canada which is the largest and most experienced producers of cannabis in the world", according to Mr. Alex Blodgett, CEO of Chinook. "Chinook's business is to supply the German medical market with the highest quality medical cannabis from Canada."
"Germany is the largest medical cannabis market in the globally and will set the pharmaceutical and healthcare insurance coverage standards for Europe as the region begins to legalize medical cannabis," commented Dr. Stefan Feuerstein, Managing Director of Chinook's Germany subsidiary, AMP Alternative Medical Products GmbH.
About Chinook Tyee Industry Limited
Chinook is a German managed investment company with two European subsidiaries, AMP Alternative Medical Products GmbH (AMP Germany) and Mercury Partners & Company plc. AMP Germany business is to import pharmaceutical grade (EU-GMP) cannabis produced by Canadian licensed producers into Germany. AMP Germany in cooperation with its business partners will provide EU-GMP audit, logistical, transportation, importation and other related services for the importation of medical cannabis into Germany. Mercury Partners & Company plc is a Malta based investment company.
For more information, please visit: www.amp-eu.com.
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 its business plans and milestones and the timing thereof. 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.
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SOURCE Chinook Tyee Industry Limited