United Kingdom, Germany Among Primary Targets As More EU Countries Enact Cannabis Legislation
TORONTO, July 10, 2019 /CNW/ - Cannvas MedTech Inc. ("Cannvas" or the "Company") (CSE: MTEC) (Frankfurt: 3CM) (OTCPK: CANVF), a leading digital cannabis education and analytics company, is pleased to announce its planned expansion into Europe is on track with a renewed focus on providing consumer-facing intelligent cannabis education to potential and active medical and adult-use cannabis consumers through its international cannabis education platform Cannvas.Me. With its expansion into Germany underway, Cannvas is turning their attention to the United Kingdom as well as other emerging cannabis markets across the EU.
"Over the past few months many progressive European countries began or continued the legalization of cannabis in some form, and there is a responsibility from the government and health care agencies to educate the public about all aspects and applications of this substance," said Shawn Moniz, Chief Executive Officer, Cannvas MedTech. "While we focus on growing Cannvas in such countries as the United Kingdom, Germany and others, we are refining our Cannvas.Me cannabis education platform to intelligently meet the needs of European consumers looking to learn more about cannabis in all its forms."
Global spending on legal cannabis is forecast to be $40.8 billion U.S. in 2024, nearly triple the $14.9 billion U.S. estimated to be spent this year, according to Arcview Market Research and cannabis industry analysis firm BDS Analytics in its annual "State of the Legal Cannabis Markets" report. With European markets expected to end cannabis prohibition and focused on liberalizing medical cannabis markets, Cannvas expects to leverage its Cannvas.Me educational platform and collaborate with local agencies to implement education and awareness campaigns around the potential benefits of cannabis as well as its safe and responsible usage and storage.
With over 350 original and evidence-based educational articles encompassing all aspects of cannabis, Cannvas is refining the machine-learning and AI technologies driving its learning platform to better serve European audiences content addressing their needs. Through the use of intelligent education on its learning platform Cannvas.Me, Cannvas plans on contributing to the cannabis knowledge landscape across Europe by delivering unbiased and evidence-based information relevant to specific concerns of individual users and/or groups of users from the same geographical area.
With recent announcements from governments in Belgium, France, Germany, Luxembourg, Portugal and the United Kingdom expanding their allowance for cannabis, coupled with European expansion plans from leading Canadian cannabis brands such as Tilray (NASDAQ: TLRY) and TerrAscend (CNSX: TER), Cannvas also continues to explore opportunities in central European locations, pending the outcome of ongoing high-level conversations with potential EU partner organizations, for its network of learning kiosks. Its Cannvas Kiosk concept is a cost-efficient and data-driven avenue of cannabis education delivery ready for implementation across health clinics, pharmacies and hospitals, retailers, entertainment facilities, educational institutions and government agencies.
Further to its announcement in 2018 regarding expansion into Germany, one of the fastest growing medical cannabis marketplaces in the world, Cannvas is exploring ideal locations to potentially set up operations in one or more central European locations, pending the outcome of ongoing high-level conversations with potential EU partner organizations.
Brightfield Group projects Europe's legal medical cannabis sales to reach nearly $8 billion by 2023, while London-based Prohibition Partners forecast the European medicinal cannabis market to be worth US$65.6 billion by 2028. Prohibition Partners believes the number of patients in the three biggest European markets – Germany, Italy, and the Netherlands – will rise from 130,000 in 2018 to 225,000 in 2019, with the cannabis industry in those three countries alone to be worth U$20.4 billion by 2028. The market intelligence agency says a lack of cannabis education has impeded patient access to cannabis in European countries such as the UK, setting the stage for strong growth of the Cannvas.Me digital cannabis education platform.
Additionally, the company proposes to raise up to $2,000,000 through a non-brokered private placement of up to 10,000,000 units at a price of 20 cents per unit. Each unit will consist of one common share and one transferable warrant exercisable at 30 cents per share for a period of two years. The proceeds will be used for developing the technology platforms and general working capital.
Additionally, the Company announces that it has issued an aggregate of 756,097 common shares of the Company at a deemed value of $0.205 per share to certain consultants as consideration for past services provided to the Company.
About Cannvas MedTech Inc. Cannvas MedTech is a leading digital cannabis education and analytics company delivering accessible and evidence-based education while harnessing the power of data to paint a clearer picture of cannabis consumption across Canada.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.