Cannabis cultivation and extracts production licence in Colombia will service a global supply chain
MARKHAM, ON, July 24, 2018 /CNW/ - MedReleaf Corp. (TSX:LEAF) ("MedReleaf" or the "Company") today announced that it has acquired MED Colombia SAS ("MED Colombia"), a company with licences in Colombia to cultivate cannabis and produce cannabis oil extracts, along with a library of cannabis genetics, for a total consideration of €2.75 million in cash. This acquisition provides MedReleaf with the ability to produce low-cost, high-quality raw materials to serve its global supply chain as well as the domestic Colombian medical cannabis market.
"As the legalization of medical cannabis continues to expand, we must ensure that our ability to cultivate cost effectively extends beyond Canada to supply our global operations," said Neil Closner, CEO of MedReleaf. "Colombia has one of the best climates in the world for cannabis cultivation and excellent regulation to protect the rights of growers and operators. With the acquisition of MED Colombia we continue to execute on our international strategy and will be well positioned to scale our global production as our business continues to grow."
As one of the world's leading agricultural production regions, Colombia legalized medical cannabis in 2015 and is poised to become one of the largest exporters of medical cannabis in the world. MED Colombia received its government licence in 2017 for the cultivation of THC cannabis and its derivatives. MedReleaf has a team operating in Colombia since 2017 and this acquisition accelerates the Company's plans to establish a licensed cultivation and extraction facility.
About MedReleaf (TSX:LEAF)
Canada's most awarded licensed producer, MedReleaf is an R&D-driven company dedicated to innovation, operational excellence and the production of industry leading, top-quality cannabis. Sourced from around the world and carefully cultivated in one of two state-of-the-art ICH-GMP and ISO 9001 certified facilities in Ontario, with a third facility currently in development, a full range of premium MedReleaf products are delivered to the global medical market. We serve the therapeutic needs of patients seeking safe, consistent and effective medical cannabis and provide a compelling product offering for the adult-use recreational market.
For more information on MedReleaf, its products, research and how the company is helping patients #livefree, please visit MedReleaf.com or follow @medreleaf
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon MedReleaf's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, MedReleaf does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for MedReleaf to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in MedReleaf's Annual Information Form dated June 18, 2018 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in MedReleaf's Annual Information Form could cause actual events or results to differ materially from those described in any forward-looking information.
SOURCE MedReleaf Corp.