TORONTO, Sept. 16, 2019 /CNW/ - Mera Cannabis Corp. ("Mera" or the "Company"), has entered into a binding and non-exclusive supply agreement (the "Supply Agreement") with HM HerbaMedica GMBH ("HerbaMedica"), situated in Berlin, Germany, pursuant to which HerbaMedica has agreed to purchase up to 600 kg of dried cannabis per year from Mera for a term of two years, subject to certain increase rights.
As part of Mera's international development strategy, its flagship facility in St. Thomas, Ontario has been designed to adhere to EU-GMP standards. As a result, Mera expects the majority of its outputs from its domestic facilities to be sold to growing international medical markets. With a population of over 83 million and wide-spread statutory health insurance, Germany is poised to be a European powerhouse for medical cannabis.
"With partners like HerbaMedica, Mera has the opportunity to capitalize on its experience and insights acquired through domestic operations and utilize that knowledge in the EU. This agreement marks a significant milestone for both parties and will help bridge the gap between supply and demand in Germany," says Zubin Jasavala, Chief Executive Officer of Mera.
"We are excited to be one of the few businesses working with Canadian producers to bring Canadian medical cannabis products into Germany. Mera not only provides access to high quality product, but a long-term strategy for growth in the medical market in Germany and across Europe," David Höhne, Chief Executive Officer of HerbaMedica.
The obligations of the parties pursuant to the Supply Agreement are conditional upon, among other things, each of the parties obtaining all necessary licenses and authorizations, including import/export permits and EU-GMP certification.
About Mera Cannabis Corp.
Mera is focused on producing consumer-driven, high-value cannabis products at its EU-GMP built cultivation and processing facility in St Thomas, Ontario. It has two additional facilities currently under Health Canada licensing review in St. Thomas (processing) and Kingsville, Ontario (up to 1.2M sq. ft. of greenhouse cultivation), where the Company's efforts are focused on medical cannabis product innovation. Additionally, through its wholly-owned subsidiary, Mera operates CannaWay Clinic, a national network of clinics specializing in cannabis treatment programs. Mera has also signed a letter of intent with the Maltese economic development agency, Malta Enterprise, to initiate the development of a medical cannabis production facility in Malta as a primary entry point into European medical cannabis markets. For more information about Mera, please visit meracannabis.com.
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon the Company'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, the Company 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 the Company to predict all such factors. Such factors (including, an inability of the parties to obtain the necessary authorizations and licenses or to otherwise meet the conditions precedent contained in the Supply Agreement) could cause actual events or results to differ materially from those described in any forward-looking information.