GENOA, Italy, Feb. 1, 2018 /CNW/ - Nuuvera Inc. ("Nuuvera") (TSXV:NUU), announced today that it has closed a transaction to acquire 100% of Genoa based FL-Group. The acquisition, originally announced on January 18, 2018, makes Nuuvera the first Canadian cannabis company to hold a license to serve the Italian market.
This strategic international acquisition follows the recent decision by the Italian National Health System to reimburse medical cannabis prescription costs, and reinforces Nuuvera as one of the foremost global cannabis companies, with a footprint in Germany, Italy, Spain, Israel, and Malta.
Lorne Abony, CEO of Nuuvera, said that Nuuvera is thrilled to finalize the agreement with
FL-Group, and to be the first international cannabis company to be licensed to serve Italian customers.
"We are extremely proud of this acquisition, and look forward to be the first Canadian cannabis company to serve the Italian market," said Abony. "There are very few licensees because of the rigorous licensing system in Italy, and Nuuvera is prepared to meet the high Italian standards and serve the growing Italian market."
Dr. Alessandro Pastorino, co-founder and CEO of FL-Group, said that Nuuvera's commitment to high standards sets the stage for an ideal partnership.
"We have been approached by many companies wishing to acquire us, but Nuuvera stood out because of their rigorous commitment to safe, healthy and efficacious cannabis products," said Dr. Pastorino. "I am thrilled that our deal is finalized, and look forward to leading FL-Group, as part of Nuuvera, going forward."
With its acquisition of FL-Group secured, Nuuvera intends to import cannabis flower, and introduce its branded cannabis oil to the Italian market.
Nuuvera is a global cannabis company founded on Canadian principles, and built with the whole world in mind. Nuuvera is currently working with partners in Germany, Israel and Italy, and is exploring opportunities in several other countries, to develop commercial production and global distribution of medical grade cannabis in legalized markets. Through its subsidiaries, ARA – Avanti Rx Analytics Inc. and Avalon Pharmaceutical Inc., Nuuvera holds a Dealer License (GMP) under the Narcotic Control Regulations and Office of Controlled Substances. Nuuvera is currently in the final stages of the Health Canada review process to become a Licensed Producer of medical marijuana under the ACMPR, and has recently received its "letter to build" approval.
For more information on Nuuvera, please visit: www.nuuvera.com
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Nuuvera and its business. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Nuuvera. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Nuuvera, including risks regarding the cannabis industry, failure to obtain regulatory approvals, economic factors, the equity markets generally and risks associated with growth and competition. Although Nuuvera has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made Nuuvera undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the content of this press release.
SOURCE Nuuvera Inc.
For further information: For media inquiries contact: Justin Burrows, Venture Communications, [email protected], 1-416-276-7699; For investor inquiries contact: Jordan Greenberg, Nuuvera Inc., [email protected]