TORONTO, Jan. 24, 2018 /CNW/ - Nuuvera Inc. ("Nuuvera") (TSXV:NUU), is pleased to announce that it has signed a Letter of Intent ("LOI") with Medalchemy S.L. ("Medalchemy") to acquire a majority interest in its fully-licensed, GMP certified laboratory located in Alicante, Spain.
Medalchemy's laboratory, located on the premises of the University of Alicante, has a decade of experience in the production and extraction of active pharmaceutical ingredients ("APIs").
Nuuvera has also signed an LOI with Canamo y Fibra Naturales, S.L. ("CAFINA"), also based in Alicante.
Nuuvera will acquire a 30% interest in CAFINA, and intends to purchase cultivated cannabis products from the company as well as hemp to be used in CBD extraction. Nuuvera and CAFINA will also enter into a JV agreement, whereby CAFINA will have a minority interest in the Nuuvera's subsidiary that controls Medalchemy.
"These anticipated investments will greatly enhance Nuuvera's operational capacity to produce premium quality cannabis products, and our ability to supply the European market with medicinal cannabis," said Lorne Abony, Chief Executive Officer of Nuuvera.
Nuuvera expects to announce a Final Agreement with both parties in the very near future.
"We have quickly established Nuuvera as a strong presence in the European and international medical cannabis market, with a presence in Germany, Italy and now Spain", said Abony . "Europe comprises hundreds of millions of potential patients and consumers and also adheres to the highest grow and production standards. Our engagement in Europe complements Nuuvera's market presence in Canada."
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.
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 only, please contact: Justin Burrows, Venture Communications, [email protected], 1-416-276-7699