TORONTO, Aug. 30, 2019 /CNW/ - VERDEMED HOLDINGS INC. ("Verdemed" or the "Company") is pleased to announce plans for the issue of Round B financing, intended to raise an additional US$9.0 million, including a US$3.0 million lead order from its current financial backers, to further advance its drug development program, to continue with the outdoor cultivation of medicinal cannabis in Cali, Colombia, and to expand its Verdemed Care platform from Brazil to Colombia and Mexico.
Verdemed has advanced its pharmaceutical drug development program with the successful completion of the formulations of its CBD 100 Isolate – similar to Epidiolex; Nabiximol Full Spectrum – similar to Sativex; and extended-release CBD/THC pills – intended to address sleep disorders. Verdemed is ready to launch clinical trials programs in Latin America, including Investigator Initial Studies in Brazil.
Verdemed holds a significant interest in Greenfarma, a fully integrated licensed producer operating in Cali, Colombia, with industrial indoor cultivation and extraction facilities totalling 3,000 square feet. The Company plans to use part of the proceeds of the Round B financing issue to purchase an additional interest in Greenfarma, which will give it a 60% controlling stake. Verdemed has acquired 17 hectares of agricultural land near the city of D'Agua, approximately 40 kilometres from Cali, and plans to use some of the newly raised capital to begin farming on 7 hectares and build as many as 54 outdoor cannabis greenhouses, with a projected total annual output of 32,000 kilograms of organic dried flower and 3,000 litres of cannabis oil.
Verdemed has also acquired Mydstein, a pharmaceutical laboratory in the state of São Paulo, Brazil, with import licenses and quality control facilities for the commercialization of controlled substances. Verdemed is awaiting completion by Anvisa (the Brazilian Health Regulatory Agency) of its public consultations on the proposed regulation of the cultivation and use of medical cannabis in Brazil before it begins direct importation of its line of CBD Isolate and Full Spectrum products. Verdemed launched the Verdemed Care platform to assist doctors and patients in legally importing cannabinoid-based products into Latin America, and plans to use the proceeds of the Round B financing issue to expand these operations from Brazil to Colombia and Mexico.
Verdemed intends to establish an extensive business footprint for medical cannabis and cannabinoid-based pharmaceuticals covering all of the largest jurisdictions in Latin America.
For more information, please visit www.verdemed.com
President and CEO
Verdemed is a Canadian medical cannabis company working to improve the health of millions of patients in Latin America. Based in Toronto, Verdemed's multi-level and multi-market approach seeks to bridge the gap between the pharmaceutical and medical cannabis landscapes in Europe and North America and the clinical needs of patients and doctors in Latin America.
The Company's international footprint provides strategic access to both effective natural cannabis therapies and innovative new products. Verdemed plans to offer a wide range of cannabinoid-based medications to Latin America in the coming years and expects these products to be fully approved by the regulatory agencies in the region, such as ANMAT, Anvisa, COFEPRIS, DIGEMID, Invima, and ISP.
With its Canadian-based products, Verdemed is uniquely positioned to address the steep regulatory hurdles in Latin America. The Company aspires to become the platform of choice for global innovators seeking to enter Latin America with new medical cannabis products.
Verdemed combines Canadian cannabis industry expertise with smart Latin American capital, general pharmaceutical business knowledge, superior regulatory affairs capabilities and top-tier medical experience. Verdemed is building the medical cannabis brand of choice for Latin America.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statements, forward-looking information, or financial outlook that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Verdemed Holdings Inc.