TORONTO, Oct. 29, 2018 /PRNewswire/ - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") is pleased to announce that it has signed an agreement with Canymed GmbH ("Canymed") to supply the German market with medical cannabis. This move is the first of a series of strategic initiatives to penetrate the robust European cannabis market and marks the Company's expansion into its third continent alongside both North and South America.
"Medical cannabis has been legal in Germany since March 2017 and the country has quickly become one of the world's largest federally-regulated medical cannabis markets. Its growth continues to outpace other jurisdictions with similar regulations and was a natural target as we expand our distribution channel into Europe," commented Beleave CEO, Andrew Wnek.
Key Takeaways of Agreement
- Canymed to import 5,000 kg dry flower / year from Beleave;
- Canymed to pay EUR 7.00 / gram to Beleave; and
- Beleave will receive 10% ownership in Canymed and first right of refusal to purchase an additional 20% in exchange for providing its expertise, training, consultation and support.
To complement this transaction, Beleave is pleased to announce that Angela Fehr has been hired as Vice President of International Sales. Ms. Fehr is a seasoned, well-known, and respected cannabis industry veteran. Sales is a passion for Ms. Fehr and she most recently oversaw international deals for her previous employer. She has been instrumental in originating and completing transactions over a wide variety of sales platforms within the cannabis industry. Ms. Fehr will be focused on using her strong sales background to expand Beleave's international footprint.
You would be hard-pressed to find a more reputable and qualified individual in our industry," Wnek continued. "We are thrilled to add Angela to the Beleave team and are certain she will thrive in her new role."
Canymed's is a German Medical Cannabis company focused on the processing and cultivation of pharmaceutical monocultures of cannabis flowers for pharmacies, medical practices and hospitals throughout Germany. The company has applied for a cultivation license with The Federal Institute for Drugs and Medical Devices ("BfArM") in Germany. Successful applications are expected to be announced January 2019.
Beleave is a vertically-integrated Canadian cannabis company headquartered in Oakville, Ontario, that operates streamlined facilities throughout Canada to cultivate high-quality cannabis flower, oil, and extracts with funded capacity in excess of 150,000 kg per year.
Fully-licensed to cultivate and sell medical and recreational cannabis, Beleave is leading the way through research partnerships with universities to bridge the gap between science and tradition and to develop pharma-grade extracts and derivatives. Beleave is currently developing new product lines for October 2019 as the recreational market is expected to allow for food and beverage-based cannabis products.
Beleave is growing its storefront and online sales presence rapidly through its wholly-owned subsidiaries, Beleave Kannabis Corp. and Seven Oaks, which are licensed for medicinal and recreational sales respectively. The company's first retail location is opening this fall in Llyodminster, Saskatchewan. Beleave has also developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.
Through its majority ownership of Procannmed S.A.S., Beleave has access to 27 hectares of outdoor grow space and is fully licensed to cultivate, produce, extract and distribute medical cannabis in Colombia to capitalize on exports and the expanding Latin American market.
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
SOURCE Beleave Inc.