Ikänik Farms Becomes the First to Complete Commercial Sale of Full Spectrum Pharmaceutical Cannabis Oil in Colombia
Ikänik Farms secures supply for finished ingredient cannabis oil for use in Formula Magistral
CORONA, CA, July 7, 2020 /PRNewswire/ - Ikänik Farms Inc. (the "Company") is pleased to announce its wholly owned, Colombian subsidiary Pideka SAS ("Pideka"), has successfully completed its initial commercial and R&D sales of full spectrum Cannabis oil, for use in Formula Magistral, Colombia's approved pharmaceutical method.
"We are pleased to be the first in Colombia to complete the sale of pharmaceutical grade, full spectrum cannabis oil for both human and veterinary use, to our national clients," said Borja Sanz de Madrid, President of Ikänik Farms International.
In addition, the Company completed its first R&D sale with the Universidad Pontificia Bolivariana, Medellin to commence clinical research on cannabis-based treatments for the coronavirus (COVID-19).
Commercial Sales
Ikänik Farms has obtained all required pharma and agronomic certifications, enabling it to be the first in Colombia to complete a seed to "commercial sale", for use in the pharmaceutical form known as formula magistral.
The Company completed five commercial sales including Laboratory Efrata Flower, for patients seeking relief from pain, nausea, anxiety, and insomnia and in the veterinary marketplace, to Equinab, for the treatment of anxiety and pain in equine and canine's, and equine melanoma.
Monthly sales orders are expected to incrementally grow over the next 12 months.
Ikänik Farms intends to expand its commercial client base nationally and internationally through contract production and strategic partnerships, aiding in mitigating risk through growth cycles and capital deployment, as it continues to scale global operations.
"We are very proud to be part of Colombia's medical cannabis market and look forward to supporting the emerging global marketplace, from Casa Flores," said Brian Baca, CEO of Ikänik Farms.
About Ikänik Farms
Ikänik Farms is creating a dynamic portfolio of cannabis brands aimed to support global pharmaceutical demand, rooted in health and wellness, action sports and unified with passion. The company's leadership brings decades of expertise in R&D, cultivation, retail, branding, and corporate finance with the ambition to build the worlds most iconic, vertically integrated "seed-to-sale", "MNO" Multi-National Operator. Ikänik Farms' currently has operations located in California and Colombia, through its pharma division Pideka which holds both GMP_PHARMA and (GACP) Good Agricultural and Collection Practice certifications for the Casa Flores, operating facility.
Forward Looking Statements
This news release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking information). All information, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future is forward-looking information. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "believe", "should", and similar expressions, are forward-looking information, including, but not limited to, management's expectation that sales orders are anticipated to recur monthly, and incrementally grow over the next 12 months, the Company's intention to expand its client base nationally and internationally through contract production and strategic partnerships and scale global operations.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: demand for product slowing, the Company being unable to carry out its plans to expand its client base and form strategic partnerships, future ineligibility for pharmaceutical exportation into the European Union, changes in laws, a change in management, the inability to obtain additional financing, increased competition, hindering market growth and adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and, regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
Corporate Site: www.iknkbrands.com
Brand Site: www.Ikänikfarms.com
SOURCE Ikanik Farms Inc.
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