VANCOUVER, British Columbia, June 06, 2018 (GLOBE NEWSWIRE) -- FloraMed Holdings Inc. (“FloraMed”), a Canadian company, announced that, on April 20 th , it entered into an agreement to acquire CannaMed Colombia S.A.S. (CannaMed), enabling FloraMed to become a major contributor to Colombia’s initiative of becoming a world leader in the fast-growing medicinal cannabis production and supply industry. The terms of the agreement stated that FloraMed will acquire 100% of CannaMed, including real estate, land, processing facilities and other assets, which will launch FloraMed into the cultivation of cannabis flower and fabrication of cannabis extracts, in a new state-of-the-art production facility, located in Rionegro, Colombia.
On May, 15, 2018, CannaMed became a wholly-owned subsidiary of FloraMed, which will cultivate, fabricate, process and manufacture various full spectrum, high quality CBD derivatives, in addition to other cannabis-derived products, for both the international and domestic Colombian markets. FloraMed is proud to announce the acquisition of CannaMed, as it will surely contribute to the growth of the Colombian agro-economic sector, therein creating new jobs and sustainable livelihoods for the surrounding labor forces and communities.
“The acquisition of CannaMed Colombia enables us to enter into one of the most well-renowned and cost-effective regions in the world for cultivation, fabrication and production of high quality CBD and cannabis products. Colombia aims to become a global leader in production of high-quality cannabis-derived products, and we are thrilled to become a contributor to this exciting initiative. Over the past year, we have been building an experienced team around FloraMed Holdings with the goal of becoming a major participant in the worldwide cannabis marketplace and, with our entry into the exciting Colombian industry, we can begin executing on our goals of creating highest quality products, new jobs and positive social impact,” stated Clifford Grossman, CEO of FloraMed Holdings Inc.
Julian Bedoya, General Manager of CannaMed Colombia stated, “We are excited to become part of the FloraMed [Holdings] team and their exciting initiatives. Colombia, and more specifically Rionegro, is known as one of the best cultivation climates in the world and, with the assistance of FloraMed, we can now realize our goals of producing the highest quality cannabis products, cost effectively, allowing us to become a highly competitive producer in this fast growing domestic and international marketplace.”
Acquisition Terms
Pursuant to the agreement, the Company has acquired all of the shares of CannaMed Colombia S.A.S., which has become a wholly-owned subsidiary of the Company in exchange for a combination of cash and shareholdings in FloraMed Holdings Inc.
About FloraMed Holdings Inc.
FloraMed Holdings Inc. is a global company, privately held and headquartered in Vancouver, Canada, with a focus on producing and supplying high-quality, medical-grade cannabis extracts and related products. Under its wholly owned subsidiary, Cannamed Colombia, S.A.S., based in Rionegro, Colombia, the Company will own a state-of-the-art cultivation and concentrates-processing facility for cultivation, fabrication, and exportation of high-quality psychoactive (THC) and non-psychoactive (CBD) products. The board of directors and advisory team of FloraMed is comprised of a talented group of international business executives, specialists with real world experience and from diverse backgrounds of industry expertise. FloraMed understands the tremendous advantages of producing cannabis products in Colombia, with its ideal climate and low costs of production in the medical cannabis industry. The Company, together with its directors and executives, will focus on supplying both the domestic and international marketplace with high quality, medical-grade cannabis derived products.
FloraMed Holdings Website: www.floramedholdings.com
About CannaMed Colombia S.A.S.
CannaMed Colombia, S.A.S., is a registered Colombian company headquartered at its nursery and propagation facility, located in Rionegro, Colombia. CannaMed owns land, facilities, and has applied for all Colombian licenses available for the cultivation, propagation, fabrication and exportation of cannabis flower and medical-grade derivatives.
CannaMed Colombia Website: www.cannamedcolombia.com
General Information Inquiries: info@floramedholdings.com
Investor Inquiries: +1.214.680.5000 USA & Canada +57.300.561.5096 Colombia
Forward Looking Statements This document contains forward looking statements related to the transaction and business combination between FloraMed Holdings, Inc., and CannaMed Colombia, S.A.S. , including statements regarding the benefits of the transaction as well as statements regarding the companies’ products and markets. Forward looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the following: expected synergies and other financial benefits of the transaction may not be realized; integration of the acquisition post-closing may not occur as anticipated; litigation related to the transaction or limitations or restrictions imposed by regulatory authorities may delay or negatively impact the transaction; unanticipated restructuring costs may be incurred or undisclosed liabilities assumed; attempts to retain key personnel and customers may not succeed; the business combination or the combined company’s products may not be supported by third parties; actions by competitors may negatively impact results, and; there may be negative changes in general economic conditions in the regions or the industries in which FloraMed Holdings, Inc. and CannaMed Colombia, S.A.S. operate. Legal filings may identify and address other important risks and uncertainties that could cause events and results to differ materially from those contained in the forward-looking statements set forth in this document. Readers are cautioned not to put undue reliance on forward-looking statements, and FloraMed Holdings, Inc. and CannaMed Colombia, S.A.S. assume no obligation and do not intend to update these forward-looking statements, whether as a result of new information, future events or otherwise.
