Nuuvera Acquires One of Seven Italian Cannabis Licenses
GENOA, ITALY–(Marketwired – Jan. 18, 2018) -
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Nuuvera Inc. (“Nuuvera”) (TSX VENTURE:NUU), announced today that it has acquired one of only seven licensees to import medical cannabis to Italy, and sell medical cannabis wholesale to pharmacies in Italy. The license was acquired through the purchase of 100% of the issued and outstanding shares in the Genoa based FL-Group, making Nuuvera the first Canadian cannabis company to hold a license to serve the Italian market.
This announcement follows the recent decision by the Italian National Health System to reimburse medical cannabis prescription costs, and ongoing legislative initiatives to make medical cannabis widely accessible to patients in Italy.
Lorne Abony, CEO of Nuuvera, said that Nuuvera is honoured to be the first international cannabis company to be licensed to serve Italian customers.
“We are extremely proud to be the first Canadian cannabis company to be licensed in Italy,” said Abony. “There are very few licensees because of the rigorous licensing system in Italy, and Nuuvera is prepared to meet the high Italian standards and serve the growing Italian market.”
Dr. Alessandro Pastorino, co-founder and CEO of FL-Group, said that Nuuvera’s commitment to high standards sets the stage for an ideal partnership.
“We have been approached by many companies wishing to acquire us, but Nuuvera stood out because of their rigorous commitment to safe, healthy and efficacious cannabis products,” said Dr. Pastorino. “I am delighted to lead FL-Group going forward as we expand within the burgeoning Italian market.”
With its partnership with FL-Group secured, Nuuvera intends to import cannabis flower, and introduce its branded cannabis oil to the Italian market.
“Italy has made decisive and prudent modifications to the market to ensure its citizens have reliable access to medical cannabis products as demand increases,” said Antonio Costanzo, Head of International Development with Nuuvera. “We look forward to working with Italian authorities to meet their rigorous standards and ensure patients have reliable access to the high-quality products they require.”
For more information on Nuuvera, please visit: www.nuuvera.com
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.
Notice regarding forward-looking statements:
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.