Appearing unequivocally stands behind its Latex operations
- Assets are well positioned to create physical value for shareholders
- Executive Management Demonstration Belief in Company by $ 3.1 m Acquisition of Shares on December 3, 2018
(APO and NYSE: APHA) today announces the ongoing update on its Latin American operations, including its previously launched Latem acquisition of Lathe Holdings Inc. Consisted of licenses and other assets and related businesses in Colombia, Argentina and Jamaica and a right of first-time proposal and refusal of Brazil (collectively, the "Transaction"), which is closed on September 27, 2018.
Since closing this important strategic acquisition in September, we have made considerable progress support and building our operations on the ground in Latin America and the Caribbean. We have nearly 100 employees across the region dedicated to advanced business interests of the Company, including cultivation, processing, research and development, partnerships and continuing expansion.
Viktar Neufeld, Afria's Chief Executive Officer
International operations are a core component of our proven growth strategy and we are working to integrate and enhance operations and product channels throughout Latin America to post them for sustainable, long-term contributors worth creation.
Background: LATAM Holdings Acquisition
Affia is committed to good corporate governance and transparency. The LATEM acquisition was a transaction negotiated in length of two public commands each of which retained professional financial advisers (one of which provided a formal valuation of the customer assets). Affected and Seoul Global Investments Corp. (formerly Scythian Biosciences Corp.) ("SOL") are not "sister" companies and are not "sister" companies at the time the transaction is agreed among the parties.
In connection with the transaction, the corporate notes, among other things, the following:
- The Officer of Asfried Directors received financial advice and a fair view of Cormark Securities Inc., the Company's independent and qualified financial advisor, that the consideration of his affirmation in the contract is fair, from a financial point of view, To Afia.
- The company believes that the purchase price paid under the transaction was comparable to similar Latin America acquisitions by other large caps, Canadian licensed producers.
- The transaction resulted in minimum dilution to Afria shareholders (6.6% basic / 6.3% completely diluted).
- The company retains the leading transaction lawyer in every jurisdiction that has accomplished broad legal rights to delays the assets, licenses and businesses in each jurisdiction.
- Representatives from Afriya traveled to Colombia, Argentina, Jamaica and Brazil to respectfully deliver the assets to customers who included management meetings, site visits by senior management in each country and with local authorized representatives.
- The company has entered into a National Bank with SOL, in the connection with the Transaction which contains wide representation, warranties, condensations, conditions and headings that survived the closing of the transaction.
- In the press release announcing the transaction, the Company has clearly disclosed that some insiders from Afria have a minimum amount of shares and warrants, and that such insiders have disclosed such interests to the board of directors and grow up from the deliberations During which the opposition was discussed and dismissed on the resolution approving the transaction.
Since the completion of the Transaction, the Company has successfully integrated the operations in each jurisdiction, and provides the following updates:
- Affyas owns a 90% interest in Colcana SAS. ("Kolkana"). Kolkana has received all required licenses for cultivation, processing, export, research and commercialization.
- Kolkana sits on 34 acres of highly fertile, predominate flat ground, which is essential for the optimal cultivation of cannabis, including the greenhouse that sits on the occurrences that recently housed mother plants.
- The company has recently signed a promising letter for the purchase of the additional 8 hectares of land immediately adjacent to existing property for expansion.
- Colcana is licensed to cure psychoactive and non-psychoactive cannabis. The licenses of Kolkana also held cultivation, export, research and processing.
- Kolkana was also given by the Colombian Agricultural Institute, on October 30, 2018, a charakterization privatized to the Resolution No. 35244 and No. 35245 allowing the company to assess seeds and initiated a pilot test of its strains prior to full scale cultivation.
- Greenhouses are planned for more than 20 acres of property, with 6 harvests per year.
- Colkana is expected to reach an initial annualized output of 30,000 kg, growing up to 50,000 Kgs, suitable for supplying land and the area with high-quality medical cannabis.
- There are 48 employees in Columbia, dedicated to cultivation and advanced business interests.
- Marigold is fully operational with:
- A law door 3 license to raise more than five acres of land with cannabis for medical, scientific and therapeutic purposes;
- An Research and Development License;
- A conditional door 2 license to process cannabis for medical, scientific and therapeutic purposes, including the manufacture of cannabis products, in a range of over 200 square meters;
- A conditional herb house retail license to sell cannabis products for medical, scientific and therapeutic purposes, with a space for immediate consumption by consumers, including tourists; And
- A conditional therapeutic retail license to provide therapeutic or spa services utilizing cannabis products.
- Marigold's cultivation farm is operational and has harvested about 2500 kg of cannabis to date.
- The company has taken possession of 10 acres of land at Block B, Lot 2, Part of Bernard Lodge, st. Katherine, from the sugar company of Jamaica in anticipation of expanding its cultivation as demand for dictates.
- Two herb house locations, the first in Kingston, namely the Sensi Medical Cannabis House, and the Second, Portmore, are expected to open in January 2019, yet locations are now planned for other high-demand regions of Jamaica.
- Jamaica boasts 22 employees dedicated to the cultivation, processing and operation of the facility and maintenance of the corporate brand.
- Aphria Subsidiary in Argentina, ABP, is a well-established and successful pharmaceutical import and distribution company.
- Abp is sponsoring the research and clinical study of medical cannabis, including his partnership with Pediatric Garrahan Hospital, one of the most recognized and credible medical institutions in South America.
- In October 2018, ABP provided 1,500 bottles of Affe's famous Rideau CBD oil, which are provided to the hospital of Pediatric Garrahan for use in a clinical study focused on the treatment of refractory epilepsy in children. The clinical study, which involves 100 patients and will be over 2,5 years, will be one of the Israeli scientific and medical studies of his finances for fighting retroactivity epilepsy in children.
- In order to undergo its ISO 9001 inspection on October 25, 2018, ABP engaged in a refinement of the building in October 2018.
- Afria and Abp, in close partnership with the Argentinean government, continue to advance opportunities for medical cannabis in the country, including the potential for in-country cultivation.
- APB operates a pharmaceutical distribution warehouse and retail pharmacy and distributes to a wide network of pharmacies, distributors, government clinics and hospitals across Argentina.
- ABP also holds a Agriculture with the Top 20 Health Insurance Companies, a strategic advantage in reaching patients to access the United States's public health system.
"Afia has developed and launched a complete suite of brands, built a roster of strategic partners and continues to focus on research, innovation and product development in Canada and internationally." Affyria has experienced huge growth and will continue to lead the evolution of the Industry in the years to come, it is the dedication of our incredible team and partners that have brought us to where we are today, making Afria a global cannabal success story, "adds Mr. Neufeld.
"Yesterday, I, along with other members of our Executive Management Team, are committed to demonstrating our confidence in the business plan of the corporate, growth strategy, integrity and value of the assets by investing more than $ 3.1 million in Afria's shares "Mr. New field.
We have a good thing to grow
Affi is a leading global cannabis company driven by unreliable commitment to our people, product quality and innovation. Headquartered in Leadington, Ontario – Canada's homeowners capital – Afria is setting the standard for the low-cost production of safe, clean and clean pharmaceutical-grade Cannabis at weight, mature in the most natural conditions possible. Focusing on intangible opportunities and backed by the latest technologies, AFI is committed to bringing breakthrough innovation to the global cannabis market. The brand's portfolio of brands is grounded in expert-researched consumer insights designed to meet the needs of each consumer segment. Our multinational expertise in business agriculture, affiliate drives sustainable long-term shareholder, is a diversified approach to innovative, strategic partnerships and global expansion, with a presence in more than 10 countries across five continents.
For more information, visit: aphria.ca
Original press release
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