LONDON--(BUSINESS WIRE)--EMMAC Life Sciences Ltd (“EMMAC” or the “Company”), the European independent medical cannabis company, announces that it has entered the German medical cannabis market through the incorporation of About Nature Health GmbH (“About Nature”), a wholly owned subsidiary of the Company, which will lead the marketing and licensing process for EMMAC in Germany. Working in conjunction with Medalchemy, EMMAC’s fully-licensed GMP certified laboratory and research and development facility in Spain, About Nature has entered into a supply agreement (the “Agreement”) with CC Pharma GmbH (“CC Pharma”), a leading importer and distributor of EU-pharmaceuticals for the German market.
The Agreement allows EMMAC to import high-quality dried cannabis flowers and oils into the rapidly expanding German market, which is the largest medical cannabis market in Europe. According to the Bank of Montreal1, the German medical cannabis market could potentially produce more than US$5 billion in revenue for global cannabis producers, with an assumption that in seven years, 7.5% of sleep, anxiety and pain prescriptions in Germany will be replaced with medical cannabis.
Antonio Costanzo, CEO of EMMAC, commented: “The decision by CC Pharma to distribute EMMAC medical cannabis product in Germany validates our commitment to delivering the highest quality product and we are delighted to announce the Agreement today. Germany is an important market for EMMAC and we are committed to growing our regional presence, led by general manager, Florian Witt, to ensure that we capitalise on the significant commercial opportunity.
“EMMAC has had a positive start to 2019 and our entry into the German market is the latest significant milestone for the Group. Our tie-up with CC Pharma is a clear demonstration of the significant progress being made at EMMAC and is complementary to the acquisitions completed and key milestones achieved in 2019 in the UK, Malta, Spain and Switzerland. I look forward to updating our stakeholders as we continue to execute on our vision to become the leading European medical cannabis company.”
EMMAC is the European independent medical cannabis company, working to join together the latest science and research with cutting-edge cultivation, extraction and production. With supply and distribution partnerships throughout Europe, EMMAC is working to establish itself as both a thought leader in the industry, as well as the European leader in the production and supply of medical cannabis, hemp and other derivative products.
About CC Pharma GmbH
CC Pharma is a leading importer and distributor of EU-pharmaceuticals for the German market and distributes products to over 13,000 German pharmacies. Founded in 1999, today it has over 230 employees and offices in Germany, Denmark, and the Czech Republic. CC Pharma holds more than 1,800 pharmaceutical licenses and also operates a production, repackaging and labeling facility at its headquarters in Densborn, Germany. During 2018, CC Pharma generated revenue of approximately €262 million, with EBITDA of approximately €10.5 million.
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of EMMAC Life Sciences Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognisable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. EMMAC Life Sciences Ltd assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.