LONDON--(BUSINESS WIRE)--EMMAC Life Sciences Ltd, the European independent medical cannabis company, is pleased to announce that it has formed a 50/50 joint venture company, Fontana S.R.L. (“Fontana JVCo”), with Sergio Fontana, the founder and major shareholder of Farmalabor S.R.L. (“Farmalabor”), one of Italy’s most active licensed importers and distributors of medical cannabis. Fontana S.R.L. has already submitted applications for licenses to import, store, manufacture and distribute medical cannabis products in Italy, which is the second-largest medical cannabis market in Europe. Pending the grant of such licences, Fontana JVCo will work with Farmalabor as its exclusive partner to commercialise medical cannabis and wellness products as well as commence operations and sales in Italy.
The partnership positions Fontana S.R.L. as Farmalabor’s dedicated cannabis partner. Fontana JVCo combines Farmalabor’s existing medical cannabis sales and operations, pharmacy network and expertise within Italy with EMMAC’s industry expertise and integrated supply chain for cultivation and manufacturing. The partnership agreement with Farmalabor will provide Fontana JVCo with sales services, including distribution to 12,000 pharmacies. It is expected Fontana JVCo has the potential to rapidly establish itself as the largest supplier of medical cannabis and wellness products in Italy.
Antonio Costanzo, CEO of EMMAC, commented: “We are delighted to announce this joint venture with Farmalabor which puts EMMAC in a fantastic position for expansion into the Italian market and extends our licensed medical cannabis and wellness operations beyond the UK, Spain and Germany. We believe that Farmalabor’s extensive experience of the Italian pharmaceutical industry makes it the ideal partner to unlock the full potential of this local market.”
Sergio Fontana, Founder and CEO of Farmalabor, commented: “Speaking on behalf of everyone at Farmalabor, I am delighted to partner with EMMAC on this project. With our extensive knowledge of the medical and pharmaceutical communities combined with EMMAC’s cannabis expertise and range of high-quality medical and wellness products under development, this is the perfect combination to serve Italian patients, doctors and pharmacies with high-quality products.”
EMMAC is the European 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.
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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.