VANCOUVER, British Columbia, Nov. 18, 2021 (GLOBE NEWSWIRE) — Agra Ventures Ltd. (“AGRA” or the “Company”) (CSE: AGRA) (Frankfurt: PU30) (OTCPK: AGFAF), a growth-oriented and diversified company focused on the international cannabis industry, is pleased to announce that its wholly owned subsidiary, Farmako GmbH (“Farmako”), has conducted the first commercial import of cannabis extracts from Poland to Germany, which is the largest medical cannabis market in Europe. The extracts have been produced according to the highest standards by Pharmacann Polska Sp. z o.o., an EU GMP-certified cannabis company and part of PHCANN International (“PHCANN International” or the “Collaborator”).
Launched under Farmako’s brand, the extracts are produced by PHCANN International’s subsidiaries from selected hybrid cannabis flowers grown under GACP – EU GMP indoor conditions. The cannabis is grown completely without the use of pesticides and is extracted according to highest industry standards under strict quality control at the EU GMP facility. With the launch of the extracts, Farmako strengthens its position as supplier with a comprehensive portfolio in the medical cannabis market – from flowers, extracts and isolate to testkits for pharmacies.
The overall German medical cannabis market is currently characterized by a considerable number of wholesalers and manufacturers that offer all kinds of flower products – often the same products under different names – which can be confusing for doctors and patients. Extracts offer a solution with their standardized cannabinoid concentrations and enable a controlled and constant medication for patients. Still, the medical cannabis extracts market is small and its growth has been impeded by high prices, which historically has discouraged patients, doctors and insurance companies from using them. Farmako wants to change this by providing its products at affordable prices to further establish extracts as acknowledged cannabis medication.
Separately, Farmako has recently signed a large wholesale contract for its THC testkits with a cannabis producer that will offer the testkits together with their own cannabis products. This arrangement further emphasizes Farmako’s position as reliable industry partner.
More details on Farmako’s products can be found in the section for medical staff on Farmako’s website at www.farmako.de/en/.
Management Commentary
“Against all odds – that’s what we probably have to say with some self-irony. It took us much longer than expected to launch these products, and it was not a straight-forward road at all, but we have all worked hard to clear the way, and our partner PHCANN International has shown impressive persistence and above all a very high level of professionalism. The medical cannabis market in Germany has changed, and it’s not only about providing products, especially when it comes to flowers, where the market even shows some tendency of oversupply. With PHCANN International we want to work on products at highly competitive prices that are patient-focused and help make extracts an essential part of an affordable medical cannabis therapy – not only for self-payers or private patients, but for all patients,” said Katrin Eckmans, Managing Director of Farmako GmbH.
“The team at Farmako continues to deliver. This arrangement with PHCANN International to create Farmako-branded extracts and establish a new supply channel from Poland to Germany is a great achievement. I am very proud of Katrin and her staff,” said Elise Coppens, Chief Executive Officer and Director of Agra Ventures. “In addition to the deal with PHCANN International, the Farmako team has landed yet another contract to expand the distribution of its proprietary THC testkits. On behalf of AGRA’s management team, I’m happy with these developments and look forward to the continuation of Farmako’s evolution,” added Ms. Coppens.
About PHCANN International
PHCANN International is a pharmaceutical company that applies global standards in the production of cannabis-based pharmaceutical extracts and final pharmaceutical forms. Using the Israeli, Canadian and US market experience, their mission is to ensure the availability of products containing cannabinoids of natural origin while maintaining strictly controlled pharmaceutical quality and to disseminate knowledge about its medicinal use. For more information please visit: www.phcann.pl.
About Farmako
Farmako GmbH is a GDP certified pharmaceutical wholesaler, focusing on medical cannabis and aiming at facilitating access to reliable cannabinoid therapy to patients with a high burden of suffering as well as providing efficient support to healthcare professionals: via fair prices, reliable product quality and ability to supply as well as efficient service. It already distributes medical cannabis to pharmacies in Germany since March 2019 and is fully licensed in the United Kingdom. Farmako is a wholly owned subsidiary of Agra Ventures Ltd. For more information please visit: www.farmako.de/en/.
About Agra Ventures Ltd.
Agra Ventures is a growth-oriented and diversified company focused on the international cannabis industry. The company is dedicated to the cultivation, distribution and marketing of high-quality cannabis and cannabis-infused products worldwide. Agra Ventures’ primary asset in Canada is Boundary Bay Cannabis located in Delta, BC, which is one of the largest cannabis greenhouse facilities focused on the cost-optimized cultivation of high-potency cannabis. Abroad, the company’s wholly owned subsidiary, Farmako GmbH, is focused on becoming Europe’s leading distributor of medical cannabis. Farmako currently has active product distribution operations in Germany and is fully licensed in the United Kingdom.
For more information about Agra Ventures, please visit www.agraventures.com and its profile page on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Nick Kuzyk, Investor Relations
E: ir@agraventures.com
T: (800) 783-6056
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-looking Information Cautionary Statement
Except for statements of historic fact this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan” “expect” “project” “intend” “believe” “anticipate” “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including but not limited to delays or uncertainties with regulatory approvals including that of the CSE. There are uncertainties inherent in forward-looking information including factors beyond the Company’s control. There are no assurances that the business plans for Agra Ventures described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators which are available at www.sedar.com.
SOURCE: Agra Ventures Ltd.
