TORONTO, July 17, 2018 (GLOBE NEWSWIRE) -- Maricann Group Inc. (CSE:MARI) (FRANKFURT:75M) (OTCQB:MRRCF) (“Maricann” or the “Company) is pleased to announce that Malta Enterprise (the country's official economic development agency and the government entity responsible for licenses) has approved Maricann's application to set up a business in Malta to manufacture finished dose medical cannabis.
This license allows Maricann to supply its Maltese operation with raw materials that will then undergo advanced post processing to create pure cannabis distillates, allowing for true pharmaceutical manufacturing. Commercial production of distillates is integral for the Company, as it advances the timeline for delivery of its full suite of products to those European markets where such products are legal.
“Maricann continues its path of organic growth and value acquisitions throughout the European Union, accessing key markets for differentiated products through Malta,” commented Ben Ward, CEO. “We will continue to implement our template for success across Europe, as we expand from operations in Germany, Switzerland and Malta to new markets. We’ve seen parabolic growth in new markets over the past two years, and will expect to continue to see new markets open.”
The Company has received an initial allocation of 2,750 square metres of industrial space. The approval in Malta is conditional on a number of items including (i) operation of the business in compliance with applicable laws, (ii) compliance with certain reporting requirements, (iii) the Company's Malta subsidiary reaching an employment level of at least 28 full-time equivalent employees within three years from the start of operations, (iv) the Company's Malta subsidiary investing at least €9.5 million in improvements to the site, plant, machinery and equipment within three years from the allocation of the applicable site and (v) the Company obtaining a licence from the Medicines Authority.
Forward Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the proposed commercial production of pure cannabis distillates and the Company's planned implementation of its business plan in Europe. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
For more information about Maricann, please visit our website at www.maricann.com
Director of Investor Relations
Corporate Headquarters (Canada)
Maricann Group Inc. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
European Headquarters (Germany)
Thierschstrasse 3, 80538 Munchen, Deutschland