VANCOUVER, British Columbia, June 21, 2018 (GLOBE NEWSWIRE) — BlissCo Cannabis Corp. (CSE:BLIS) (FRA:GQ4B), (“BlissCo”) is pleased to announce that it has made its first footprint in Europe by signing a non-binding Letter of Intent (“LOI”) to sell 720 kilos of dried cannabis flower to a German biomedical and distribution company (“the Importer”).
“Our German partner will promote the responsible use of cannabis for medicinal purposes, providing international expansion to the distribution arm of the BlissCo ecosystem,” said Damian Kettlewell, BlissCo CEO.
With federal health insurance coverage for medical cannabis and population of nearly 82 million, Germany has become one of the largest legal medical cannabis markets in the world. The country was also recently touted by Deepak Anand, Vice President of Government Relations for Cannabis Compliance as “soon [to] become the top market in the world for medical cannabis.”
It is estimated that cannabis demand in Germany could reach 126,000 kg per year, and with domestic production set to grow to only 6,600 kg by 2022, Germany could be a substantial export partner for BlissCo.
BlissCo has initially agreed to provide its German research and distribution partners with dried cannabis flowers which will be processed from two THC-rich and one CBD-rich cannabis strains.
Prior to any shipment of dried cannabis flowers to the German market BlissCo must first obtain an export permit from Health Canada as well as a Good Manufacturing Practice (“GMP”) certification, in accordance with the rules governing medicinal products in the European Union. The EU-GMP certification is a requirement to distribute medical cannabis to Germany and across the European Union. The Importer must also obtain an import permit.
“BlissCo is focused on building a strong ecosystem that includes partnerships in countries where cannabis is federally legal such as Germany to further establish the BlissCo brand as a premium craft cannabis product in the medical and recreational market,” said Kettlewell.
The name of the Importer will remain undisclosed until execution of a binding export agreement.
About BlissCo Cannabis Corp.
BlissCo Cannabis Corp. (CSE:BLIS) (FRA:GQ4B) owns, through its wholly-owned subsidiary BlissCo Holdings Ltd., a license to produce marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) which was originally granted on March 29, 2018.
BlissCo began growing medical cannabis in early May 2018 and applied to Health Canada to amend its ACMPR license to include cannabis oil production in early June 2018.
BlissCo is projected to have a sales license inspection from Health Canada in August 2018 and earn a sales license in late September or early October 2018 to sell dried cannabis.
BlissCo’s value proposition is to be a brand focused high-volume distributor, processor and packager of medical cannabis and adult use cannabis when it is legal in Canada.
BlissCo will be processing and distributing cannabis purchased from multiple supply agreements and from cannabis grown at its own state of the art facility in Metro Vancouver, B.C. Currently, BlissCo has a two-year supply agreement with The Supreme Cannabis Company Inc (TSX-V:FIRE) to purchase 3,000 kilograms of premium whole dried cannabis flower.
BlissCo is currently exploring brand expansion opportunities in multiple international markets where medical cannabis is federally legal.
Management is focused on establishing BlissCo as an iconic Canadian cannabis brand.
On Behalf of the Board of Directors
BLISSCO CANNABIS CORP.
Damian Kettlewell, CEO, Founder & Chair
For further information please contact:
Damian Kettlewell, CEO
(604) 484 9119, ext. 3
damian.kettlewell@blissco.com
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the word “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the ability to execute on our strategic plans and the impact on our future operations, capital expenditures, receipt of a cannabis oil license and a license to sell dried cannabis and other objectives. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
