Allied Corp Signs Two Letters of Intent with Canadian and European companies for 5-year Deal For Off Take of Production Output
Ryan Allway
January 13th, 2020
News
KELOWNA, British Columbia, Jan. 13, 2020 (GLOBE NEWSWIRE) — Allied Corp. (“Allied”) (OTCQB: ALID), an international medical cannabis company focused on creating and providing targeted cannabinoid health solutions, today announced the signing of two letters of intent for purchase, at fair market value, all of the supply that Allied produces out of Colombia that meets Good Manufacturing Practices (GMP) for Europe and Good Production Practice (GPP) Standards for Canada. The contemplated agreements are for a 5-year term with an option to renew for an additional 5 years. The first letter of intent is with OmaRx Pharmaceuticals GMBH (“OmaRx Pharma”), an established pharmaceutical company based in Germany, and the second is with 1221417 BC LTD (“Corp 417”), an established Canadian corporation that brokers cannabinoid products in Canada.
While Allied’s production activities continue to develop in Colombia, Allied has put significant efforts into building the necessary relationships and contacts to establish an international sales and distribution network. As a result of these efforts, Allied has recently secured the previously mentioned letters of intent from buyers in the European and Canadian marketplace. These letters of intent describe the contemplated off-take purchase orders for when Allied’s production volumes start to scale. As the international market for cannabinoid-based production continues to evolve, the agreed to price point for off-take has been agreed to as “fair market value”. This is to Allied’s advantage as a low cost, high margin producer.
“Instead of waiting for our production volumes to scale before beginning our sales and distribution efforts, we wanted to be proactive in our approach and have off-take commitments in place to essentially have our product sold before it is harvested,” says Calum Hughes, CEO of Allied. “We look forward to taking these next steps in both the Canadian and European markets and in furthering our mission of producing and providing first-in-class cannabinoid-based health solutions.”
Additional information about Allied Corp. can be found at www.allied.health.
On behalf of the Board,
Calum Hughes
Chief Executive Officer
About OmaRx Pharmaceuticals
OmaRx Pharmaceuticals is a German pharmaceutical sales and distribution company. OmaRx uses cutting-edge testing and world-class equipment to ensure that our products are safe and healthy. Certified by the German health authorities, OmaRx uses a pharmaceutical industry approach to support the sell through of products into the European marketplace.
About 1221417 BC LTD.
Corp 417 is a Canadian-based corporation that is in the business of brokering cannabinoid-based health products from producers through to Canadian retailers. Corp 417 supports the whole supply chain in Canada from farm to the shelf.
About Allied Corp.
Allied Corp. is an international cannabis company with a mission to help people suffering from Post-Traumatic Stress Disorder (PTSD) by researching, creating and producing targeted cannabinoid health solutions. Allied Corp. uses an evidence-informed scientific approach to make this mission possible, through cutting-edge pharmaceutical research and development, innovative plant-based production and unique development of therapeutic products.
Media Contact:
allied@5wpr.com
Investor Relations:
Anthony Zelen
ir@allied.health
+1-778-388-5258
Forward-Looking Statements:
This news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate”, “become”, “objective”, “may”, “will”, “might”, “should”, “could”, “can”, “intend”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, “project”, “continue”, or similar expressions suggest future outcomes or the negative thereof or similar variations. Such forward-looking statements include, but are not limited to, that the Company will experience growth and will be able to expand globally. We are also subject to various additional risks as described in our SEC filings at www.SEC.gov.
Forward-looking statements are based on management’s current expectations and may materially differ from actual results. Further, such forward-looking statements and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price.
We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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