Allied Corp Signs Two Letters of Intent with Canadian and European companies for 5-year Deal For Off Take of Production Output
January 13th, 2020
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,
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.
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