CannaVerde Pharma Receives THC Quota for Manufacturing Derivatives; Appoints Chief Commercial Officer; and Partners with the National University of Colombia
Vancouver, British Columbia--(Newsfile Corp. - March 26, 2019) - CannaVerde Pharma Inc. ("CannaVerde" or "the Company"), a privately held Canadian medical cannabis company, is pleased to announce that its wholly owned subsidiary, Green Health Colombia S.A.S. ("Green Health"), has received its THC (tetrahydrocannabinol) quota for manufacturing derivatives from the Colombian Agricultural Institute ("ICA"), appointed Daniel Ossma as Chief Commercial Officer, and partnered with La Universidad Nacional de Colombia - Instituto de Biotecnologia (the "National University of Colombia - Institute of Biotechnology").
Green Health has been granted its THC Quota for 2019 from ICA, which allows the Company to produce 1,485 kg of cannabis flower in dry weight for the manufacture of derivatives for scientific purposes. The Company originally applied for a THC quota to cover 55 varieties of THC plants with THC content above 1% and this quota reflects all requested varieties. "This authorization from ICA represents a key development milestone in our mission to become a medical cannabis company able to bring products to market in Colombia and more broadly in Latin America", commented Michael Nistorescu, CannaVerde's CEO.
This significant milestone is in addition to 10 varieties of CBD mother plants that have already been planted for scientific evaluation. Scientific evaluation means that each variety will be taken through one cultivation with the results of THC and CBD content sent to ICA for registration ahead of commercial cultivation. The company has implemented security protocols that satisfy the rigorous regulatory structure in place to ensure all psychoactive cannabis cultivation is secure. The Company now awaits approval from the Ministry of Justice to start planting THC mother plants.
Daniel Ossma, Chief Commercial Officer
As CannaVerde's first Chief Commercial Officer ("CCO"), Mr. Ossma will oversee the Company's commercial, sales and marketing teams. Mr. Ossma most recently served as Head of Novartis' Hematology Business Franchise in Ecuador and Peru, a position he had held since 2016.
As CCO, Mr. Ossma will be responsible for spearheading the Company's commercial and operational strategy for Latin America, where he will structure and re-enforce the company's capabilities to partner with key players in the consumer market, ensure innovative products are brought to consumers, and develop the company's long-term market strategy.
Mr. Ossma has worked across multiple market segments, ranging from cardiovascular and metabolism to oncology and hematology, engaging with customer segments in Canada, Mexico, Brazil, Colombia, Argentina, Ecuador and Peru.
"Daniel is a key addition to our leadership team and we welcome him aboard," said Mr. Nistorescu, CEO of CannaVerde. "He brings a proven track record in the pharmaceutical industry that will benefit our entire organization."
Green Health has entered into an agreement with The National University of Colombia - Institution of Biotechnology to collaborate on a wide array of cannabis-related projects of common interest.
"We are very pleased to have partnered with the National University of Colombia's Institute of Biotechnology. This partnership sends a strong signal towards the commitment of both CannaVerde and Colombia to further the scientific research on the efficacy of Cannabis and the development of a wide array of its derivatives," commented Mr. Nistorescu, CEO of CannaVerde.
Established in 1867, the Universidad Nacional de Colombia is the largest higher education institution in Colombia with more than 44,000 students and is ranked as one of the best universities in Colombia and Latin America for its research achievements.
"The signing of this partnership agreement furthers our mission to be at the forefront of research and development in this nascent sector," said Ana Lucia Castiblanco Msc, professor in the University's biotechnology department. "The company's in-house cultivation expertise coupled with other strategic academic partnerships in Canada makes them an ideal partner for the National University of Colombia."
Under the agreement, both parties agree to cooperate in the mutual exchange of academic staff, researchers and administrative staff, the joint organization of seminars, workshops, courses, conferences and educational activities related to both academic and scientific programs.
Further, the Company plans to announce multiple research collaborations over the course of the 2019 calendar year relating to: genetics and improvement of the cannabis seed; the effects of cannabis in patients with different pathologies; and the development and formulation of CBD based products.
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Forward-Looking Information Statement
This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
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