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Cannsun Medhel Group PLC Announces Business Combination Creating Pharmaceutical Focused Holding
Creating a rapidly growing pharmaceutical manufacturer and distributor with global reach
February 11, 2020 1:12 PM EST | Source: Cannsun Medhel Bioscience
Athens, Greece--(Newsfile Corp. - February 11, 2020) - Cannsun Medhel Group PLC ("Cannsun" or the "Company"), a newly formed Irish company, has combined several pharmaceutical and cultivation assets under one holding including of Medhel Hellas S.A. ("Medhel"), a Greek based manufacturer, Cannsun Medhel Commercial ("Medhel Commercial"), an EU distributor and exercising the option to acquire Mohlodi OA Thaba Holdings (Pty) Ltd ("Mohlodi"), a Lesotho cannabis cultivator, which is expected to occur in Q1 2020.
Originally founded in 1918 as a manufacturer of medicines, Medhel now develops, produces, packages and distributes pharmaceuticals, healthcare, cosmetics, medical and wellness products across the globe. Medhel has a 70,500 ft2, EUGMP-certified, modern pharmaceutical manufacturing facility in Athens, Greece. In combination with the Medhel facility, Medhel Commercial supplies more than 100 wholesalers, 11,000 pharmacies and 35,000 doctors in over 21 countries across Europe. Medhel Commercial has agreements completed or pending with partners in Thailand, Poland, Malaysia, Estonia and Russia. These assets strengthen the Cannsun's operations and infrastructure in Greece, a key manufacturing and distribution hub for Cannsun's international expansion plans.
In Lesotho, Africa Mohlodi has a cannabis cultivation license that covers over 3.0 hectares of land, that allows Molhodi to cultivate, extract and export THC and CBD. Cannsun has the option to acquire the Mohlodi asset and will be merged into the Cannsun group of companies upon completion. Lesotho provides Cannsun with the cultivation acreage to initiate its vertically integrated model to supply medical grade hemp and cannabis concentrates for medical & retail market.
Cannsun is currently working towards executing partnership agreements with groups in Poland, Malaysia, Thailand, Baltics and Russia. Through these partnerships, Cannsun will provide pharmaceutical and cannabinoid products from its Athens manufacturing facility. Execution is expected to occur in the first half of 2020.
"The combination of assets strengthens the ambitious global growth strategy we have for Cannsun. We are positioned to open new markets for the products Medhel is already manufacturing, distributing and selling into the pharmacy distribution channels developed over the last 100 years of operations." said David Parry, CEO of Cannsun. "With both cash flow and a corporate track record that exceeds 100 years, Cannsun will be continuing to manufacture healthcare, medical and wellness products, with plans to expand into the cannabinoid space, with the first CBD products released in March 2020. With a Schedule One Narcotic licence anticipated in the second half of this year, the Company will leverage its proficiency in dealing with complex regulatory requirements within the European Union and maintaining distribution channels in highly sought-after global markets for regulated THC and CBD products."
"We are looking forward to solidifying our position as a premier health products manufacturer and distributor. This is an exciting opportunity to build on our established market presence and advance our participation in a rapidly growing, emerging industry with our vertically integrated cannabinoid division."
About Medhel
First established in 1918 and soon with new management and ownership, Cannsun is now re-emerging as a science-led, global, healthcare company focused on leveraging its existing infrastructure and reputation in the manufacture and distribution of established healthcare products and pharmaceuticals, as well as building a vertically integrated cannabinoid division. The Company currently distributes products to thousands of healthcare professionals and pharmacies in 21 countries. Our current projected growth will enable us to deepen and extend our reach, so that we can help people everywhere live better, healthier lives.
Contact:
David Parry
Chief Executive Officer
Phone: +30 693 603 5933
Email: david@cannsun.com
Angelakis Manos
Cannsun Medhel Commercial
Phone: +30 694 508 0880
Email: m.aggelakis@cannsun.com
Greg Bealer
Director of Finance
Phone: +1 780 970 3789
Email: g.bealer@cannsun.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52322