VANCOUVER, British Columbia, Nov. 01, 2019 (GLOBE NEWSWIRE) -- AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (PU31.F) (OTCPK: AGFAF), a growth oriented and diversified international cannabis company, is pleased to announce the Company has entered into a Letter of Intent (the “LOI”), dated October 30, 2019, with EuroLife Brands Inc. (“EuroLife”) (CSE: EURO) (3CM.F) (OTCPK:EURPF). Under the terms of the LOI, the Companies will collaborate to curate custom, evidence-based cannabis content and associated learning modules to be deployed across EuroLife’s physician-sanctioned German cannabis education platform, Cannvas.de.
The integration of Cannvas.de into AgraFlora’s German vertically integrated medical/pharmaceutical ecosystem will afford the Company’s existing German patients and pharmaceutical partners unbridled access to independent, physician-backed and educator-approved cannabis literature and learning modules. Cannvas.de leverages machine learning algorithms and artificial intelligence (“AI”), coupled with a suite of automation tools, to contextualize and adapt to its users and deliver timely and relevant information based on identified behaviours and interests.
On October 25, 2019, AgraFlora announced the acquisition of 100 per cent of the issued and outstanding shares of The Good Company GmbH, the parent company of German EU-GDP medical cannabis distributor, Farmako GmbH (“Farmako”). Farmako's German distribution network extends over 19,800 pharmacies and comprises an aggregate patient population of over 100,000 unique individuals.
AgraFlora’s exposure to a mounting patient population represents the critical mass required for the Companies to achieve defendable first-mover advantages within the German cannabis education marketplace, while initiating high visibility growth of its EU-GDP distribution channels. Additionally, AgraFlora and EuroLife will deploy Cannvas.de’s diverse analytical tool suite to assist with managing and measuring a host of key consumer data analytics, thus aggregating lucrative patient preference datasets to assist with further tailoring its product offering.
The German patient population for medical cannabis is experiencing exponential growth, with over approximately 100,000 patients now active as of October, 2019, an increase from approximately 800 in 2017. Prohibition Partners has forecasted that Germany will eclipse one million eligible medical cannabis patients by 2024.
With over 365,000 physicians, 2,200 hospitals and thousands of clinics, Germany is becoming a leading European Union (“EU”) member state within the emerging international cannabis industry. Patient numbers continue to experience geometric growth rates and cannabis product uptake continues to be robust across the country.
Brandon Boddy, Chairman and Chief Executive Officer of AgraFlora: “Our recent acquisition of leading German medical cannabis distributor Farmako affords us the distinctive advantage of unencumbered exposure to a large sample size of German medical cannabis patients. In collaboration with EuroLife, we will look to champion the German evidence-based cannabis education marketplace by leveraging proprietary data science techniques and advanced regression analytics.
The Cannvas.de platform will also bolster our efforts to strengthen our German doctor outreach programs, as well as the shepherding of high-profile corporate and university drug plan outreach initiatives.”
Further demonstrating the Company's commitment to providing accessible cannabis education, EuroLife’s Director of Strategy and Education, Daniel Davidzon, was recently published in the National Post arguing for the crucial need for evidence-based cannabis education for cannabis consumers across Canada and the world. With so many cannabis-curious consumers confused over what treatments, products and services are available to them, the need for an education-driven marketplace has grown exponentially. AgraFlora and EuroLife are poised to lead the market with its repository of over 400 physician-backed and educator-approved articles and over 70 courses in its education platform.
“Germany is the first of many European markets in which we will be expanding our platforms, as that market, with a population of over 80 million is a key catalyst for our strategic revenue growth in 2020,” said Shawn Moniz, Chief Executive Officer, EuroLife Brands Inc. “We planned for the inclusion of additional language sets in the Cannvas suite of platforms with the goal of expanding into key markets and look forward to adding many more languages as we continue to deliver evidence-based cannabis education to the world.”
Under the terms of the LOI, it is contemplated that upon execution of a definitive agreement, AgraFlora will issue EuroLife Brands a predetermined amount of share-based consideration in the capital of the Company.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Services Canada Inc. and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company is also retrofitting a 51,500-square-foot good manufacturing practice (“GMP”) edibles manufacturing facility in Winnipeg, Manitoba. AgraFlora has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. For more information please visit: www.agraflora.com.
About EuroLife Brands Inc.
EuroLife Brands Inc. is a leading global markets cannabis brand empowering the medical, recreational and CPG cannabis industry worldwide through a data-driven CBD marketplace supported by exclusive and unbiased physician-backed cannabis education and detailed consumer analytics.
For additional information:
Contact: firstname.lastname@example.org or visit EuroLifeBrands.com
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for AgraFlora Organics described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.