GENOA, Italy, Feb. 1, 2018
/CNW/ - Nuuvera Inc. ("Nuuvera") (TSXV:NUU), announced today that
it has closed a transaction to acquire 100% of Genoa based FL-Group. The acquisition,
originally announced on January 18,
2018, makes Nuuvera the first Canadian cannabis company to
hold a license to serve the Italian market.
This strategic international acquisition follows the recent
decision by the Italian National Health System to reimburse medical
cannabis prescription costs, and reinforces Nuuvera as one of the
foremost global cannabis companies, with a footprint in
Germany, Italy, Spain,
Israel, and Malta.
Lorne Abony, CEO of Nuuvera, said
that Nuuvera is thrilled to finalize the agreement with
FL-Group, and to be the first international cannabis company to be
licensed to serve Italian customers.
"We are extremely proud of this acquisition, and look forward to
be the first Canadian cannabis company to serve the Italian
market," said Abony. "There are very few licensees because of the
rigorous licensing system in Italy, and Nuuvera is prepared to meet the
high Italian standards and serve the growing Italian market."
Dr. Alessandro Pastorino,
co-founder and CEO of FL-Group, said that Nuuvera's commitment to
high standards sets the stage for an ideal partnership.
"We have been approached by many companies wishing to acquire
us, but Nuuvera stood out because of their rigorous commitment to
safe, healthy and efficacious cannabis products," said Dr.
Pastorino. "I am thrilled that our deal is finalized, and look
forward to leading FL-Group, as part of Nuuvera, going
forward."
With its acquisition of FL-Group secured, Nuuvera intends to
import cannabis flower, and introduce its branded cannabis oil to
the Italian market.
About Nuuvera
Nuuvera is a global cannabis company founded on Canadian
principles, and built with the whole world in mind. Nuuvera is
currently working with partners in Germany, Israel and Italy, and is exploring opportunities in
several other countries, to develop commercial production and
global distribution of medical grade cannabis in legalized markets.
Through its subsidiaries, ARA – Avanti Rx Analytics Inc. and Avalon
Pharmaceutical Inc., Nuuvera holds a Dealer License (GMP) under the
Narcotic Control Regulations and Office of Controlled Substances.
Nuuvera is currently in the final stages of the Health Canada
review process to become a Licensed Producer of medical marijuana
under the ACMPR, and has recently received its "letter to build"
approval.
For more information on Nuuvera, please visit:
www.nuuvera.com
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding
Nuuvera and its business. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"is expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Such statements are based
on the current expectations of the management of Nuuvera. The
forward-looking events and circumstances discussed in this release
may not occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Nuuvera, including risks regarding the
cannabis industry, failure to obtain regulatory approvals, economic
factors, the equity markets generally and risks associated with
growth and competition. Although Nuuvera has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made Nuuvera undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. The TSX Venture Exchange has in no way
passed upon the merits of the transaction and has neither approved
nor disapproved the content of this press release.
SOURCE Nuuvera Inc.