Chinook establishes EU-GMP standards for its
imports of medical cannabis to Germany from Canada
BERLIN, Germany, May 29, 2019 /CNW/ - Chinook Tyee Industry
Limited ("Chinook") (TSXV: XCX), (Frankfurt: C4T, ISIN: CA16961T2083) has
entered into a consulting agreement with a leading German
pharmaceutical and medical consulting company, pursuant to which,
among other things, the consultant shall evaluate and confirm that
medical cannabis produced by a Canadian licensed producer of
cannabis (a "LP") that has entered into a supply agreement with
Chinook meets EU-GMP regulations for importing medical cannabis
into Germany from
Canada.
Chinook's business is to import pharmaceutical grade (EU-GMP)
medical cannabis produced by LPs into Germany. EU-GMP
certification is an internationally recognized system that ensures
that pharmaceutical goods, including medical cannabis, meet the
highest consumer health and safety standards. Canadian
cannabis production and operating standards need to be
upgraded to EU-GMP standards and receive EU-GMP certification
from a German State before a LP is
able to import medical cannabis into Germany. Upon entering a supply arrangement
with a LP, Chinook conducts a gap analysis with its German business
partners to determine any required EU-GMP upgrades. Upon passing an
audit of any upgrades, Chinook arranges for EU-GMP certification by
applicable State authorities in Germany. After a LP has obtained EU-GMP
certification from a Germany State, Chinook and such LP then
arrange for the necessary permits to import medical cannabis to
Germany from Canada.
"Germany, whose medical
cannabis industry is estimated to be valued at €7.7 billion by
2028, is experiencing a supply shortage and is dependent on imports
predominantly from Canada which is
the largest and most experienced producers of cannabis in the
world", according to Mr. Alex
Blodgett, CEO of Chinook. "Chinook's business is to supply
the German medical market with the highest quality medical cannabis
from Canada."
"Germany is the largest medical
cannabis market in the globally and will set the pharmaceutical and
healthcare insurance coverage standards for Europe as the region begins to legalize
medical cannabis," commented Dr. Stefan
Feuerstein, Managing Director of Chinook's Germany subsidiary, AMP Alternative Medical
Products GmbH.
About Chinook Tyee Industry Limited
Chinook is a
German managed investment company with two European subsidiaries,
AMP Alternative Medical Products GmbH (AMP Germany) and Mercury
Partners & Company plc. AMP Germany business is to import
pharmaceutical grade (EU-GMP) cannabis produced by Canadian
licensed producers into Germany.
AMP Germany in cooperation with
its business partners will provide EU-GMP audit, logistical,
transportation, importation and other related services for the
importation of medical cannabis into Germany. Mercury
Partners & Company plc is a Malta based investment company.
For more information, please visit: www.amp-eu.com.
Cautionary Statements
This news release contains forward-looking statements that
are based on the Company's expectations, estimates and projections
regarding its business and the economic environment in which it
operates, including with respect to its business plans and
milestones and the timing thereof. Although the Company believes
the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and involve risks and uncertainties that are
difficult to control or predict. Therefore, actual outcomes and
results may differ materially from those expressed in these
forward-looking statements and readers should not place undue
reliance on such statements. These forward-looking statements speak
only as of the date on which they are made, and the Company
undertakes no obligation to update them publicly to reflect new
information or the occurrence of future events or circumstances,
unless otherwise required to do so by law.
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.
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SOURCE Chinook Tyee Industry Limited