- New investments will focus on supplying Germany with medical cannabis
- AMP's lead investment, AMP Germany, plans to become a
significant importer of medical cannabis to Germany from Canada
- AMP Switzerland plans to
invest in the Swiss cannabis market
BERLIN, Sept. 4, 2019 /CNW/ - AMP German Cannabis Group
Inc. ("AMP" or the "Company") (formerly "Chinook Tyee Industry
Limited") (CSE: XCX), (FSE: C4T), (ISIN: CA00176G1028)
announces the commencement of trading of its common shares on the
Canadian Securities Exchange (CSE). The Company's common
shares were delisted from the TSX Venture Exchange at the close of
market on September 3, 2019.
The Company also announces that it has updated investment policy to
enhance shareholder value from investments in the European medical
cannabis industry.
Specifically, the Company invests in businesses that supply the
German market with European Union – Good Manufacturing Practices
("EU-GMP") certified medical cannabis. The Company's medical
cannabis investment portfolio consists of AMP Alternative Medical
Products GmbH ("AMP Germany"), whose business is to purchase EU-GMP
certified medical cannabis from Canada for distribution in Germany, and Alternative Medical Products
Switzerland GmbH ("AMP Switzerland"), whose business is to develop
agreements to supply the German market with cannabis cultivated
from Switzerland.
AMP Germany
Based in Erfurt, Germany, AMP
Germany intends to import EU-GMP certified cannabis into
Germany from licensed producers of
cannabis by Health Canada ("Canadian LP") and sell it to
pharmaceutical distributors in Germany who supply pharmacies who are
permitted to dispense medical cannabis prescribed by German
physicians.
EU-GMP certification is an internationally recognized system
that ensures pharmaceutical goods, including medical cannabis, meet
the highest consumer health and safety standards. All medical
cannabis imported into or produced in Germany is regulated by EU-GMP.
Canadian cannabis production and operating standards do not meet
EU-GMP standards and must be upgraded to receive EU-GMP
certification from a German state before medical cannabis can be
imported into Germany. To
date, fewer than ten Canadian LPs have received EU-GMP
certification from Germany.
AMP Germany intends to enter
into supply agreements with Canadian LPs, pursuant to which each
such Canadian LP will go through an EU-GMP certification process
(the "AMP EU-GMP Certification Program") to ensure it meets the
EU-GMP pharmaceutical quality and consistency standards required to
export medical cannabis to Germany. Under the AMP EU-GMP Certification
Program, AMP Germany, in conjunction with its German pharmaceutical
consultant, provide EU-GMP gap analysis and audits to the Canadian
LP.
Once the Canadian LP passes an audit, AMP Germany arranges for
EU-GMP inspection and certification by the applicable state
authorities in Germany. Following EU-GMP certification, AMP
will arrange for the necessary permits and provide logistics,
transportation, and other related services to import medical
cannabis from Canada into
Germany.
AMP Germany has entered into a
memorandum of understanding with one party and is in discussions
for further agreements for the purchase of EU-GMP certified
cannabis for import into Germany
from Canada with several potential
partners, including Canadian LPs and early and late-stage
applicants to become a Canadian LP. AMP Germany anticipates entering into supply
contracts with Canadian LPs during 2019, and with early and
late-stage applicants to become Canadian LPs in 2020.
AMP Switzerland
AMP Switzerland is a wholly
owned subsidiary of the Company based in Zug, Switzerland and its business is to develop
agreements for the supply of cannabis cultivated in Switzerland and to import cannabis into
Germany once applicable laws
permit such transactions. In Switzerland, it is legal to cultivate cannabis
with less than 1.0% THC.
Non-Core Investments
The Company is liquidating its investment portfolio under its
former investment policy and investing the proceeds in the European
medial cannabis industry under its new investment policy. The
Company held $1.6-million in non-core
investments as of June 30, 2019
(unaudited).
Please visit the Company's website to view the Company's
investment policy.
Management Quotes
Mr. Alex Blodgett, CEO of
AMP commented "AMP's current European investments in the
medical cannabis industry have been made to supply Germany with EU-GMP cannabis which has been
forecasted to be a $9-billion market
by 2028. AMP is the only listed company that focuses solely
on supplying Germany with EU-GMP
medical cannabis."
Dr. Stefan Feuerstein,
Managing Director of AMP Germany commented, "AMP
Germany plans to be a significant
importer of EU-GMP cannabis to Germany from Canada. Canada has become the second
largest supplier of EU-GMP cannabis to Germany since legalization of medical cannabis
in 2017."
Mr. Claudio Morandi, Managing
Director of AMP Switzerland commented, "It is legal to
cultivate cannabis with THC <1.0% in Switzerland, which has created an emerging
cannabis industry. AMP Switzerland
is developing sources of nutraceutical and EU-GMP cannabis for
export to Germany once applicable
laws permit such transactions."
About AMP German Cannabis Group Inc.
AMP is the parent company of European investment subsidiaries
whose focus is on the import of pharmaceutical-grade (EU-GMP)
cannabis into Germany,
predominantly from Canada.
AMP intends to provide EU-GMP gap analysis and audits, as
well as assistance with logistical, transportation, importation
permits, and other related services for the importation of medical
cannabis into Germany to Canadian
Licensed Providers through its Certification
Process.
For more information, please visit: www.amp-eu.com.
Social media links: Twitter, Reddit, LinkedIn, and Facebook. Media
Kit: www.amp-eu.com/media.
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, investment
policy and sale of its non-core investments 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.
SOURCE AMP German Cannabis Group Inc.
