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.
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 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.
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.
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.
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.