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Five-Year licence allows importation, processing, wholesale distribution and re-export of a range of CBD extracts, concentrates and finished products
VANCOUVER, Nov. 6, 2018 /CNW/ – C21 Investments Inc. (CSE: CXXI) (FSE: C6QP) today announced that it has been granted the first licence issued by the State Service of Ukraine on Medicines and Drugs Control (“SSUMDC”) for the importation of high-quality raw CBD extracts and concentrates, to import finished CBD products, to conduct CBD processing, wholesale distribution of CBD and CBD finished products, and to re-export CBD concentrates and CBD processed products to Europe and internationally.
According to Robert Cheney, C21 Investments’ Chief Executive Officer, the granting of this first Ukraine CBD licence issued by SSUMDC is a testament to the quality of C21’s products, its quality control systems, and its internal compliance processes as well as the high regard of the Ukrainian Government for the integrity of the C21 management team.
“We at C21 are excited to receive the first licence issued in the Ukraine and to expand into Europe,” said Mr. Cheney. “This is a significant opportunity for us to build a new industry, create new high-quality jobs and to leverage the competitive advantages of Ukraine to access the EU and global markets. Building on a solid relationship with the Ukrainian Government and the staff of SSUMDC, the C21 team is in the process of applying for additional licences, including for the cultivation of both hemp and cannabis.
Ukraine has a population of over 42 million people and is a major trading partner with the European Union. In 2014, Ukraine signed an agreement referred to as the “Association Agreement” making trade with the EU much easier. Trade with the EU has increased significantly as a result. Ukraine offers a long history in agriculture, a skilled labour pool, attractive wage rates, and preferential access to European markets.
CBD extracts and products with minimal THC content are legal in multiple countries within the European Union. C21 will now have the ability to distribute and market its branded products across much of the EU targeting a large portion of a market with 742 million consumers.
C21 Investments has opened a representative office in Kyiv, the capital of Ukraine, in order to oversee its operations as well as pursue other business development opportunities across Europe.