This information was provided by prnewswire
Send your Press Release here.
TORONTO, Oct. 2, 2018 /CNW/ – VERDEMED HOLDINGS INC. (“VerdeMed” or the “Company”) is pleased to announce that it is undertaking an equity offering for gross proceeds up to US$5 million and, to date, has received US$600,000 in funding commitments from Brazilian and Colombian qualified investors. The Company plans to use the proceeds of the offering to complete strategic asset acquisitions in Colombia and Brazil and to further its business plans.
VerdeMed holds rights to acquire a significant stake in a Colombian Licenced Producer -LP, which currently has a 3,000 sq ft indoor growing and industrial extraction facility, together with an option to buy the remaining interest in the LP. The LP is operational and fully licensed to plant, grow, extract, formulate and sell medicinal cannabis products. The LP plans to harvest its first crop and complete its initial medicinal cannabis oil sales by the end of this year.
VerdeMed will also use the offering proceeds to assist the Colombian LP to achieve its expansion plans, which include (i) the acquisition of 130,000 sq ft of ready-to-plant land circa its extraction installations in Colombia; (ii) building 29,000 sq ft of outdoor cannabis greenhouses to grow for the extraction of THC/CBD oil, with the first crop planned for late April 2019; and (iii) in the same land, the expansion foresees another 29,000 sq ft of Hemp for CDB oil extraction in August 2019. The LP has advised that it currently expects to generate gross revenues of US$3.7M in 2019 and US$12M in 2020 based on its current industrial capacity and the planned outdoor growth production.
VerdeMed owns the rights to acquire a Pharmaceutical Laboratory in Brazil that holds Controlled Substances Import Licenses and Quality Control Facilities. Verdemed plans to use a portion of the proceeds of the offering to complete this acquisition. Following the completion, VerdeMed intends to present its regulatory strategy to Anvisa (Brazilian Health Regulatory Agency), including its drug development plans for CBD, and its clinical trials protocols for testing a proprietary THC/CBD gel caps formulation targeted at sleep disorders treatment.
VerdeMed has offices in Brazil, Chile, Colombia, and Toronto. The Company intends to build management teams and pharmaceutical regulatory affairs partners in Argentina, Mexico, and Peru by the end of the year following the completion of the offering. VerdeMed plans to establish a comprehensive business footprint over all of the most significant legal markets in Latin America for medical cannabis and cannabinoid-based pharmaceuticals.
Comments