16 October 2020, London. EMMAC Life Sciences Group (“EMMAC” or the “Group” or the “Company”), Europe’s largest independent cannabis company, is pleased to announce the UK manufacture of its range of premium medical cannabis products. Due to the completion of EMMAC’s ‘seed to sale’ vertically integrated business model that comprises cultivation, extraction, production and distribution, medical cannabis is now more affordable for patients in the UK.
Rokshaw Laboratories (“Rokshaw”), EMMAC’s wholly owned subsidiary and a leading UK MHRA-approved Specials Manufacturer, received its first commercial shipment of medical cannabis Active Pharmaceutical Ingredient (“API”) from Medalchemy, the Group’s Good Manufacturing Practice (“GMP”) certified manufacturing site in Alicante, Spain. Medalchemy will begin exporting medical cannabis API to other countries in the coming months.
Ed McDermott, Managing Director of EMMAC UK, said: “This is a ground-breaking moment for the UK medical cannabis industry . EMMAC’s complete control of our supply chain, from cultivation and extraction to manufacture and distribution, allows us to offer a consistent, reliable and high-quality product in the UK at a price point that has hitherto not been possible. Since our inception, EMMAC has sought to address the challenges faced by patients and clinicians in the UK, including availability of product and accessibility of price, as identified in the 2019 NHS England report: Barriers to accessing cannabis-based products for medicinal use on NHS prescription. As always, we remain committed to working closely with the public and private healthcare sectors to help solve these barriers to access of cannabis-based medicines.”
The shipment also validates EMMAC’s business model, as it is proof that the vertically integrated supply chain, from its cultivation facilities in Portugal to its two EU-GMP processing facilities, laboratories and importation and distribution capabilities in key markets across Europe, yields high-quality product and the most competitive price points.
Antonio Costanzo, CEO of EMMAC, said: “This commercial shipment of medical cannabis API from Medalchemy to Rokshaw is the result of EMMAC achieving the vision we have had from the outset: to establish Europe’s leading medical cannabis company. Our vertically integrated approach gives EMMAC complete control of our supply chain, allowing us to offer consistency of product and price to clinicians and patients across Europe in need of the highest-quality medical cannabis without excessive costs.”
On 22 July 2020, EMMAC announced the Company had signed a non-binding letter of intent related to a business combination with Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) (“Andina”), pursuant to which EMMAC would become a publicly traded company on the NASDAQ Stock Exchange with EMMAC’s shareholders rolling over all of their equity in EMMAC into the combined public company. As consideration for the transaction, it is anticipated that the current EMMAC shareholders would collectively own a majority of the equity of the combined public company.