Nice28 Jul 2020 12:56
RNS Number : 3536U
FastForward Innovations Limited
28 July 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
28 July 2020
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Investee Company Update: EMMAC Life Sciences
FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to note the following announcement released today concerning investee company EMMAC Life Sciences ('EMMAC'). FastForward has a 2.3% interest in the issued stock of EMMAC.
Ed McDermott, CEO of FastForward, commented: "It is extremely pleasing to see Medalchemy achieving yet another significant license which further enhances EMMACs position in Europe. I look forward to providing further updates as EMMAC continues to strengthen its position as the leading European independent cannabis company."
The announcement is set out below without material changes or adjustments.
Medalchemy receives licence for cultivation of medical cannabis. Spanish EU GMP Facility now has licences to cultivate, extract and manufacture cannabis extract
28 July 2020, London. EMMAC Life Sciences Group, Europe's largest independent cannabis company, is pleased to announce that Medalchemy, the Group's Good Manufacturing Practice ("GMP") certified manufacturing site in Alicante, Spain has secured approval from the Spanish Health Authorities ("AEMPS") to cultivate medical cannabis. Medalchemy now has fully integrated cannabis supply facilities, with a licence to grow medical cannabis commercially as well as extract and manufacture cannabis extract as an active pharmaceutical ingredient ("API").
EMMAC holds two medical cannabis cultivation licences, one in Spain, at Medalchemy, and the second in Portugal, at its primary cultivation site Terra Verde, which in 2020 has produced and exported c.2 tonnes of medical cannabis flower. EMMAC now holds multiple medical cannabis licences in 4 countries across Europe.
Antonio Costanzo, CEO of EMMAC, said: "This latest licence to cultivate medical cannabis at our EU-GMP Facility in Alicante strengthens EMMAC's position as the leading European independent cannabis company with two cultivation facilities and an alternative point of supply for our business. With full control of our supply chain we are able to ensure a consistent, reliable and high-quality product that our growing customer base can trust. As European legislation quickly evolves to reflect the growing body of medical evidence regarding the benefits of medical cannabis, EMMAC's integrated business model positions it well to capitalise on the high-growth potential of this valuable market."
Last week, EMMAC announced that the Company signed a non-bindling letter of intent related to a business combination with Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) ("Andina"), pursuant to which EMMAC would beco