NAPANEE, Ontario, Jan. 18, 2018 (GLOBE NEWSWIRE) -- ABCANN GLOBAL CORPORATION (TSXV:ABCN) (“ABcann” or the “Company”) is pleased to announce that its wholly-owned subsidiary, ABcann Australia Pty Ltd. (“ABcann Australia”), has received an import license from the Federal Office of Drug Control in Australia. ABcann continues to work with government and its industry partners in Australia to develop exclusive programs targeting physician networks. Following receipt of any necessary approvals, including the approval of the TSX Venture Exchange, ABcann intends to supply medicinal cannabis to the Australian market via the Australian Department of Health’s TGA (Therapeutic Goods Administration) Special Access Scheme.
“This import license is a key milestone towards generating revenue through ABcann’s network of physicians, pharmacists and patients, and advancing the use of medical cannabis,” commented Barry Fishman, Chief Executive Officer of ABcann. “We view Australia as an important emerging market for medical cannabis and I look forward to meeting with our strategic partners and stakeholders in Australia later this month to further discuss opportunities there.”
“Attainment of this license is one of several important steps we have taken over the last six months to cement key relationships with strategic partners in industry and government. ABcann Australia is committed to providing Australian patients with high quality medicinal cannabis products,” said Henry Pinskier, MD, Chairman of ABcann Australia.
ABcann holds production and sales licenses from Health Canada. Its flagship facility in Napanee, Ontario contains proprietary plant-growing technology, centred on its specially designed, environmentally-controlled growing chambers. This approach results in the production of pharmaceutical-grade cannabis products.
The Company is expanding its cultivation capacity and pursuing partnerships and product development opportunities domestically, as well as in select international markets, such as Germany, Australia and Israel.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
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Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, regarding the beliefs, plans, expectations or intentions of ABcann and its management regarding the future. Forward looking statements in this news release include statements relating to: the expected impact of receiving an Australian import license on ABcann’s operations; ABcann’s proposed plans for supplying medicinal cannabis to the Australian market; ABcann’s expectation of obtaining required approvals to operate in Australia, including the approval of the TSX Venture Exchange and Health Canada; and ABcann’s future plans with respect to cultivation, distribution and imports into Germany, Australia and other international jurisdictions. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that ABcann may not receive the necessary regulatory approvals to export product into, or operate in Australia; that the Australian import license may not have the expected impact on ABcann’s operations; and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company’s filing statement dated March 31, 2017, which is available on SEDAR, carefully in evaluating the forward-looking statements, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.