GLG Life Tech Corporation
GLG Life Tech Corporation Announces Distributorship Agreement for Sale of Cannabidiol (CBD)
Tuesday, December 3, 2019 5:00 PM
VANCOUVER, BC / ACCESSWIRE / December 3, 2019 / GLG Life Tech Corporation (TSX:GLG) ("GLG" or the "Company"), a global leader in the agricultural and commercial development of high-quality zero-calorie natural sweeteners, is pleased to announce its newly signed agreement with East West Pharma Group ("EWPG") for the distribution of high-quality cannabidiol ("CBD") products.
Under the terms of the five-year agreement, GLG will have exclusive distribution rights for EWPG's CBD products, including extracts, distillates, and isolates, across Canada and Europe. In partnering with EWPG, GLG expects to deliver large volumes of high-quality CBD products to other companies in the CBD space for use in their end-consumer products.
EWPG has the capacity to produce 350 MT of CBD products annually, with GLG expecting to sell a significant percentage of that volume. EWPG has access to plant strains with especially high levels of CBD, which will enable EWPG to achieve optimal processing efficiency for its CBD products. With this efficiency and high-quality industry standards applied throughout the production chain, GLG will in turn be positioned to offer the highest quality and highest purity CBD extracts, distillates, and isolates on the market today.
GLG's decision to enter the CBD space by partnering with EWPG aligns well with the Company's historical business focus and core competencies. Both stevia and CBD are, at root, agricultural products with successful endeavors stemming from access to high-quality cultivars containing elevated levels of the essential plant molecules. Also key are the quality-minded manufacturing and product control procedures; for EWPG and GLG, quality throughout the supply, production, and distribution chain is paramount.
Dr. Luke Zhang, the Company's CEO and Board Chairman, commented: "We could not be more excited to be entering the rapidly growing CBD space on the strengths of our partnership with East West Pharma and our many years of experience selling high-quality cost-competitive extract products around the world. Knowing that we have joined forces with the best manufacturer for the production of high-quality CBD products gives me great optimism for our future successes in selling major quantities of these CBD products at attractive price points in Canada, Europe, and beyond. We look forward to a long and successful partnership with EWPG."
EWPG's CEO John Vu commented that "partnering with GLG - with their long-standing reputation for consistently delivering high-quality products globally - can only make the future of EWPG that much brighter. We thank the GLG team for this wonderful opportunity to showcase our skills and especially our CBD products to the world."
For further information, please contact:
Simon Springett, Chief Operating Officer
Phone: +1 (604) 285-2602 ext. 101
Fax: +1 (604) 285-2606
Email: [email protected]
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of high-purity zero calorie natural sweeteners including stevia and monk fruit extracts used in food, beverages, and dietary supplements. GLG's vertically integrated operations, which incorporate our Fairness to Farmers program and emphasize sustainability throughout, cover each step in the stevia and monk fruit supply chains including non-GMO seed and seedling breeding, natural propagation, growth and harvest, proprietary extraction and refining, marketing and distribution of the finished products. Additionally, to further meet the varied needs of the food and beverage and supplement industries, GLG's Naturals+ product line enables it to supply a host of complementary ingredients reliably sourced through its supplier network in China. For further information, please visit www.glglifetech.com.
Forward-looking statements: This press release may contain certain information that may constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand for our products and new orders from our customers and distributors, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Specific reference is made to the risks set forth under the heading "Risk Factors" in the Company's Annual Information Form published April 1, 2019. In light of these factors, the forward-looking events discussed in this press release might not occur.
Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements.
SOURCE: GLG Life Tech Corporation