Acquisition Gives Company Gateway To Global Markets
LAS VEGAS, NV / ACCESSWIRE / July 13, 2021 / Virtual Medical International Inc, (OTC:QEBR), a vertically integrated whole health and wellness company in the cannabis and CBD/industrial hemp sectors ('VMI' or 'the Company'), today announced it has entered into an agreement to purchase Eco Equity Ltd, a UK company with state-of-the-art cultivation, research and production assets in Africa ('ECO').
ECO is a licensed medical cannabis operator located on 350 hectares outside of Harare, in Zimbabwe. The company has an advanced genetic portfolio and produces premium, EU-GMP certified cannabis flower, concentrates and extracts for distribution to qualified and licensed cannabis establishments in Africa, the UK and the EU.
ECO's facilities include a 16,500 sq. m polytunnel greenhouse, a 450 sq. m R&D facility for genetics research and an onsite pumphouse provides adequate power to service all operations; the company is also preparing to build a GACP/EU-GMP certified, state-of-the-art, fully computerized 20,800 sq meter glass greenhouse. The cultivation site is 24,000 sq. m, and a 14,000 sq.m. post-harvest facility houses extraction-equipment and packaging machines. Currently operating at an annual production rate of 15,470 Kg of high-THC cannabis flower and 1,591 Kg of distillate oil, management expects to continue scaling the ECO operation to meet growing demand.
Part of the company's success can be attributed to its commitment to corporate responsibility. Through partnerships with community organizations, ECO provides local residents with access to healthcare, creates jobs, and built a solar plant to meet operating power requirements - redirecting surplus energy to the community for domestic consumption.
Anthony Moore, Chairman of Virtual Medical, commented on the announcement, 'VMI has implemented an aggressive strategy to establish the Company as a leader in the global cannabis market, and Eco Equity is an ideal partner in that effort. They have a phenomenal operation, state-of-the-art facilities, and direct access to the wholesale European medical cannabis market. We will begin cross marketing our products and services to applicable markets once the acquisition has been digested.'
'Looking ahead, our partnership with ECO gives us the ability to establish relationships and identify resources that position us to swiftly pursue new opportunities - such as cannabis production and dispensary licenses -- as presented, and new markets when legislation allows,' Moore concluded.
According to the terms of the agreement, the companies will operate under the Virtual Medical name, with Eco Equity as a wholly owned subsidiary. Following the consummation of the transaction, JP Doran, ECO's CEO, will oversee the Company's European and African operations from ECO's London headquarters.
Once the acquisition is completed, VMI will be more strongly integrated across the cannabis and industrial hemp sectors, as follows:
- With operations on three continents, VMI will be an international cannabis and industrial hemp brand, focused on health and general wellness. Greater brand recognition positions VMI for growth and facilitates its ability to secure licenses in high-growth and emerging markets.
- VMI will control over 1300 farming acres for medical grade cannabis and industrial hemp and over 60,000 sqft of green house, accompanied with extraction, processing, manufacturing and packaging facilities. Each of these components are easily scalable in order to meet market demand.
- A proprietary genetic portfolio comprising advanced strains of medical cannabis and industrial hemp developed to produce plants with specific cannabinoid profiles. The Company will have the ability to create additional strains in a variety of cannabinoid concentrations for inclusion in new product development.
- World class R&D and product development capabilities provide the Company with more 60 proprietary CBD-based formulations and several medical compounds in development. VMI is committed to allocating resources to the continued creation of novel therapeutics and products including CBD and cannabis. The Company also maintains a catalog of over 2,000 health and wellness products.
- A robust distribution network includes a growing chain of franchises in the US, a digital ecommerce infrastructure, and a wholesale operation with the ability to supply legal markets in North America, the UK, the European Union and Africa.
JP Doran, Founder and Chief Executive Officer of Eco Equity, also commented, 'It was important for us to find the right strategic partner to help us take ECO to the next level as a public company, and our resources complement each other nicely. VMI has a broad and growing consumer distribution network and a strong marketing division which I believe will accelerate our ability to build a revenue base in the near term.'
Doran concluded, 'I expect there will be other crossover opportunities in the longer term. We will likely be sharing our expertise with the US operation as VMI secures dispensary licenses in the States, and I hope to be launching the VMI franchise models across Europe and Africa next year.'
ABOUT VIRTUAL MEDICAL INTERNATIONAL
Virtual Medical International is a vertically integrated whole health and wellness company in the cannabis and CBD/industrial hemp sectors. Through its wholly-owned subsidiary, Amsterdam Café, and the trademarked 'Amsterdam Café: Welcome to Your Whole Health'™, the Company has assembled a growing product catalogue and will generate revenue from product sales through company-owned retail stores, franchise stores, domestic and international franchise activities, third party contract manufacturing, e-commerce and corporate alignments. The Company has implemented an aggressive expansion strategy and plans to grow organically and through the acquisition of appropriate licenses and operating businesses in the North America, Europe and Africa.
For further information:
Contact:
Larson Elmore
Phone: (216) 345-4567
Email: [email protected]
Forward-Looking Statements
Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'aims', 'potential', 'goal', 'objective', 'prospective', and similar expressions or that events or conditions 'will', 'would', 'may', 'can', 'could' or 'should' occur.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, and the possible inability to maintain qualified employees or consultants.
SOURCE: Virtual Medical International