CHESAPEAKE, VA / ACCESSWIRE / October 27, 2021 / Instadose Pharma Corp. (formerly Mikrocoze) is proud to announce that Instadose Pharma Corp (Canada) ("Instadose Canada", "Instadose" or the "Company"), is in the process of establishing a second European import location in Portugal in addition to its import location in North Macedonia. By establishing an import location in Portugal, Instadose Canada will have its first EU based location to serve its Global Distribution Platform.
Background
In October 2020, Instadose Canada executed a joint venture agreement (the "IDPPortugal JV Agreement") with a third‑party partner (the "Portugal JV Partner") in Portugal setting forth an agreed upon plan of joint venture that would enable Instadose to execute upon its "long‑term" operating strategy in Portugal (the "IDP Portugal Joint Venture"). As a part of this strategy, the parties established Instadose Pharma, LDA ("IDP Portugal") to serve the Global Distribution Platform as Instadose's first EU‑based medical cannabis and cannabinoid oil production participant. The term of the IDP Portugal Joint Venture was agreed at twenty‑five (25) years, with a mutual option to extend the IDP Portugal Joint Venture for one additional twenty‑five (25) year term.
The IDP Portugal JV Agreement set forth the intended scope of the Portugal Joint Venture which contemplated Instadose Canada working with its Portugal JV Partner for the purpose of:
- obtaining all of the licenses required by IDP Portugal to operate the Portugal Joint Venture;
- securing requisite land in Portugal to construct IDP Portugal's EU‑GMP certified Cannabinoid Oil production, bottling, and storage facility (the "IDP Portugal Production Facility");
- constructing, managing, and operating the IDP Portugal Production Facility;
- importing Medicinal Cannabis from, among other countries, South Africa, the Democratic Republic of the Congo, Columbia and Mexico, to be utilized for the sale of medical cannabis and the production of cannabinoid oil at the IDP Portugal Production Facility;
- marketing, exporting, and selling medicinal cannabis and cannabinoid oil produced under the Portugal Joint Venture to pharmaceutical industry companies located predominantly throughout the EU; and
- engaging in one or more industry collaboration opportunities throughout Portugal with other licensed producers of medicinal cannabis and cannabinoid oil.
The IDP Portugal JV Agreement provided Instadose Canada with the exclusive right to supply the IDP Portugal Joint Venture with imported medicinal cannabis as well as market and sell all of the cannabinoid oil produced at the IDP Portugal Production Facility through Instadose's Global Distribution Platform.
Operational Update
The following is an operational update regarding the progress made to date by Instadose Canada and the Portugal JV Partner:
- On August 6, 2021, IDP Portugal entered into an agreement with a local landowner to purchase commercial land located in Caldas da Rainha, Portugal for the purpose of constructing the IDP Portugal Production Facility;
- In September 2021, IDP Portugal received its Portuguese tax office number;
- On October 26, 2021, Instadose Canada and the Portugal JV Partner entered into "Annex 1" to the IDP Portugal JV Agreement ("Annex 1"). Pursuant to the terms of Annex 1, the Portugal JV Partner agreed to provide the IDP Portugal Joint Venture with exclusive third-party rights to utilize "soon-to-be-granted" medicinal cannabis distribution, import, and export licenses (the "Medicinal Cannabis Licenses") belonging to another legal entity in Portugal under the ownership of the Portugal JV Partner (the "Pending License Holder").
- The Pending License Holder received approval of its Medicinal Cannabis Licenses application from The Portuguese National Authority of Medicines and Health ("Infarmed") on September 27, 2021. The Infarmed final approval is subject to: 1) a Infarmed Good Distribution Practice inspection; and 2) a Police security inspection (collectively, the "Infarmed Inspections") of the Pending License Holder scheduled to take place in November and December 2021 respectively.
- Instadose expects to officially commence the importation of medicinal cannabis into Portugal following receipt of the Medical Cannabis Licenses.
About Instadose Canada
Instadose is seeking to create a large commercial outdoor growing, cultivation, production and global distribution platform for medicinal cannabis and cannabinoid oil (the "Global Distribution Platform"). Instadose endeavors to utilize the Global Distribution Platform to open the commercial gateway to a new wholesale marketplace capable of providing pharmaceutical industry companies with large, sustainable, consistent, diverse, and low‑cost supplies of high‑quality medicinal cannabis and cannabinoid oil for use in bulk as an active pharmaceutical ingredient.
Instadose's Global Distribution Platform spans five (5) world continents to date, including Africa, Europe, Asia, South America, and North America. Within each continent, Instadose is establishing operational subsidiaries and joint venture partnerships to secure access to government-issued licenses and permits in countries including The Democratic Republic of the Congo, the Republic of North Macedonia, the Portuguese Republic, the Republic of India, Colombia, Mexico, and Canada, each seeking to increase their level of participation within the global Medicinal Cannabis industry.
Instadose Pharma Corp (formerly Mikrocoze) anticipates closing its plan of arrangement with Instadose Canada on or about November 15, 2021.
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This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future opportunities. Forward-looking information typically uses words such as "anticipate", "believe", "continue", "trend", "sustain", "project", "expect", "forecast", "budget", "goal", "guidance", "plan", "objective", "strategy", "target", "intend", "estimate", "potential", or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, including statements about our plans, focus, objectives, priorities and position. In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to our upcoming shipments of Medical Cannabis. The forward-looking information is based on certain key expectations and assumptions made by our Board and Management. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on our future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE: Instadose Pharma Corp.