Instadose Pharma Announces Instadose Canada has Established a Strategic Joint Venture Partner in India Strengthening its Global Distribution Platform
CHESAPEAKE, VA / ACCESSWIRE / November 4, 2021 / Instadose Pharma Corp. (formerly Mikrocoze) is pleased to announce that Instadose Pharma Corp (Canada) ("Instadose Canada", "Instadose" or the "Company"), has executed a joint venture agreement (the "India JV Agreement") with its strategic partner, Sanctum Healthcare Remedies Private Limited (the "India JV Partner") to grow, cultivate, process, produce, export, and sell Medicinal Cannabis and Cannabinoid Oil to Europe through Instadose's Global Distribution Platform. "Our partnership in India is a strategic pillar to Instadose's Global Distribution Platform as Indian states such as Uttarakhand legalize Medical Cannabis" commented Grant Sanders, Chairman of Instadose. "With a population of approximately 1.4 billion and a growing middle class, the potential for Medicinal Cannabis in India is substantial", said Mr. Sanders.
In January 2021, Instadose, along with its India JV Partner, commenced official discussions with State government officials in Uttarakhand with a goal to secure a legal commercial license to grow, cultivate, process, and produce Medicinal Cannabis and Cannabinoid Oil (the "Uttarakhand License") on agricultural lands located within the State of Uttarakhand (the "UttarakhandLands").
In February 2021, Instadose and Sanctum agreed to a plan of joint venture that would see the parties work together in India to secure multiple State‑issued licenses to, among other rights, grow, cultivate, process, produce, export, and sell Medicinal Cannabis (with an initial maximum THC content level of 0.3%) and Cannabinoid Oil (the "India JV Licenses") on certain agricultural lands in India (the "India JV Lands") starting with the Uttarakhand License and Uttarakhand Lands (the "India Joint Venture"). On February 18, 2021, Instadose and the India JV Partner executed the India JV Agreement formalizing their relationship under the India Joint Venture. In doing so, the India Joint Venture would serve the Global Distribution Platform as both a Medicinal Cannabis Cultivation Participant and Cannabinoid Oil Production Participant.
On March 18, 2021, Instadose Pharma India Private Limited ("IDP India") was registered in India as a private limited company under The Companies Act, 2013. Ownership of IDP India was registered fifty‑five percent (55%) in the name of Instadose and forty‑five percent (45%) in the name of the India JV Partner. IDP India was established by Instadose and the India JV Partner for the purpose of becoming the joint operating entity of the India Joint Venture responsible for receiving and holding (i) the India JV Licenses, starting with the Uttarakhand License, and (ii) all legal ownership or leasehold interests in and over India JV Lands, starting with the Uttarakhand Lands.
In April 2021, IDP India commenced the process of securing its Uttarakhand License.
The following is an operational update regarding the progress made to date by Instadose and the India JV Partner:
During the third quarter of 2021, the District Magistrate of Haridwar, in the State of Uttarakhand granted IDP India with its initial approval for the cultivation of Medicinal Cannabis, operating under the laws of India, on up to five hundred (500) acres of Uttarakhand Lands. Today, IDP India is working to secure the Uttarakhand Lands. Once secured, approval to commence the official cultivation of Medicinal Cannabis in India (as well as receipt of the other applicable India JV Licenses) will be provided to IDP India.
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.