As Canada gears up for recreational cannabis sales, which is set to launch later this summer, cannabis firms in the country are already looking for new markets to expand into. One market that has garnered particular attention from Canadian cannabis companies in Europe. Although cannabis is not uniformly legal across Europe, many countries such as Italy and Switzerland allow the import and sale of cannabis for various purposes.
Today, Marican Group, Inc (MARI), a vertically integrated medical cannabis company, announced that it had entered into an agreement with Haxxon AG to acquire all of the company’s outstanding shares. This agreement will allow Maricann to use Haxxon’s production of feminized high CBD cannabis plants to expand into the Swiss market.
Located in a Zurich industrial suburb, Regensdorf, Haxxon’s facility is approximately 64,500 square feet and is only a short drive away from the Zurich Airport.
“Maricann will enhance Haxxon’s existing operations by investing 4,800,000 CHF to improve existing cultivation facilities, improving yield, then add extraction and post-processing capabilities to create finished products for inhalation as a tobacco substitute. These products will comply with both Swiss and European law with THC below 1% for the local market, and THC below 0.2% for the broader European market,” commented Maricann CEO Ben Ward.
The transaction between Maricann and Haxxon is expected to close on or about May 15, 2018, pending regulatory approval and the approval of the holders of the Company’s 9% secured convertible debentures.
Additionally, Aurora Cannabis Inc. (ACBFF) announced today that it has completed the successful delivery of its first medical cannabis export to the Italian government, which was made possible through the company’s wholly-owned German subsidiary Pedanios GmbH. The product is now being distributed to pharmacies throughout the country.
“The Italian government has entrusted Aurora as the only direct, foreign non-government supplier to the Department of Defense in response to its first ever public tender to help support the growing demand on its strictly-regulated medical cannabis program,” said Aurora CEO, Terry Booth. “We take this responsibility very seriously and will be supporting the growing number of patients in the Italian system with high-quality products, as well as educational support initiatives for both the general public and physicians.