Europe’s largest independent cannabis company EMMAC Life Sciences Limited will become a publicly-traded company on the NASDAQ following a merger with Andina Acquisition Corp. III (NASDAQ: ANDA). The two companies signed a non-binding letter of intent (LOI) to combine with EMMAC’s shareholders rolling over all of their equity in EMMAC into the combined public company and becoming the majority owner of the combined company
“As a fully-integrated company with strength across the value chain, we are proud of what EMMAC has already accomplished in maximizing value from upstream and downstream assets, while controlling quality, supply, distribution and marketing in each region,” said Lorne Abony, Executive Chairman of EMMAC, and Antonio Costanzo, CEO of EMMAC.
EMMAC is known for its scientific research along with its medical cannabis cultivation, extraction, and production. EMMAC has established pharmaceutical and medical cannabis manufacturing credibility and a direct-to-patient pharmacy license, multiple take-or-pay contracts for wholesale cannabis, and a strong portfolio of wellness brands and wellness products. EMMAC is also the first European cannabis company to sell and export products to Israel and will be launching white-label CBD products in the US.
Luke Weil, Chairman of Andina, and Julio A. Torres, CEO of Andina, said, “As the largest independent European cannabis company, we believe that EMMAC is an extremely attractive investment opportunity and would be a tremendous merger partner for Andina. Given Europe’s large population, addressable market with strong pricing, and meaningful barriers to entry, EMMAC’s vertically-integrated pan European footprint ideally position the company to realize significant opportunities in both medical cannabis and CBD wellness.”
EMMAC has an extensive research platform spanning genetics, technology, and medical/clinical programs with Imperial College London and other leading European research centers. EMMAC’s wealth of experience, combined with a network of supply and distribution partnerships throughout Europe, means that it is uniquely positioned to meet the rapidly growing demands of the market, led by regulatory change and the increasing demand for access to premium quality cannabis product. In total, EMMAC has approximately 130 employees, including 17 Ph.D’s.
Andina Acquisition Corp. is a blank check company that has in its portfolio of companies, LazyDays RV Center and Technoglass. Julio Torres was CEO of Andina II from 2015 to 2018 and co-CEO of Andina I from 2012 to 2013. Since the merger of Andina I with Tecnoglass, he has served as a board member of the merged entity. Since 2013, Julio has been a managing partner at Multiple Equilibria Capital, a financial advisory firm covering Latin and Central America. From 2008 to 2013, Julio was managing director of Nexus Capital Partners, a private equity firm focused on infrastructure in the Andean region.
Luke Weil was the Non-Executive Chairman and Sponsor of Andina II and CEO and founder of Andina I. Prior to this, from 2008 to 2013, he headed International Business Development for Scientific Games Corporation in Latin America where, among other responsibilities, he oversaw business acquisitions in the region.