AltMed Enterprises Signs Letter of Intent for International Licensing for Distribution of its Award Winning MüV™ Cannabis Infused Products
An agreement with Canadian partners Aurora Cannabis and CannaRoyalty would make MüV™ premium cannabis products available in Canada, Australia and EuropeSarasota, Fla. – Dec.18, 2017
Alternative Medical Enterprises, LLC (AltMed) has signed a letter of intent with Aurora Cannabis Inc. and CannaRoyalty Corp. giving Aurora the exclusive right for 90 days to negotiate a final licensing agreement.
The final licencing agreement concerns the acquisition by Aurora of the exclusive rights for Canada, Europe and Australia to the intellectual property, manufacturing procedures, and the sales and marketing rights related to specialty branded cannabis drug delivery technologies from AltMed’s MüV brand, to which CannaRoyatly holds certain licensing rights.
For AltMed, the agreement represents an important breakthrough in expanding the MüV brand footprint to the fastest growing cannabis markets in the world.
Canada is scheduled to commence full adult recreational legal cannabis use on July 1, 2018, opening-up the nationwide marketplace and fueling demand for new products that can best serve the needs of consumers.
According to Deloitte, with national legal adult use, Canada has an estimated base retail market value, of between $4.9 billion and $8.7 billion, and ancillary market potential of over $20 billion (source report).
“Canada alone represents a massive opportunity for our brands and gaining access to this market has been a high priority for AltMed,” said Matt Duffy, AltMed Enterprises President. “Further, with many countries in Europe introducing legislation to allow cannabis sales, the opportunity on the continent could more than double MüV’s global, addressable market.”
According to The European Cannabis Report, the Marijuana market in Europe will reach $66 billion USD in the next five years (source report).
“CannaRoyalty and Aurora Cannabis are ideal partners to deliver on the promise of the licensing agreement’s potential. Aurora is one of Canada’s largest licensed producers, with production facilities in Alberta and Quebec. It is in the process completing a third 800,000 square foot facility known as Aurora Sky. CannaRoyalty has an expanding portfolio of growth-ready assets in high-value segments of the cannabis sector, including research, consumer brands, devices and intellectual property.
“Working with the best possible partners is vital to our success, and we see Aurora as optimally positioned to achieve MüV’s potential in the Canadian, European and Australian cannabis markets,” said Duffy.
The MüV brand, at the center of this agreement, was launched in Arizona in 2016 and quickly gained international attention and recognition. MüV has already won five best of Arizona medical cannabis awards, including two first prizes for its proprietary extractions that are the basis of all MüV products, and most recently MüV won first prize for best Topical products.
MüV Products are currently available in Arizona and are expected to be available for Florida patients beginning in early 2018.
About AltMed Enterprises
Alternative Medical Enterprises, LLC, headquartered in Sarasota, FL and doing business as AltMed Enterprises, is a fully integrated company that brings pharmaceutical industry precision to the development, production and dispensing of medical cannabinoids.
CannaRoyalty is an active investor and operator in the legal cannabis sector. Our focus is building and supporting a diversified portfolio of growth-ready assets in high-value segments of the cannabis sector, including research, consumer brands, devices and intellectual property. Our management team combines a hands-on understanding of the cannabis industry with seasoned financial know-how, assembling a platform of holdings via royalty agreements, equity interests, secured convertible debt, licensing agreements and its own branded portfolio.
Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as “Aurora Mountain”, a second 40,000 square foot high-technology production facility known as “Aurora Vie” in Pointe-Claire, Quebec on Montreal’s West Island, and is currently constructing an 800,000 square foot production facility, known as “Aurora Sky”, at the Edmonton International Airport, as well as is completing a fourth facility in Lachute, Quebec through its wholly owned subsidiary Aurora Larssen Projects Ltd.
In addition, the Company holds approximately 17.23% of the issued shares in leading extraction technology company Radient Technologies Inc., based in Edmonton, and is in the process of completing an investment in Edmonton-based Hempco Food and Fiber for an ownership stake of up to 50.1%. Furthermore, Aurora is the cornerstone investor with a 22.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis. Aurora also owns Pedanios, a leading wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Germany. The Company offers further differentiation through its acquisition of BC Northern Lights Ltd. and Urban Cultivator Inc., industry leaders, respectively, in the production and sale of proprietary systems for the safe, efficient and high-yield indoor cultivation of cannabis, and in state-of-the-art indoor gardening appliances for the cultivation of organic microgreens, vegetables and herbs in home and professional kitchens. Aurora’s common shares trade on the TSX under the symbol “ACB”.
To the extent any statements made in this press release contain information that is not historical, these statements are forward-looking in nature and merely express our beliefs, expectations or opinions. For example, words such as “may,” “should,” “estimates,” “predicts,” “continues,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “potential,” “strategy” and similar expressions are intended to identify forward-looking statements. Such statements are based on current expectations or estimates and involve a number of known and unknown risks and uncertainties that could cause our actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, the following: (i) our ability to implement our business strategy of distributing high quality cannabis products where permissible under applicable law; (ii) availability and cost of additional capital; (iii) our ability to attract, retain and motivate qualified employees and management; (iv) the impact of federal, state or local government regulations; (v) competition in the cannabis industry; (vi) our ability to generate revenues; and (vii) litigation in connection with our business. All forward-looking statements included in this press release and attributable to us or any person acting on our behalf are qualified by this cautionary statement. Forward-looking statements speak only as of the date on which they are made, and, except as required by law, we undertake no obligation to update or revise any forward-looking statement, regardless of whether new information becomes available, future developments occur or otherwise.
Media Contact: Colin Trethewey / PRmediaNow / 813.480.1354 / Colin@PRmediaNow.com