Cann Group secures exclusive supply position with a strategic investment in iuvo Therapeutics Limited; receives initial 19,000 unit order for Europe

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    5 January 2021 - Cann Group Limited (ASX: CAN) today announced that it has committed to a minority
    investment in iuvo Therapeutics Limited (‘iuvo’), a leading independent German GMP certified
    importer and distributor of medicinal cannabis products throughout Europe and has received an initial
    order to ship 19,000 units of 30ml extract.
    Cann Group has made a strategic CAD 1 million cornerstone commitment in a CAD5 million capital
    raising that is currently being completed by iuvo, resulting in Cann Group holding approximately 2%
    of iuvo’s issued ordinary shares. Funds raised will be used by iuvo to expand sales and marketing
    capabilities and assist with construction of a new manufacturing and formulation facility in Malta.
    Following the investment, Cann Group will be granted exclusive external rights to supply iuvo
    Therapeutics GmbH, iuvo’s wholly-owned subsidiary, (‘iuvo Germany’), with medicinal cannabis
    extracts until 31 December 2021, with those rights then converting to preferred non-exclusive status.
    iuvo has placed an initial 19,000 unit order for Cann product which is expected to be shipped to
    Germany within the next month, subject to relevant regulatory clearances. Being fully compliant with
    the latest German monograph addition “Cannabis Extractum Normatum”, it will be one of the first
    full-spectrum extracts available in the market.
    “This strategic investment will enable iuvo to expand its patient reach throughout Germany and
    Europe. Cann Group’s extracts are manufactured from Australian GMP Cannabis flower, providing
    regulatory, investment and supply security in a market with superior pharmaceutical standards,” said
    Daniel Seidl, Managing Director of iuvo.
    iuvo Therapeutics Limited is a pharmaceutical company focused on providing a diversified portfolio of
    medical cannabis products for European patients and, within the German territory, has access to over
    20,000 pharmacies. Germany is Europe’s largest medicinal cannabis market with 2019 sales exceeding
    those of all other European markets combined.
    Cann Group CEO, Peter Crock, said the exclusive supply arrangements significantly increase the value
    and importance of the three-year supply agreement with iuvo Germany, which was signed in May
    “We believe this initial order represents the largest shipment of product produced in Australia for
    export markets and is a tangible sign of iuvo’s commitment to servicing its growing customer base
    with safe, quality GMP standard medicinal cannabis.”
    Authorised for release by the Board of Directors, Cann Group Limited.
    For further information please contact:
    Peter Crock
    Cann Group Limited
    +61 3 9095 7088
    Clive Fanning
    Head of Investor Relations
    Cann Group Limited
    +61 3 9095 7088
    Matthew Wright
    NWR Communications
    +61 451 896 420

    courtesy of Bell Direct


    i do not hold this share

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