Instadose Pharma Announces Instadose Canada has Established Strategic Joint Venture Partnerships and a Supply Arrangement in Colombia for its Global Distribution Platform
CHESAPEAKE, VA / ACCESSWIRE / November 1, 2021 / Instadose Pharma Corp. (formerly Mikrocoze) is pleased to announce that Instadose Pharma Corp (Canada) ("Instadose Canada", "Instadose" or the "Company"), has established strategic joint venture partners in Colombia (the "Colombia JV Partners") to export medical cannabis to Europe through Instadose's Global Distribution Platform. "Our Colombia joint ventures are strategic in that it enhances our Global Distribution Platform with (some of) the highest quality and sought-after product in the world" commented Grant Sanders, Chairman of Instadose. Mr. Sanders further commented "In addition to establishing joint venture partnerships, we have executed supply agreements for the shipment of 100,000 kg of medical cannabis with our Colombia JV Partners for shipment to Instadose's facility in North Macedonia in the first quarter of 2022".
Background
In 2016, then Colombian President Juan Manuel Santos signed the Law 1787 of 2016 (the "Colombia Law"), that created the regulatory framework to eventually legalize and regulate cannabis through Decree 613 of 2017 (the "Colombia Decree"). Under the Colombia Decree, medicinal cannabis would become fully legal to grow, process, import, and export cannabis for medical and scientific purposes. The Colombia Decree allowed licenses to be granted for possession of seeds as well as medicinal cannabis plants.
In May 2021, Instadose commenced discussions on a plan of joint ventures (the "Colombian Joint Ventures") for Colombia's risk-sharing partners to become Instadose's suppliers of no less than one million kilograms (1,000,000 kg) of medicinal cannabis per year throughout the term of the Colombian Joint Ventures. In doing so, the Colombian Joint Ventures would serve Instadose's Global Distribution Platform as its first medicinal cannabis cultivation participant located in South America. The related Colombian Partner companies are fully licensed to cultivate and produce medicinal cannabis and its related derivatives.
On July 23, 2021, current Colombian President Ivan Duque executed decree 811 of 2021 legalizing the export of cannabis for medicinal and other industries (the "Export Decree") The Export Decree is expected to be fully in effect by December 2021 according to Government communications. The Export Decree has set the stage for Colombia to play a significant role in the international Medicinal Cannabis marketplace.
In August 2021, Instadose and its Colombian JV Partners executed joint ventures agreements (the "Colombia JV Agreements") formalizing the scope of the Colombia Joint Ventures. Instadose and the Colombian JV Partners agreed to an initial five (5) year term for the operation of the Colombian Joint Ventures subject to the right of the parties (absent the existence of a default) to extend the initial term for up to four (4) additional five (5) year terms.
Operational Update
The following is an operational update regarding the progress made to date by Instadose and the Colombia JV Partners:
Executed Supply Agreements for 100,000 Kilograms of Medicinal Cannabis
Late in the third quarter of 2021, Instadose, through its subsidiary, IDP Macedonia, entered into supply agreements with the Colombia JV Partners governing the supply of the first 100,000 kilograms of medicinal cannabis to IDP Macedonia under the Colombia Joint Ventures. Delivery of the medical cannabis into North Macedonia is scheduled for the first quarter of 2022.
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.
For more information please contact:
Please contact: info@instadosepharma.com
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.
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