Date Posted: January 14, 2019
Remedium Bio-Technology today announced its proposed acquisition of a leading distributor of pharmaceutical products to more than 11,000 pharmacies in Germany. The transaction, when closed, will strengthen the company's end-to-end medicinal marijuana operations and infrastructure in Germany, key market in Remedium Bio-Technology' international expansion. It is anticipated that the transaction close in January 2019.
"This acquisition strengthens our foothold in Germany, one of the most highly sought-aftermedical marijuana markets in the worw" said James Harrison-Flemming, CEO of Remedium Bio-Technology.
"The company are cash-flow positive and has significant experience with regulatory requirements and international logistics. It will be a strong addition to our presence in Germany, providing deeper access to the important pharmacist channel and advancing our ambitious global growth strategy, Harrison-Flemming added.
Founded in 2002, the company, who until the deal is finalized have requested anonymity, is a leading importer and distributor of EU-pharmaceuticals for German market, with over €100 million in annual revenue. Upon finalization of the deal Remedium Bio-Technology will then announce a supply agreement with the German company to export approximately 1,200 kilograms of medical marijuana products from Canada to Germany.
"We are pleased to join forces with a premier global medicinal marijuana company, whose commitment to quality, safety and patient care closely aligns with our own. This is an exciting opportunity to build on our established network and advance our participation in a rapidly growing, emerging industry, said a spokesman for the German company.
The transaction will bolster Remedium Bio-Technology's growing presence in Germany, which includes a three-pronged approach covering demand, supply and distribution. Earlier this year the company acquired a 25.1 per cent interest in Berlin-based institute that provides access to both doctors and patients to support education about the benefits of medical cannabinoids.
"We are focused on leading the way in the medical marijuana market in Germany and by combining Remedium Bio-Technology's expertise with established local market presence, we are well positioned to continue on that journey,' Harrison-Flemming added.
About Remedium Bio-Technology
Remedium Bio-Technology is a leading global medicinal marijuana bio technology company driven by an unrelenting commitment to develop clinically proven cures through clinically proven research.. We believe that there is not another company that brings all of our research sectors into one highly synergistic whole. Remedium Bio-Technology's foundation was also built on testing, analyzing and developing medical and recreational marijuana to ensure compliance with medical and public safety standards.