Investee Company Update:EMMAC acquires Terre Verde

RNS Number : 6670F

FastForward Innovations Limited

16 July 2019

 

16 July 2019

FastForward Innovations Ltd

("FastForward" or, "FFWD")

Investee Company Update: EMMAC acquires 100% of Terre Verde

The Board of AIM-traded FastForward Innovations Limited, trading under the symbol FFWD notes the following announcement released on 16 July 2019 concerning investee company EMMAC Life Sciences Limited ("EMMAC"). FastForward has a current equity interest totaling 2.6% in the stock of EMMAC.

The announcement is set out below without material changes or adjustments.

16 July 2019, London. EMMAC Life Sciences Ltd, the leading European independent medical cannabis and wellness company, is pleased to announce that it has acquired 100% of Terra Verde, LDA ("Terra Verde"), a Portuguese genetics and cultivation company. This acquisition establishes EMMAC as the largest vertically integrated cannabis company in Europe, with operations in eight territories and licensed distribution channels for medical cannabis in Europe's largest medical cannabis markets, namely Germany, Italy and the UK.
 
Terra Verde holds oldest cannabis cultivation licence in Portugal 
Establishes EMMAC as the largest vertically integrated medical cannabis and wellness company in Europe.

 

The acquisition of Terra Verde is EMMAC's largest acquisition to date and completes the full integration of EMMAC's supply chain, which to date comprises GACP cultivation, extraction and manufacturing in accordance with EU Good Manufacturing Practices (GMP), and licensed distribution channels for medical cannabis in the UK, Germany and Italy. 
 
Terra Verde was founded by David Yarkoni, a world-renowned breeder and geneticist who has pioneered plant-based research and production for more than 30 years. In 2014, Terra Verde acquired Portugal's first, and Europe's second, active cultivation license. This license allows for eight hectares of greenhouse and outdoors cannabis cultivation. Its current crop of high-grade medical cannabis, which is grown in accordance with EU Good Agricultural and Collection Practices (GACP), is due for harvest in 30 days.
 
Following completion of the acquisition, EMMAC will begin to invest significantly in Terra Verde's facilities, including the construction of a GMP-certified facility for storage, processing and manufacturing at the Portuguese site that will serve both the domestic and the international markets.
 
Antonio Costanzo, CEO of EMMAC, commented: "We are delighted to have acquired Terra Verde, a unique asset in the European medical cannabis space that was founded by one of the most well-regarded plant-based researchers. With the acquisition of Terra Verde, EMMAC is now the largest vertically integrated European cannabis company and a leader in the industry. We are delighted to welcome David and his team in Portugal to EMMAC.
 
"With this milestone firmly achieved, EMMAC's focus now is to extend the pan-European reach of our medical and wellness portfolio. We will continue to partner with the best organisations and businesses in the sector and support cutting-edge scientific research to further develop the medical cannabis sector."
 
David Yarkoni, Founder of Terra Verde, commented: "Speaking on behalf Terra Verde's team and shareholders, I am delighted to partner with EMMAC to maximise Terra Verde's potential to be the best cultivation facility in Europe. We had been approached by multiple organisations, however we decided to partner with EMMAC due to its distribution network, world-class team and scientific approach. EMMAC has built the perfect platform to become the European leader. We look forward to working together." 

About EMMAC

EMMAC is the European medical cannabis company, working to join together the latest science and research with cutting-edge cultivation, extraction and production.  With supply and distribution partnerships throughout Europe, EMMAC is working to establish itself as both a thought leader in the industry, as well as the European leader in the production and supply of medical cannabis, hemp and other derivative products.

Miscellaneous

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information on FastForward and its investments please visit www.fstfwd.co or contact:

FastForward Innovations Limited [e-mail] Lance De Jersey/Guerhardt Lamprecht

Beaumont Cornish Limited (Nomad) [phone] James Biddle/ Roland Cornish

Optiva Securities Limited (Broker) [phone] Graham Dickson

For further information please visit www.fstfwd.co or contact:

CAUTIONARY STATEMENT

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognisable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Fast Forward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

 

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