Investee Company Update: EMMAC Life Sciences

RNS Number : 3536U

FastForward Innovations Limited

28 July 2020

 

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

28 July 2020

FastForward Innovations Ltd ("FastForward" or, "FFWD")

Investee Company Update: EMMAC Life Sciences

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to note the following announcement released today concerning investee company EMMAC Life Sciences ('EMMAC'). FastForward has a 2.3% interest in the issued stock of EMMAC.

Ed McDermott, CEO of FastForward, commented: "It is extremely pleasing to see Medalchemy achieving yet another significant license which further enhances EMMACs position in Europe . I look forward to providing further updates as EMMAC continues to strengthen its position as the leading European independent cannabis company."

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

Medalchemy receives licence for cultivation of medical cannabis. Spanish EU GMP Facility now has licences to cultivate, extract and manufacture cannabis extract

28 July 2020, London. EMMAC Life Sciences Group, Europe's largest independent cannabis company, is pleased to announce that Medalchemy, the Group's Good Manufacturing Practice ("GMP") certified manufacturing site in Alicante, Spain has secured approval from the Spanish Health Authorities ("AEMPS") to cultivate medical cannabis. Medalchemy now has fully integrated cannabis supply facilities, with a licence to grow medical cannabis commercially as well as extract and manufacture cannabis extract as an active pharmaceutical ingredient ("API").

EMMAC holds two medical cannabis cultivation licences, one in Spain, at Medalchemy, and the second in Portugal, at its primary cultivation site Terra Verde, which in 2020 has produced and exported c.2 tonnes of medical cannabis flower. EMMAC now holds multiple medical cannabis licences in 4 countries across Europe.

Antonio Costanzo, CEO of EMMAC, said: "This latest licence to cultivate medical cannabis at our EU-GMP Facility in Alicante strengthens EMMAC's position as the leading European independent cannabis company with two cultivation facilities and an alternative point of supply for our business. With full control of our supply chain we are able to ensure a consistent, reliable and high-quality product that our growing customer base can trust. As European legislation quickly evolves to reflect the growing body of medical evidence regarding the benefits of medical cannabis, EMMAC's integrated business model positions it well to capitalise on the high-growth potential of this valuable market."

Last week, EMMAC announced that the Company signed a non-bindling letter of intent related to a business combination with Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) ("Andina"), pursuant to which EMMAC would become a publicly traded company on the NASDAQ Stock Market with EMMAC's shareholders rolling over all of their equity in EMMAC into the combined public company. As consideration for the transaction, it is anticipated that the current EMMAC shareholders would collectively own a majority of the equity of the combined public company.

About EMMAC Life Sciences Group

EMMAC Life Sciences Group is Europe's largest independent cannabis company, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. With a unique supply and distribution network throughout Europe, EMMAC's vision is to bring the life-enhancing potential of cannabis to the people who need it.

For more information about EMMAC, please visit  https://www.emmac.com/

CAUTIONARY STATEMENT

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 EMMAC Life Sciences Group. 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. EMMAC Life Sciences Group assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

ENDS

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

Ed McDermott / Lance de Jersey	FastForward Innovations Ltd	Email: [e-mail]
James Biddle / Roland Cornish	Beaumont Cornish Limited, Nomad	Tel: [phone]
Jeremy King	Optiva Securities Limited, Broker	Tel: [phone]
Susie Geliher / Beth Melluish	St Brides Partners Ltd, Financial PR	Tel: [phone]

Notes

FastForward Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

 

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