-JV to launch multiple Pharma Grade THC and CBD Cannabis products in Arizona in 2nd half of 2020-
-Products to be produced in the only EU GMP Facility in AZ-
VANCOUVER, British Columbia, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Nabis Holdings Inc. (NAB.CN) (NABIF) (A2PL.F) (“Nabis™” or the “Company”), a leading Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, today announced that they have entered into a binding memorandum of understanding (“MOU”) with Panaxia Pharmaceutical Industries, Ltd. (“Panaxia”).
Under the terms of the MOU, Panaxia will be providing proprietary pharma grade cannabis-based products that have proven to be in high demand in other states in the U.S. including New Mexico, Colorado and California. The products will be produced in the first operating EU GMP facility in Arizona, under Nabis licenses, located at Nabis’ “Camp Verde” facility in Arizona, a 44,000 square foot cultivation, production and fulfillment facility. Nabis will provide the raw materials for production of the products and will also be responsible for sales, marketing and distribution through their already established dispensary and whole-sale channels which serve more than 50% of Arizona dispensaries. Panaxia shall be responsible for the production, clinical affairs and quality. All products of the joint venture will be sold under the Panaxia brand, of which Nabis owns 50% in Arizona. Under the MOU, there is an opportunity for Nabis and Panaxia to expand their joint venture into additional states in the U.S.
“We are excited to partner with Panaxia to develop a variety of new, high quality, pharmaceutical grade products using proven EU GMP standards to meet the evolving needs of our patients,” said Shay Shnet, CEO and Director of Nabis. “This Joint Venture fits well within our vertically-integrated cannabis portfolio and we look forward to co-creating new innovative products to deliver long-term value to our shareholders as well as our established Arizona customer base of over 36,000 patients and counting.”
About Panaxia Pharmaceutical Industries, Ltd.
Panaxia is currently the largest manufacturer and service provider with home-delivery distribution of medical cannabis products in Israel. It is the first company to receive approval from the Israel Ministry of Health for the production of medical cannabis-based drugs (IMC-GMP directive) and has authorization to manufacture and distribute medical cannabis in Israel.
Panaxia is part of the Segal Pharma Group, owned by the Segal family, which has been in operation for over forty years, manufactures over 600 different pharmaceutical products and distributes them in over 40 countries worldwide. Panaxia USA, manufactures over 60 medical cannabis-based products in North America, including sublingual tablets, lozenges, oils, and inhalers designed to treat illnesses such as PTSD, cancer, chronic pain, epilepsy, anorexia, burns, and an assortment of other disorders. The Panaxia Group has around 150 employees, and all clinical trials are conducted by the group. The Segal Pharma Group also owns Luminera Derm, which produces injectable dermal fillers, and Tree of Life Pharma, which produces over-the-counter drugs.
About Nabis Holdings Inc.
Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property and all aspects of the U.S. and international cannabis sector. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth. For more information, please visit https://www.nabisholdings.com/.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: that the acquisitions will be completed by the Company or completed upon the terms disclosed; the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
For inquiries, please contact:
Shay Shnet, CEO and Director