Instadose Secures Another African JV Partner
Instadose Pharma Corp. has announced a strategic joint venture in Cameroon to cultivate and produce medicinal cannabis, enhancing its Global Distribution Platform. This partnership with a local entity is expected to strengthen Instadose Canada's presence in Africa, leveraging Cameroon's ideal agricultural conditions and port access to the Gulf of Guinea. The agreement follows negotiations initiated in July 2021, aiming to secure licenses for commercial production and export. The company seeks to provide sustainable and low-cost medicinal cannabis supplies across its global network.
- Strategic joint venture in Cameroon, enhancing global distribution.
- Access to ideal agricultural conditions and port facilities in Cameroon.
- Expansion of Global Distribution Platform across five continents.
- None.
Instadose Pharma Corp. Announces that Instadose Canada has Established a Strategic Joint Venture Partnership in Cameroon Strengthening its Global Distribution Platform
CHESAPEAKE, VA / ACCESSWIRE / November 18, 2021 / Instadose Pharma Corp. (formerly Mikrocoze) ("Instadose U.S.A.") is pleased to announce that Instadose Pharma Corp. ("Instadose Canada" or the "Company"), has executed a joint venture agreement with its strategic partner in Cameroon (the "Cameroon JV Partner") to grow, cultivate, process, and produce medicinal cannabis in Cameroon for export and sale into Europe through Instadose Canada's Global Distribution Platform (the "Cameroon JV Agreement"). "Cameroon is strategic as it will provide yet another African contributor to the Company's Global Distribution Platform" commented Grant Sanders, Chairman of Instadose Canada. "Cameroon has critical port access and ideal growing conditions for the cultivation of medicinal cannabis", said Mr. Sanders.
Background
In July 2021, Instadose and the Cameroon JV Partner commenced negotiations on a plan of joint venture that would see the parties work together in Cameroon to secure government‑issued licenses to, among other rights, grow, cultivate, process, produce, and export medicinal cannabis in and from Cameroon.
Cameroon is strategically located in Africa with port access to the Gulf of Guinea and has ideal agriculture conditions for growing medicinal cannabis. With a population of 27 million people, medicinal cannabis will ultimately be a meaningful contributor to Cameroon's growing economy.
Operational Update
In November 2021, Instadose Canada and the Cameroon JV Partner officially executed the Cameroon JV Agreement. The Cameroon JV Partner has been working with the appropriate authorities in Cameroon for the eventual legalization of the commercial production, distribution, and export of medicinal cannabis in and from the African country. Instadose Canada believes that Cameroon will become a meaningful contributor to the Global Distribution Platform as yet another source of medicinal cannabis in Africa.
About Instadose Canada
Instadose Canada 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"). The Company 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 Canada's Global Distribution Platform spans five (5) world continents to date, including Africa, Europe, Asia, South America, and North America. Within each continent, Instadose Canada 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, Southern Africa, the Republic of Cameroon, 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 U.S.A. is in the final stages of completing all of the documentation and anticipated filings required to close its plan of arrangement transaction with Instadose Canada (the "Arrangement"). The Arrangement is being completed under the Business Corporations Act (British Columbia), pursuant to which Instadose U.S.A. will acquire all of the issued and outstanding common shares (the "Shares") of Instadose Canada. The consideration to be paid for each Share shall be 1.34 common shares of Instadose U.S.A.
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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FAQ
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