Franchise Cannabis Acquires a Licensed Medical Cannabis Producer in Denmark
Franchise Cannabis is pleased to announce that the Company have entered into a definitive sale and purchase agreement with Ranges Pharmaceuticals A/S (“Ranges Pharmaceuticals”) to acquire a Medicinal Cannabis Cultivation and Distribution license.
Ranges Pharmaceuticals has completed its Phase 1 buildout of an indoor facility in Randers, Denmark. Management is actively working towards EU-GMP certifications and aims to be one of the first in the country to achieve such a milestone. Currently, there are only 7 EU-GMP certified facilities worldwide producing medicinal cannabis. As more and more countries in Europe are legalising cannabis for medical use, all medicinal cannabis products must meet the EU-GMP standard laid out by the European Medicines Agency for distribution. The facility is strategically located on the Germany border and we anticipate to integrate our operations by exporting medicinal cannabis flower to our German subsidiary.
Denmark is an important project in the short term to meet the supply gap in the German market. The demand for medicinal cannabis product continues to grow but the issue is the lack of supply across the board.