Nov 4, 2019 in Press Releases
XPhyto signs Term Sheet for German Cannabis Distribution
Vancouver, Canada (November 04, 2019) – XPhyto Therapeutics Corp. (CSE:XPHY; FSE:4XT) (“XPhyto” or the “Company”) is pleased to announce that it has signed a term sheet (the “Term Sheet”) with a major cannabis grower and processor (the “Supplier”) for exclusive distribution of EU GMP flower, extracts, isolates, and crystallites in Germany. The supplier is a major international grower and extractor in the process of EU GMP certification of its facilities and with scalable production in excess of 100,000 hectares which includes, indoor medical-grade hydroponic high-THC flower and outdoor high and low-THC cannabis strains for extraction purposes.
Through its wholly owned German subsidiary, Vektor Pharma TF GmbH, XPhyto holds a number of German narcotics permits, including a commercial cannabis import licence. The Company intends to import and distribute cannabis flower, isolates and derivative products in Germany and the EU beginning in Q1 2020. XPhyto has engaged with and carried out due diligence on a number of potential suppliers over the past six months. Following this process, we are pleased to report that the current anticipated supplier has demonstrated an industry-leading commitment to quality and consistency of product.
“In our experience, quality and consistency is absolutely necessary for the German cannabis market, the largest medical cannabis market in the world,” said Hugh Rogers, CEO of XPhyto Therapeutics Corp. “We look forward to proceeding to a multi-year engagement to bring medicalgrade cannabis products to Germany. This is a significant part of our focus on near-term cashflow opportunities.”
The Company also holds a unique German cannabis cultivation and extraction licence for scientific purposes through it 100% owned subsidiary BUNKER Pflanzenextrakte GmbH. XPhyto and Bunker have designed the cultivation and extraction facility to incorporate cannabis processing, packaging, storage and distribution capability.