XPhyto Therapeutics Receives German Cannabis Licence for Scientific Cultivation and Extraction
July 24th, 2019
News, Top News
Vancouver, British Columbia–(Newsfile Corp. – July 24, 2019) – XPhyto Therapeutics Corp. (“XPhyto” or the “Company“) is pleased to announce that the German Federal Institute for Drugs and Medical Devices (“BfArM“) has granted XPhyto’s wholly owned German subsidiary, Bunker Pflanzenextrakte GmbH (“Bunker“), a cannabis cultivation and extraction licence for scientific purposes (the “Licence“). Subject to meeting BfArM security requirements, the Licence is valid and authorizes the Company to cultivate and extract up to 70 different strains of Cannabis sativa and indica for scientific purposes at Bunker’s high-security facility located in a monitored security area in the south of Germany (Bavaria).
“XPhyto’s German cannabis cultivation and extraction licence is a unique opportunity for our European operations. With a focus on Canada and Germany, we are building an industry leading medical cannabis company focused on pharmaceutical-grade quality and scientific validation,” said Hugh Rogers, CEO of XPhyto.
“Germany is emerging as the largest legal medical cannabis market in the world and we expect it to grow to be a multi-billion dollar industry within five years. XPhyto is well positioned as a first-mover in this exciting market,” noted Robert Barth, VP European Corporate Development of XPhyto and Managing Director of Bunker.
XPhyto has filed a final prospectus with the British Columbia Securities Commission and has applied to list on the Canadian Securities Exchange (“CSE“). Subject to final listing approval, the Company expects to trade on the CSE in the next 30 days. XPhyto has reserved the CSE trading symbol “XPHY”.
About XPhyto Therapeutics Corp.
XPhyto is a science-focused cannabis company developing analytical testing, processing, and formulation capability in Canada and research, cultivation, extraction, import, distribution, and manufacturing in Germany. Two exclusive 5-year engagements with the Faculty of Pharmacy at a major Canadian university provide certified analytical testing capability, as well as extraction, isolation, and formulation facilities, and drug research and development expertise. XPhyto acquired 100% ownership of the German cannabis company Bunker Pflanzenextrakte GmbH, which has been granted a cannabis cultivation and extraction licence for scientific purposes by BfArM, the German Federal Institute for Drugs and Medical Devices.
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Forward looking statements
This news release includes statements containing forward-looking information within the meaning of applicable Canadian securities law (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “develop”, “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “propose” and other similar words, or statements that certain events or conditions “may” or “will” occur, and in this release include the statement regarding the Company’s goal of building an industry leading medical cannabis company Forward-looking statements are only predictions based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including: that the Company may not derive the expected, or any, benefits from the Licence; that the Company may be unable to scale its business; product liability risks; frequent changes to cannabis regulations in Canada and internationally; general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; competition; international risks; and other risks beyond the Company’s control. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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