NOT FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, May 21, 2018 (GLOBE NEWSWIRE) -- Kaneh Bosm BioTechnolgy Inc. (CSE:KBB) (“Kaneh Bosm” or the “Company”) is pleased to announce that it has entered into a definitive agreement with Marathon Global Inc. to acquire 50% of its issued and outstanding shares.
Marathon Global has an exclusive agreement with Cosmos Holdings, a European based Pharmaceutical distributor to procure and distribute medical cannabis products and all cannabis derivatives for clients of Cosmos in approved Countries within their distribution network of 110 clients representing approximately 35,000 pharmacies in 16 Countries.
This relationship brings an unparalleled ability to supply the overwhelming demand for Cannabis and Cannabis extracts in Europe as COSMOS brings generations worth of experience and relationship to Kaneh Bosm.
“We are pleased to be Marathon’s exclusive partner and look forward to fulfilling the demand in the European medical cannabis space now and in the future, “states Grigorios Siokas, Cosmos CEO.
Marathon's other major shareholder represents a number of Canadian LPs that are positioned to provide the supply needed under the arrangement.
This distribution carries on the Company's existing distribution business through the BioCanna ADM.
The Company's BioCanna ADM automated retail system is a valuable tool for retailers to control product access and as a labour saving device.
The BioCanna ADM retail system is unique in this sector as it encompasses the 5 crucial elements identified by Ret. Major Neill Franklin, executive director for LEAP, for safe, reliable, and successful automated Cannabis retail. Those elements are:
- access control (no minors or un-prescribed patients)
- purchase volume control (monthly or daily quantity limits)
- secure storage of product (climate controlled and theft proof)
- transactional oversight by regulators via software monitoring
- a proven track record in a controlled substance/products environment
The Company sees a unique marriage between its agreements with Marathon and access to 35,000 pharmacies in Europe, Marathon's integrated Canadian LP suppliers, and its agreements with the ADM retail system. Presently, there are several thousand of our Kiosk manufacturer’s units operating across western Europe with many in the retail pharmaceutical dispensing marketplace. The Kiosks are proven to be reliable and profitable.
The Company is continuing discussions with each group to further identify synergy and expand each relationship to maximize the cross-pollination between existing agreements.
Under the terms of the transaction the company is paying CAD$1 million and 15 million shares.
A finder’s fee is payable on this transaction.
On behalf of the Board of Directors of Kaneh Bosm Biotechnology Inc.
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
Tel: 604.782.4191 Fax: 604.637.9614
Source:Kaneh Bosm Bio Technology Inc.