Dr. Stefan Feuerstein reports
CHINOOK SUBSIDIARY, AMP ALTERNATIVE MEDICAL PRODUCTS, RECEIVES EURO 500,000 SERIES B FINANCING TO FUND ITS MEDICAL CANNABIS BUSINESS IN GERMANY
AMP Alternative Medical Products GmbH, Chinook Tyee Industry Ltd.'s wholly owned subsidiary, has entered into a 500,000-euro Series B drawdown loan facility provided by Taiga Atlas PLC. AMP completed a 75,000-euro Series A equity financing with Chinook during 2018.
AMP is a German-based biopharmaceutical company developing medical cannabis formulations and dose delivery systems for patients in Germany. Proceeds from the financing will be used to build out AMP's German sales and distribution supply chain and to assist Canadian licensed producers of cannabis (LPs) to become EU-GMP (European Union good manufacturing practices) certified for exporting medical cannabis to Germany. AMP will import medical cannabis from LPs that have received EU-GMP certification and distribute their products to German pharmacies through AMP's strategic partners. AMP is currently in negotiations, and expects to enter into supply agreements in the near term, with several LPs which includes AMP overseeing the LP's EU-GMP gap analysis and audit to ensure final certification in Germany and provide financing for the EU-GMP upgrades if required. AMP intends to offer its services to any LP that wishes to enter into a supply agreement to export EU-GMP medical cannabis into Germany. By 2021, AMP anticipates developing its own medical cannabis strains (produced by LPs) in collaboration with German patients, doctors and pharmacists.
"Since legalization last year, the demand for medical cannabis in Germany has grown dramatically however patients cannot access the medication due to insufficient supply," commented Dr. Stefan Feuerstein, managing director of AMP. "Imports, predominantly from Canada, will be the only reliable supplier to the growing German medical cannabis market even after domestic cultivation begins."
Dr. Feuerstein and Claudio Morandi have been nominated by Chinook to stand for election as directors of Chinook at its upcoming annual general and special shareholders meeting to be held on Dec. 5, 2018. Dr. Feuerstein is currently the managing director of AMP and a director of Taiga Atlas and was formerly managing director of IIC, an investment agency for Eastern Germany and TLW, German State of Thuringia economic development. Mr. Morandi is currently the chairman of Taiga Atlas and is the former senior vice-president of MFC Merchant Bank Ltd., a specialty trade and structure finance bank.
About AMP Alternative Medical Products
AMP Alternative Medical Products is a biopharmaceutical company focused on providing cannabis formulations and dose delivery systems for German patients, with offices in Erfurt and Berlin, Germany, and Vancouver, Canada.
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