06:53:37 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Chinook Tyee Industry Ltd
Symbol XCX
Shares Issued 10,217,796
Close 2019-02-06 C$ 0.15
Market Cap C$ 1,532,669
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Chinook's AMP enters pot supply MOU with Pure Life

2019-02-07 09:51 ET - News Release

Mr. Alex Blodgett reports

CHINOOK'S SUBSIDIARY, AMP ALTERNATIVE MEDICAL PRODUCTS, ENTERS INTO A MEMORANDUM OF UNDERSTANDING WITH PURE LIFE CANNABIS FOR EXPORT TO GERMANY

AMP Alternative Medical Products GmbH, a subsidiary of Chinook Tyee Industry Ltd., has entered into a non-binding memorandum of understanding production supply agreement with Pure Life Cannabis Corp. (PLCC), a late-stage Health Canada applicant to become a licensed producer of cannabis (LP) based in Edmonton, Alta.

PLCC is in the process of building a 27,280-square-foot phase 1 facility, which it anticipates can produce approximately 2,000 kilograms of EU GMP (European Union good manufacturing practice) cannabis flower annually and 8,000 kilograms of cannabis flower product for the Canadian marketplace.

The non-binding MOU covers the purchase of up to 1,200 kilograms of cannabis flower annually in the first year of production, increasing thereafter when PLCC proceeds with phase 2 and phase 3 expansion plans. Pursuant to the non-binding MOU, PLCC is in the process of conducting an EU GMP gap analysis with AMP's German pharmaceutical consultants. Upon completion of the PLCC phase 1 facility, AMP's German pharmaceutical consultants intend to conduct an audit of the facility. If EU GMP standards are met, AMP and PLCC intend to enter into a definitive supply agreement outlining pricing and monthly supply volumes, which agreement will also contain a number of conditions in order to complete the transactions contemplated herein. AMP intends to arrange for final EU GMP certification by German state officials and apply for the required import licences for medical cannabis to Germany.

Alex Blodgett, chief executive officer of Chinook, commented, "We are delighted to have Pure Life on board as a medical cannabis supply partner, especially as Germany is predicted to pass the one million patient milestone by 2024 (Prohibition Partners, The European Cannabis Report, January, 2019, fourth edition)."

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