TORONTO, April 27, 2022 /PRNewswire/ – Ikänik Farms, Inc. (CSE: IKNK.U) (FSE: DFMA) (the “Company” or “Ikänik Farms”) is pleased to announce that its wholly owned subsidiary Pideka SAS in Bogotá – Colombia has been awarded European Union Good Manufacturing Practice (EU GMP) by the Chief Pharmaceutical Inspectorate in PolandGłówny Inspektor Farmaceutyczny (GIF) for its indoor cannabis manufacturing operation and general finishing steps to produce raw cannabis flower as an active pharmaceutical ingredient (API) for the manufacture of cannabis-based pharmaceutical products in medical purposes.
EU GMP certification allows Pideka to export EU GMP certified pharmaceutical grade cannabis flower and THC dry flower derivatives to distributors and importers in Europe and other international markets that accept EU GMP certification.
“This certification recognizes that Pideka meets the quality standards and guidelines for the production, handling, storage and packaging of psychoactive cannabis flower cannabis that are required by the EU and other international markets for import. of our medical cannabis,” said Bordja San De Madrid, interim CEO. Our Regulatory, Operations and Quality Control teams have spent two and a half years working with GIF to prepare and submit licensing dossiers and perform assessments and audits establishing Pideka as the only THC cultivation facility in interior in Latin America have received EU GMP certification in addition to its Good Manufacturing Practices (GMP) and ISO 9001:2015 certification credentials.
Pideka is moving quickly to increase its annual production to 10.8 tons of psychoactive cannabis flower and secure forward sales contracts with the world’s leading cannabis operators with the aim of being a leading pharmaceutical supplier for cannabis flower psychoactive,” said Mr. Sanz of Madrid.
About Ikänik Farms
Ikänik Farms is a multinational operator with a medical grade indoor growing facility and laboratory (Pideka) in Colombia which holds GMP-PHARMA and (GACP) Good Agricultural and Collection Practices certifications, and retail operations in California.
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws (together, “Forward-Looking Information”). All information, other than statements of historical fact, included in this press release that addresses activities, events or developments that the Company expects or anticipates will or may occur in the future is information. prospective. When used in this press release, words such as “will”, “could”, “plan”, “estimate”, “prepare”, “aim”, “expect”, “has ‘intent to’, ‘may’, ‘potential’, ‘believe’, ‘should’ and similar expressions are forward-looking information. Forward-looking information in this press release includes statements regarding: the composition of the board of directors after the appointment of the investor; the use of the proceeds of the private placement without an intermediary; statements regarding any future tranche of the non-brokered private placement or other financings by the Company; statements regarding the timing of completion of the construction of the Pideka facility; statements regarding monthly production and estimated annual production capacity at the Pideka plant; and statements regarding the Company’s ability to secure bulk pharmaceutical-grade THC cannabis flower forward sales contracts from the world’s leading cannabis operators. Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there may be other factors that cause the results , performance or achievements are not as anticipated, estimated, expected or intended, including, but not limited to: the failure of the Company to implement changes to the Board; a change in the use of proceeds from the financing; the Company being unable to obtain additional financing under the conditions described herein; significant delays in the construction of the Pideka facility; the Company being unable to obtain forward sales contracts as set forth herein; changes in laws, change in leadership, inability to secure additional funding, increased competition, hindering market growth and state adoption due to public opinion and perception medical and adult marijuana industry and regulatory or policy changes. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates regarding future developments, circumstances or results will materialize. Due to these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events. Statements regarding the expected production capacity (monthly and annually) of the Pideka facility are based on the following material factors and assumptions: the facility will be 80,000 square feet in size and consist of triple stacked grow rooms, with all the space used for cultivation; the ratio of THC cannabis flowers grown per square foot will be consistent with historical production; that there are no material challenges with respect to pest control or diseases affecting cannabis plants; Pideka installation completion costs and installation will be completed by fall 2022 and there will be no significant delays or work stoppages in the completion of the installation. The Company believes that there is a reasonable basis for the expectations reflected in the forward-looking statements, but such expectations may prove to be incorrect.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this press release speaks as of the date of this release. The Company disclaims any intention or obligation to update or revise this information, except as required by applicable law, and the Company assumes no responsibility for the disclosure relating to any other company mentioned herein.
SOURCE Ikanik Farms Inc.