TORONTO, Feb. 22, 2022 (GLOBE NEWSWIRE) — RAMM Pharma Corp. (including its wholly owned subsidiaries, the “Company” or “RAMM”) (CSE: RAMM), a leader in plant-derived cannabinoid pharmaceutical products, is pleased to provide an update on their European operations as well as the recent positive regulatory developments in Europe. Through its 100% ownership of Canapar Corp., RAMM is well positioned to become one of Europe’s largest vertically integrated cannabis companies. Canapar’s state-of-the-art extraction facility is the largest in Europe and has been custom designed to produce active compounds to be used in high-quality pharmaceutical, wellness, food and cosmetic products from its 1,000-hectare organic hemp production and processing platform. RAMM’s strategic foothold in Europe also provides growing international distribution opportunities for RAMM’s portfolio of registered cannabis-based products.
“Since our acquisition of Canapar we have made significant operational optimizations and developed our strategy to position RAMM to be a leading participant in the rapidly developing International cannabis market,” stated Jack Burnett, Chief Executive Officer, RAMM Pharma Corp.
Operational Progress of Canapar
Canapar’s extraction facility is designed to meet EU-GMP (European Union-Good Manufacturing Practice) and AIFA (Italian Medicine Agency) standards, with certification expected in 2023. It is the largest pharma-grade extraction facility in Europe, with 450,000-kilogram biomass extraction capacity and approximately 5,000 kg CBD (based on 3% CBD biomass) production capacity annually.
In October 2021, RAMM engaged a local engineering firm to complete commissioning activities on the Company’s KPD Industrial Unit. This proactive move avoided the unpredictable schedule implications of relying on North American firms given the current unpredictable state of international travel. Final commissioning of the facility is expected in Q2 2022.
A video overview of Canapar’s operations can be found on-line, and additional information about Canapar and can be found on its website at https://www.canaparcorp.com/.
Positive European Regulatory Developments
The European regulatory framework for CBD products is continuously evolving and recently there were important positive evolutions beneficial to Canapar’s future development. Key European countries including Germany and France have announced regulatory developments that will directly improve RAMM’s ability to expand European operations and bring its products to market. The EU represents the largest potential growth opportunity for cannabis globally with the total EU cannabis market value totalling $3.5 billion USD in 2019, projected to grow to $37 billion USD in 2027 (ResearchAndMarkets.com).
In December 2021, France regulated the utilization of industrial hemp flowers for the production of CBD extract. This is a landmark decision which has the potential to lead other EU member states to follow France’s example in the near term. Canapar is well positioned to benefit from these positive regulatory developments and is actively developing its marketing and distribution strategies for the French market as well as other EU markets.
In November 2021, Germany’s recently formed coalition government announced its pledge to legalize the sale and consumption of cannabis for recreational use. Since legalising medical cannabis in 2017, Germany’s market has become the largest in Europe, selling £154million worth of high-THC products to patients last year (New Frontier Data). With a population of over 84 million, Germany would represent the largest legalized recreational cannabis market in the world.
Cost Saving Initiatives of Canapar
Following last year’s acquisition of Canapar, RAMM undertook a streamlining initiative with the goal of creating a lean and efficient business that takes advantage of operational synergies between Canapar and RAMM’s existing business. This led to human resource efficiencies and a reduction in overall payroll expenses. The combined management team includes the strength and expertise of both companies. Other contracts and expenses were strategically reviewed which allowed further cost savings to be realized. RAMM has created a focused direction for its European business which is aimed at progressing towards several key short-medium term goals including the commissioning of the Company’s KPD Industrial Unit and the pharmaceutical authorization to produce APIs derived from industrial hemp. These are important goals in RAMM’s progression towards becoming a fully vertically integrated pharmaceutical company.
RAMM also announces today that Chief Financial Officer, Guillermo Varela has departed the Company to pursue other interests. Guillermo Delmonte, the Chief Operating Officer of the Company, has been appointed interim-Chief Financial Officer while RAMM commences an executive search for a new Chief Financial Officer. “On behalf of the RAMM team, I want to extend our sincere thanks to Guillermo for his contributions to the Company and wish him well on his future endeavours,” said Jack Burnett Chief Executive Officer of RAMM.
About RAMM Pharma Corp.
RAMM Pharma is a leader in the field of cannabinoid pharmacology and product formulation for cannabis-based pharmaceuticals and other cannabis-based products with a unique and diversified international production and sales platform. The company operates an established pharmaceutical and medical product business in Uruguay that has developed several medically registered and approved plant-derived cannabinoid pharmaceutical products that have been authorized for sale and/or compassionate use in several Latin American countries. RAMM also has a pipeline of new products, including registered cannabis-based nutrition and specialized veterinary products, in various stages of approval and development, which are produced at the company’s state-of-the-art, good-manufacturing-practice-certified cannabis formulation facility in Montevideo, Uruguay.
In Europe, RAMM’s vertically integrated operations are based in Ragusa, Italy, and include: a hemp cultivation platform; a large extraction and processing facility (in the final stages of commissioning) to produce an extensive line of cannabidiol formulations, APIs (active pharmaceutical ingredients) and wellness products.
RAMM Pharma includes wholly owned subsidiaries Canapar Corp., Medic Plast SA, Yurelan SA, Glediser SA and RAMM Pharma Holdings Corp.
Additional information about the Company is available at www.rammpharma.com.
For further information, please contact:
Chief Operating Officer
+598 92 223 131