Aphria maintains a 25% ownership interest in
Althea and existing supply agreement
LEAMINGTON, ON, March 15, 2018 /CNW/ - Aphria Inc.
("Aphria" or the "Company") (TSX: APH and
US OTC: APHQF) today announced that its Australian-based
partner Althea Company Pty Ltd. ("Althea" or the
"Australian Company") was granted a Medical Cannabis License
(the "License") by the Australian Government's Office of
Drug Control ("Office of Drug Control"). The License
provides Althea with authorization to cultivate medical cannabis,
enabling the Australian Company to begin immediate construction on
a state-of-the art greenhouse facility in Victoria.
Aphria currently holds a 25% ownership interest in Althea
stemming from a A$2.5 million
investment announced in January 2018.
At the same time the Company announced an agreement with Althea to
supply packaged co-branded cannabis oil and dried flower products
for the Australian medical cannabis market, until such time as the
Australian Company establishes domestic production. It is
anticipated that Althea-produced medical cannabis will continue to
be co-branded with Aphria, sustaining the Company's brand presence
in the Australian market.
"We are thrilled that our Australian partner has received its
license to cultivate medical cannabis," said Vic Neufeld, CEO of Aphria. "The Australian
market continues to present attractive growth opportunities for
Aphria and our shareholders, and we will continue working with
Althea to realize the market's potential and ensure that Australian
patients have access to high-quality medical cannabis."
The Medical Cannabis License is only one of 14 to be granted by
the Office of Drug Control since the legalization of medical
cannabis in Australia in
November 2016.
"The fact that only 14 such licenses have been approved to date
is testament to the hard work and dedication shown by all members
of the organization," said Josh
Fegan, Managing Director of Althea. "Althea wish to
acknowledge the professionalism and ongoing support received from
Mr. Stoddart and his team at the Office of Drug Control, along with
our Canadian partner Aphria, whose dedication to the Australian
medicinal cannabis market is unrivalled."
We Have a Good Thing Growing.
About Aphria
Aphria Inc., one of Canada's
lowest cost producers, produces, supplies and sells medical
cannabis. Located in Leamington,
Ontario, the greenhouse capital of Canada, Aphria is truly powered by sunlight
allowing for the most natural growing conditions available. Aphria
is committed to providing pharma-grade medical cannabis, superior
patient care while balancing patient economics and returns to
shareholders.
For more information, visit: www.aphria.ca
About Althea
Althea focuses on the supply of high-quality medicinal cannabis
for eligible patients across Australia. Althea prides itself on patient
care and will be the first cannabis company in the world to offer a
complimentary concierge service, providing a simple pathway for
healthcare professionals and patients to access medication. Upon
approval of its medicinal cannabis licence, Althea will commence
with the construction of a state-of-the-art greenhouse
facility
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain
information in this news release constitutes forward-looking
statements under applicable securities laws. Any statements that
are contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements.
Forward looking statements are often identified by terms such as
"may", "should", "anticipate", "expect", "potential", "believe",
"intend" or the negative of these terms and similar expressions.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to internal expectations,
estimated margins, expectations with respect to actual production
volumes, expectations for future growing capacity and costs, the
completion of any capital project or expansions, and expectations
with respect to future production costs. Forward-looking statements
necessarily involve known and unknown risks, including, without
limitation, risks associated with general economic conditions;
adverse industry events; marketing costs; loss of markets; future
legislative and regulatory developments involving medical
marijuana; inability to access sufficient capital from internal and
external sources, and/or inability to access sufficient capital on
favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory
matters; the ability of Aphria to implement its business
strategies; competition; crop failure; currency and interest rate
fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those
anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
SOURCE Aphria Inc.