MELBOURNE, Australia, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Today, Medigrowth Australia (“The Company”, “Medigrowth”) is pleased to provide an update on its activities.
Victorian based Medicinal Cannabis company Medigrowth continues to achieve significant milestones as it navigates a clear path to delivering on its commitment to become a valuable cannabis industry supply chain partner, large scale extraction company and provider of pure, safe and trusted pharmaceutical grade medical cannabis for delivery to Australian patients.
Medigrowth announces Series A financing, Announces investment in Compass Lifestyle Clinics
Medigrowth has secured investment in Sydney based Compass Lifestyle Clinics. Launched in May 2019, the clinic has seen over 500 patients within 100 days of opening and helped provide safe access to medicinal cannabis under the regulations administered by the Therapeutic Goods Administration (“TGA”).
“For Medigrowth, the investment in Compass consolidates our commitment to patient advocacy, access and support,” says Adam Guskich, co-founder of Medigrowth. “It is an investment in the future wellbeing of Australian patients. We look forward to working with the highly respected team at Compass, including Chief Medical Officer, Dr. Teresa Towpik – instrumental in advocating for medicinal cannabis, patient access and GP education in Australia.”
“Along with this announcement, we welcome the appointment of Brianna Martyn, co-founder of Starbuds International to our strategic advisory Board.”
"Since coming to Australia, we’ve been incredibly impressed by the Medigrowth team and their strategic vision of the cannabis industry in Australia,” says Dave Martyn, President and co-founder of Compass Lifestyle Clinics. “We are already seeing the incredible impact medicinal cannabis can have on patients. We believe the Medigrowth team are perfectly placed to provide Australians with the high-quality medicine they need.”
Those interested in learning more about Medigrowth Australia can do so at https://medigrowth.com.au.
About Medigrowth Australia
Medigrowth is a proudly Australian owned medicinal cannabis company and late stage applicant for federal Office of Drug Control (“ODC”) Licencing for research, cultivation and manufacture of medicinal cannabis.
Headquartered in Melbourne, Medigrowth is positioned strategically and geographically for impact in the Oceania and Asia Pacific regions, with multinational presence in both Australia and NZ - via subsidiary Medigrowth New Zealand.
Medigrowth has established partnerships and strategic alliance across multiple international cannabis entities alongside long term Australian University collaboration and vast industry engagement.
The Medigrowth Centre for Excellence has been designed with focus on large scale extraction capabilities, product innovation, research and premium cannabis cultivation within a purpose designed, GMP facility.
Designed to scale with the Australian industry, and with phase one operations projected at 300,000+ kgs annual extraction capacity, Medigrowth continues to add future local cultivation partners for manufacturing services under its cultivation partner program.
With research at the core of its endeavours, Medigrowth has established its Plant Science Research Centre to enable immediate access for multi-disciplinary research under a long-term collaboration with Deakin University. Included in initial research projects, and highlighting the Medigrowth commitment to sustainability and environmental accountability is an innovative cultivation program utilising multiple methodologies including aquaponics.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Australian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes. Management of the Company believes the expectations reflected in such forward-looking statements are reasonable as of the date hereof but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those material factors and assumptions are based on information currently available to the Company, including data from publicly available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the retail cannabis industry which the Company believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. While the Company is not aware of any misstatement regarding any industry or government data presented herein, the retail cannabis industry involves risks and uncertainties and is subject to change based on various factors.
Forward-looking statements are not a guarantee of future performance and are subject to and involve a number of known and unknown risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.
Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.