RAGUSA, Italy, May 25, 2021 (GLOBE NEWSWIRE) -- Canapar Corp. (“Canapar”) today announced a definitive agreement with RAMM Pharma Corp. (including its wholly owned subsidiaries, “RAMM”) for RAMM to acquire all the remaining common shares of Canapar. In exchange, Canapar will receive approximately 21 million common shares in RAMM for a total purchase price of approximately CA$26.2 million. Under the agreement, Canapar shareholders will receive approximately 0.54 RAMM shares for each share held in Canapar. This transaction follows RAMM’s acquisition of 49% of common shares in Canapar in December 2020.
“We expect that deepening our partnership with RAMM further builds Canapar’s capacity to grow its market share in the European and global cannabis markets,” said Sergio Martines, CEO, Canapar. “From our high-performance facility in Ragusa, Italy we aim to manufacture and distribute brands from both the RAMM and Canapar portfolios, using our expertise in extraction, ability to produce at scale, and combined working capital position of approximately $27 million to market world-class CBD products.”
Following the acquisition and certain approvals from European and Italian regulators, Canapar expects to leverage RAMM’s expertise in cannabinoid pharmaceuticals to deepen its product portfolio. This includes exploring the expansion of NettaVet 10%, a CBD formulation for veterinary medicine recently approved by Uruguayan government, to the European market, as well as the expansion of Marishanti, Canapar’s wellness brand, to South American markets.
"This is a transformational acquisition for RAMM as it further strengthens our presence as a leader in the European cannabis market with a prominent and differentiated global cannabis platform," stated Jack Burnett, Chief Executive Officer of RAMM.
Upon closing of the transaction, Sergio Martines will be appointed to RAMM’s board of directors. Martines will also be appointed to RAMM’s management team and will remain in his role as CEO of Canapar. The transaction will take effect after a special meeting of RAMM’s shareholders on June 11, 2021.
About Canapar Corp.
Canapar with its wholly owned subsidiaries in Europe is an Italy-based manufacturer and processor of CBD oil, distillates and isolates, which are increasingly used as an input into new commercial products in the health and wellness industries. Canapar had secured more than 1,000 hectares of hemp through its outsource farming model and entered into an academic partnership with the University of Catania’s Department of Agriculture. Canapar is also advancing its CBD extraction and processing capabilities through its new facility and is expecting to transform 450 metric tons of hemp biomass annually into CBD isolates and derivative products for distribution in Europe following the commissioning of its extraction machinery. With demand for products that contain natural active ingredients derived from plant extracts increasing significantly, Canapar plans on developing CBD-infused cosmetics, skincare, and beauty products for the Italian cosmetics market, which is the fourth largest such market in Europe, as well as the global market, which provides strong demand for “Made in Italy” brands.
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.canapar.com/.
About RAMM Pharma Corp.
Led by renowned cannabis industry experts and backed by successful pioneers in the cannabis sector, RAMM is a leader in the field of cannabinoid pharmacology and product formulation for cannabis-based pharmaceuticals and other cannabis-based products. Founded in 1988 in Montevideo, Uruguay, the Company is a well established pharmaceutical and medical product business that has developed medically registered and approved plant-derived cannabinoid pharmaceutical products. The Company currently has multiple approved and registered products that have been authorized for sale in Uruguay and compassionate use in several Latin American countries, as well as a pipeline of new products in various stages of approval and development produced in the Company’s state of the art Good Manufacturing Practice (GMP) certified cannabis formulation facility. Further to its industry leading activities in the cannabis sector, the Company operates a successful pharmaceutical, cosmetic and nutraceutical product development and medical services business which has been servicing the local market for 30 years.
RAMM Pharma Corp. includes wholly owned subsidiaries 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:
Press Office
Rossana Caruso
rossana@canapar.com
+39 393 8950322