VANCOUVER, BC and Hamburg, Germany, August 8, 2022 /CNW/ – Greenrise Global Brands Inc. (Frankfurt: C4T) (ISIN: CA39540L1085) (CSE: XCX) (“Greenrise” and “the Company”) is pleased to provide preliminary unaudited second quarter financial results for the three months ending June 30, 2022 (“Q2”) and comments on recent developments in legislation on the use of cannabis by adults in Germany.
A major development has occurred in the legalization of cannabis use by adults in Germany in June 2022, when the Federal Government’s Commissioner for Addiction and Drugs, in coordination with the Federal Ministry of Health, held five public hearings on adult cannabis use with the primary aim of ensuring the protection of young people and the best possible protection of consumer health. Many federal departments that will be involved in the preparation of the bill were involved in the consultation process in addition to more than 200 leading experts in addiction medicine, addictions counseling, law, business and international associations and experts.
The federal government is expected to submit a bill to parliament (Bundestag) by the end of 2022.
Frank Ottoadvocate of the health benefits of cannabis and key shareholder and director of Greenrise and co-founder of CannaCare Health, said: “The consultation process shows that Germany no longer talks about whether to legalize adult use, but how. We also think there will be a domino effect as European countries are watching very closely Europe largest economy joins Canada and California in the legalization of cannabis for adult use.”
Greenrise also reports that preliminary unaudited Q2 sales for CannaCare increased 187% to €474,000 compared to Q1 2022 sales of €165,000. Greenrise acquired 51% of CannaCare at the start of the second quarter and has an exclusive option to purchase the remaining 49%. CannaCare sells CBD wellness products through traditional retail channels in Germany and the German-speaking markets of Europe.
Greenrise’s wholly-owned medical cannabis subsidiary, AMP Alternative Medical Products GmbH (“AMP”), imports EU-GMP medical cannabis from the European Union and beyond and has well-established relationships with pharmacies and clinics through Germanyselling a full line of medical cannabis products, reports that unaudited preliminary sales for the first half of 2022 increased 14% to €268,479 compared to sales of €236,399 in the first half of 2021.
Dr. Stefan Feuerstein, Managing Director of AMP and Director of Greenrise, said: “The exceptional sales growth of CannaCare during the second quarter confirms our strategy of investing in CBD in addition to medical cannabis as we prepare to the potential legalization of adult use. in Germany. We look forward to the government providing guidelines in the coming months that will provide certainty on how and when to position our businesses. We expect pharmacies to play an important role and prepare our pharmacy customers for the possibility of selling products for adult use as soon as the legislation comes into force. We have also realigned our medical cannabis business by streamlining our medical sales team, offering more cannabis-based pharmaceuticals for doctors to prescribe, and preparing to import high-THC flower from several European growers. »
dr. Tilman SpangenbergCFO of CannaCare, commented, “Greenrise’s investment has allowed CannaCare to launch its CBD products in three major German pharmacy chains, which has significantly increased sales in a very short time. We expect the full impact of this sales channel to manifest itself in the third and fourth quarters. Our priorities for the remainder of this year are to grow CannaCare’s sales and operating cash flow by introducing new sales channels and adding additional pharmacy chains.
German Cannabis Roundtable Series
Greenrise sponsors a series of in-depth roundtables to explore and discuss new developments regarding cannabis in Germany. Episodes of the roundtable series can be found at: www.amp-eu.de/roundtable (in German with English subtitles), on the Greenrise YouTube channel and on all major podcast platforms (in German) .
Series of round tables, episode 1: “Medical cannabis in Germanywith panel member Dr. Franjo Grotenhermen.
Series of round tables, episode 2: “Politics and medical cannabis in Germanywith panel member Dr. Wieland Schinnenburg MdB, (FDP).
About Greenrise Global Brands Inc.
Greenrise is a publicly traded Canadian holding company that owns 51% of CannaCare Health GmbH, a Hamburg producer and supplier of CBD wellness products and wholly owns AMP Alternative Medical Products GmbH, an Erfurt-based importer and distributor of EU-GMP medical cannabis to pharmacies.
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Doctors and pharmacists can find more information at: www.amp-eu.com/doccheck-login
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This press release contains forward-looking statements based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans and milestones and their calendar. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Accordingly, actual results may differ materially from those expressed in such forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless the otherwise required by law.
Caution Regarding Financial Estimates
The financial estimates presented above are based on an initial review of the Company’s operations for the quarter ended June 30, 2022 and are subject to change. The Company’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to the financial estimates and other data contained herein and, accordingly, does not express any opinion or other form of opinion. insurance about them. They should not be considered a substitute for audited financial statements prepared in accordance with generally accepted accounting principles and are not necessarily indicative of the results of the Company for any future period.
SOURCE Greenrise Global Brands Inc.
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