VANCOUVER, British Columbia, Jan. 28, 2020 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Nabis Holdings Inc., a Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, has announced that it has entered into a binding memorandum of understanding (MOU) with Panaxia Pharmaceutical Industries, Ltd.
Under the terms of the MOU, Panaxia will be providing proprietary pharma-grade cannabis-based products that have proven to be in high demand in other states in the U.S. including New Mexico, Colorado and California. The products will be produced in the first operating EU GMP facility in Arizona, under Nabis licenses, located at Nabis’ “Camp Verde” facility in Arizona, a 44,000-square-foot cultivation, production and fulfillment facility. Nabis will provide the raw materials for production of the products and will also be responsible for sales, marketing and distribution through their already established dispensary and whole-sale channels which serve more than 50% of Arizona dispensaries. Panaxia shall be responsible for the production, clinical affairs and quality. All products of the joint venture will be sold under the Panaxia brand, of which Nabis owns 50% in Arizona. Under the MOU, there is an opportunity for Nabis and Panaxia to expand their joint venture into additional states in the U.S.
“We are excited to partner with Panaxia to develop a variety of new, high quality, pharmaceutical grade products using proven EU GMP standards to meet the evolving needs of our patients,” said Shay Shnet, CEO and director of Nabis. “This joint venture fits well within our vertically-integrated cannabis portfolio and we look forward to co-creating new innovative products to deliver long-term value to our shareholders as well as our established Arizona customer base of over 36,000 patients and counting."