- License is critical to the development of local operations in Peru
- Company positioned as the global B2B supply leader
- Plena’s LATAM strategy continues to gain momentum
July 20th, 2020
Plena Global Holdings Inc. (“Plena Global” or the “Company”) is pleased to announce that on April 28, 2020 its wholly-owned subsidiary, Plena Global Peru SAC (“Plena Global Peru”), was granted a license for the Import & Commercialization of medical cannabis products by Digemid, – Dirección General de Medicamentos Insumos y Drogas – the Peruvian government agency for medications, making Plena Global Peru one of only a few companies that hold this valuable license required to operate in Peru.
This license, along with Plena Global Peru’s existing Drogeria license, positions the Company for a leading role in developing the medical cannabis industry in Peru. The next steps in Peru involve the importation of goods for distribution and the development of a large-scale low-cost production facility within Peru.
Plena Global is in the final stages of deploying its supply management platform, which will facilitate the export of refined CBD products from Colombia to Peru via the Company’s wholly-owned Colombian subsidiary, Econnabis SAS, for further processing by Plena Global Peru into finished CBD white label products for distribution in Peru and international markets.
“Plena Global has been actively working with regulators, lawmakers, and industry leaders in Peru since 2017 to advance the legalization of medical cannabis,” noted Richard Zwicky, Plena Global’s CEO. “We have been quietly focused on executing our strategy. Over the last 16 months, we have built and brought into production a high-quality LATAM medical production facility at a scale that dwarfs most operators globally. With direct production costs per gram well under US$0.10 and product produced for pharma- grade usage, and B2B customers around the world, we are positioned to become the global B2B provider of choice in the medical cannabis industry.”
With over three million square feet of growing capacity in Colombia, including a high-tech greenhouse, standard gauge greenhouses for controlled production, and a GMP-compliant laboratory on-site, Plena Global has the experience, resources, and infrastructure in place as it continues to globally establish itself as a leading B2B medical cannabis company. When it comes to Peru, milestones that have been accomplished are:
- 2017- 2019 | Worked closely with Members of Congress and the Health Commission of Peru to develop the Medical Cannabis Law (October 2017), and the Regulatory Decree (February 2019) in conjunction with the government of Peru
- Q1 2019 | Plena Global Peru incorporated to conduct operations under legal obligation within Peru
- Q2 2019 | Drogueria License obtained by Plena Global Peru; this license is required to sell products regulated as pharmaceuticals in Peru
- Q2 2020 | License for the Import & Commercialization of medical cannabis products obtained
As Richard Zwicky, Plena Global’s CEO, commented, “Plena Global’s mission centres around establishing a dependable seed-to-wholesale supply chain for high-quality medical cannabis so that patients and customers around the world have access to the product they need, and the quality they want. Peru is where our journey began, and we are excited to enter this next phase.”
Using valuable experience gained from scaling business in Colombia, along with knowledge and relationships built inside Latin America, Plena Global is well-positioned for steady growth. Rafael Canovas, Plena Global’s Director of Government Relations and Partnerships in South America, speaks to this growth potential, saying; “our ongoing and consistent work with the Government of Peru has enabled us to become the industry-leading company in the country.”
About Plena Global
Plena Global is a global B2B cannabis production company, headquartered in Victoria, British Columbia, with a focus on supplying medical-grade cannabis products to licensed producers, pharmaceutical companies, manufacturers, and distributors worldwide. With landholdings strategically located in South America, Plena Global is able to scale cultivation and production operations in optimal growing environments.
Through consistent presence, education, and country-specific expertise, Plena Global has emerged as the global leader in ‘people first’ medical cannabis. As a company, its commitment to this mission and the vision that equity and patient rights and needs are not mutually exclusive, have enabled Plena Global to evolve and grow at scale.
For more information about Plena Global, visit their website at www.plena.global.
Cautionary Statement on Forward Looking Information
Certain information in this press release constitutes “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is neither historical fact nor assurance of future performance. Instead, such information is based on our current beliefs, expectations, assumptions and analyses made by us regarding the future of our business, future plans and strategies, our operational results and other future conditions. Forward-looking information relates to, among other things, our future financial performance, financial condition, liquidity, levels of activity, performance, prospects, growth, goals or achievements or other future events. In some cases, forward looking information can be identified by the use of forward looking terminology such as “plans”, “assumes”, “targets”, “expects”, or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”.
Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates, and assumptions will prove to be correct. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Except as required by law, the company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.