Medical-cannabis producer Maricann is joining forces with a large-scale, family-owned agricultural company in Italy to establish the first CBD and THC company in Italy and a centre of excellence for cannabis products.
Under the terms of a non-binding term sheet to form a strategic joint venture, San Martino and Maricann will initially focus on high-CBD product for the medical market, then ultimately THC product for the European market.
Opportunities in multiple sectors such as cosmetic, pharmaceutical, and recreational will be pursued.
“I think we have found the best combination of people to become the first CBD and THC company in Italy, said Federico Riboldi, vice president, Province of Alessandria, where the companies will operate.
“Unprecedented governmental support” and access to existing infrastructure and reliable supply of bio-gas electricity provides a significant advantage, said Maricann CEO Ben Ward.
Maricann’s cutting-edge technology to automate and standardize cannabis production will further provide a competitive edge, he said.
The centre of excellence will be established in conjunction with the University of Eastern Piedmont in Italy.
The formation of the joint venture remains subject to due diligence and the negotiation and execution of definitive documentation.
San Martino was founded by Milan businessman Umberto Signorini.
Maricann is a vertically integrated producer and distributor of cannabis for medical purposes.
The company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada.
The company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland.
Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) and will continue to pursue new opportunities in Europe.