RYAH and Northern Green Canada Announce Strategic Agreement in Europe
NEW YORK, April 17, 2020 (GLOBE NEWSWIRE) -- RYAH Medtech, Inc. (“RYAH” or the “Company”), announced today that it has entered into a multi-country strategic distribution arrangement with Northern Green Canada Inc. (“NGC”), the first private Canadian licensed producer of cannabis to achieve EU GMP certification. The agreement’s aim is to facilitate the commercial distribution, through NGC, of the RYAH Dry-Herb Inhaler and data analytics platform together with NGC’s plant-based medicine and GMP certifications throughout German speaking countries in Europe.
The agreement entails two phases of collaboration:
Regulatory Phase: Under NGC’s EU GMP directive from its office in Munich, Germany, both RYAH and NGC will co-ordinate efforts to secure EU Medical Device Registration (MDR) approval for the RYAH dose measuring inhaler. During this phase, both companies will lay the groundwork for implementation of the combined device, patient analytics and plant based - medicine solution into the pharmacy network, with initial focus in Germany.
Commercial Phase: Subsequent to MDR approval, both parties intend to formalize a long-term commercial distribution strategy covering Germany and additional German-speaking countries in Europe. NGC will be commissioned as exclusive distributor of RYAH dose-controlled inhalers, and cartridges to be independently filled by NGC or licensed partners with NGC’s grown or sourced plant-based medicine. RYAH has already developed a German language mobile application for its connected devices, which will be combined with RYAH’s secure patient dosing data analytics software and APIs for the targeted countries under this agreement.
"This agreement with RYAH brings to our pipeline a high-value partnership with a medicinal focus and the potential to help a great number of patients in Germany and beyond," said Lisa McCormack, CEO of NGC. "We are delighted to partner with RYAH, a pioneering specialty delivery device company with a strong team and we believe this alliance underscores our strong focus on and commitment to healthcare innovation.”
Following the strategic arrangement, and during the “Regulatory Phase”, RYAH and NGC will finalize both a Quality Agreement and a Commercial Distribution Agreement (the "Definitive Agreements") which is estimated to begin in May, 2020. The Definitive Agreements will include the terms and conditions, of Quality Control operating procedures, economics and performance benchmarks for the execution of the “Commercial Phase”.
“This is an important agreement for RYAH as it advances our ambitions to deliver precise, connected dose control devices and data analytics, to a wide range of clinics, pharmacies, doctors and patients across one of the fasted growing regions for medical use of plant-based medicine. We continue to be impressed with NGC’s ability to bring a high-quality production and distribution standards for plant-based medicine and we are looking forward to our coordinated approach to servicing the medical community in the targeted European countries,” said Gregory Wagner, CEO of RYAH Medtech, Inc.
About RYAH Medtech, Inc.
About Northern Green Canada Inc.
Northern Green Canada Inc. is a federally licensed, EU GMP-certified producer of medical cannabis, focused on providing cannabis medications for a better quality of life. NGC is a research and development driven company committed to the health and well-being of patients. Their experienced team of experts operate in an EU GMP-certified, 2500 m2 (27000 square foot) indoor growing and processing facility with a 4275 m2 (46000 square foot) expansion capability. The company is expanding their extraction capacity to produce oils, and working with respected partners on treatment-based cannabis medications. NGC is partnered with key global players to create distribution networks for patients worldwide.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; ?the benefits of RYAH’s user-generated, HIPAA-compliant data; the success of its launch in Europe; RYAH’s plan to roll-out several other clinical delivery mechanisms; the results users may receive from using RYAH products; the ability to implement business strategies and pursue business opportunities; disruptions in or attacks (including cyber-attacks) on the Company’s information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; legal and regulatory risks inherent in the cannabis industry; risks relating to the regulatory landscape in certain countries and enforcement related to cannabis, including political risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to proprietary intellectual property and potential infringement by third parties; risks inherent in an agricultural business; risks associated to cannabis products manufactured for human consumption including potential product recalls; a novel business model; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the United States; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and the risk associated with a business in the cannabis industry. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
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Northern Green Canada Inc