Aphria's subsidiary ABP has signed a Letter of Intent with the Argentinian state-owned Cannabis Avatãra Sociedad del Estado (CANNAVA) to enter into a cooperation agreement regarding the cultivation of cannabis that will expand the company's strategic Argentinian operations into the Province of Jujuy.
Under the terms of the agreement, ABP is to establish a facility for the cultivation and processing of cannabis, as well as for the manufacturing of cannabis derivative products, including but not limited to cannabis oil. Through CANNAVA, Jujuy will produce curative oils and medicines using cannabis sativa.
"This agreement advances Aphria's international expansion strategy and leading presence in emerging cannabis markets like Argentina," said Jakob Ripshtein, President of Aphria. "We are thrilled to promote opportunities for medical cannabis in close partnership with the Argentinian federal and Jujuy provincial governments to support the cultivation, extraction and future development of cannabis products in this important market."
CANNAVA was established to advance the cultivation and industrialization of cannabis sativa for medical, scientific and therapeutic use.
"Aphria is strategically positioned to be among the first companies to produce locally, and eventually commercialize its products in Argentina at much lower cost," said Gabriel Meneses, Vice President, Latin America and Caribbean at Aphria. "We are proud of the relationship we have built with the Province of Jujuy after months of discussions and planning, and thankful for their support."
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