This is an English translation of a press release that was published yesterday 220606 at 19:19
Göteborg
Norse Impact has signed LOI for the acquisition and joint venture with a medical cannabis company, with a license for the entire Schengen area. (English translation of PM from 20220606).
This is an English translation of a press release that was published yesterday 220606 at 19:19
With production based in the Caribbean Island of St Vincent with strong opportunities to scale up
fast. The intention is to build a major future medical Cannabis producer and distributor.
Affordable production with licensed sales
- The combination of location, labour, and accreditation positions GL2 so that it can become one of the most competitive cannabis producers for export in the world, and small-scale cultivation has already started, which means that the first sale can take place within a few months, says Thomas M Turner Jr, Managing Member of GL2.
The company currently operates about 20.200 m2 (5 acres) in the southern part of Saint Vincent and owns 1 of 4 approved public licenses.
Since then, GL2 have spent an enormous amount of time and 3 million USD on
developing the plot, testing production, obtaining licenses, and preparing the company for
large-scale production which is now all in place.
The license the company holds and the partnership with Norse Impact will allow the venture to expand up to 101.000 m2 (25 acres) in the next few years.
In the current area 20.200 m2 (5 acres) it is estimated that medical cannabis will be sold at a very conservative price, 500 USD per pound (0.45 kg), will give a sale of 1.5 million USD per month under full production.
St. Vincent is ideal for growing cannabis due to the consistently warm climate and highly nutrient soil, partly due to the volcanic ash from the presence of the La Soufriere volcano on the northern part of the island.
Alongside the competitive advantages in the growing operation, the company has secured a
license for exports to the entire Schengen area, which, for example, manufacturers in the
GL2 LLC is an American company that cultivates medical cannabis in Saint Vincent and the
Grenadines in the Caribbean . The company operates under an umbrella license for the
cultivation of medical cannabis that can be exported to any country that can import medical cannabis.
Financial terms
For 51 percent of GL2 LLC , Norse Impact must pay USD 1.5 million , of which USD 1 million must be
paid at the conclusion of the contract and USD 500,000 must be paid after 6 months.
Furthermore, USD 2.500.000 in shares will be payable at closing of the Transaction. USD 1.250.000 will be valued at 14 days WVAP of Norse Impacts share price on the announcement of the LOI and USD 1.25.000 in shares will be valued at 14 days WVAP of Norse Impacts share price on the closing date of the Transaction.
Furthermore, the parties will contribute an equal amount totalling of USD 600,000 as working capital of the joint venture company. GL2 LLC has already produced more than 200 kilos of product ready for sale, where the proceeds will be included in the working capital.
About
Since its inception, Norse Impact has been a future-oriented company with a one-sided focus on improving public health.
- We have so far aimed to reduce the number of smokers, by offering smokers alternative products and we have been out early. Medical cannabis is a natural continuation of this line, as for a huge number of people it is a far better alternative than the drugs they have traditionally been prescribed. The whole world has seen what has happened in countries like the
Medical cannabis and CBD are widely used for, among other things, pain relief of patients
suffering from chronic disorders such as rheumatism, diabetes, epilepsy, Parkinson, Alzheimer's, cancer and a number of neurological disorders.
Global megatrend
Globally, the market for CBD and medical cannabis is growing extremely fast. In recent years, a revolution has taken place, starting in
The same development is now also seen in
The total market for medical cannabis is expected to rise from USD 25 billion in 2021 to USD
176 billion in 2030, which corresponds to a CAGR of as much as 23.9 percent. The powerful
growth is driven, among other things, by the fact that the largest global players in pharmaceuticals and biotechnology are investing heavily in the sector.
Great synergies
Medical cannabis is consumed in a number of different ways, including as drops you touch the tongue, oil you apply to the skin, inhalation, rectally and under the tongue. Of all these methods, inhalation is dominant, and vape is considered to have by far the greatest growth potential in the coming years.
With its product series on juice and snuff,
able to develop its own products, which will be easily scalable - also to larger and more mature markets than where the company currently has a presence.
About GL2
GL2 is currently led by a professional and highly experienced team in large-scale production of medical cannabis from the
- We have other, significantly larger players, who have visited us at
- We were part of the enormous journey in
segment consists of legal nicotine products as a replacement for the very harmful smoking
tobacco.
- We already have market-leading products we rely on, but we are always looking for complementary products, markets, and new trends. Just as we started our business when vape was in the early stages, we now see great opportunities with medical cannabis, which shows tremendous growth in all industrialized countries, says Arnesen.
- Our vision and mission are to offer our fellow human beings effective and more health-friendly products than what has traditionally been available, says Arnesen.
The company's ongoing operations are mainly in
The company is particularly strongly positioned in the areas of snus and electronic cigarettes,
including e-juice, with eleven exclusivity agreements with well-established non-smoking
products.
maxsnus.no, friskedrag.no, norsevape.co.uk, norseeliquid.com, and elektroniske-sigaretter.no, cigge. see, cigge.com, fi.cigge.com, elekcig.com, elekcig.se, elekcig.dk, cigge.no and nettdamp.no)
The e-cigarette / Vape market, which is still at an early stage, had a turnover in
billion USD by 2020 and is expected to increase by 11% in 2021. Snus had a global turnover in 2020 of
The company has a strong growth focus, based on organic growth and solid strategic
acquisitions, both in the Nordic region and the rest of
For more information, please contact
www.norseimpact.se
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