BALTIMORE, MD, April 16, 2019 (GLOBE NEWSWIRE) -- The Greater Cannabis Company (OTCQB: GCAN), a market leader and innovator in the development and commercialization of cannabinoid delivery systems, today announced it has entered into a letter of agreement with a major Brazilian retail pharmacy company, CBR Participacoes SA, to market Greater Cannabis Company’s eluting patch technology for cannabis in Brazil.
As part of the agreement, CBR Participacoes will distribute the technology to its network of 300 pharmacies and more than 1,500 point-of-sale retailers in the country, serving the Brazil’s growing demand and market for cannabis products. The agreement is effectively immediately through 2021.
“We continue to see explosive interest and growth for our technology in Brazil as the country’s cannabis market continues to expand at an exponential rate,” said Aitan Zacharin, Chief Executive Officer of Greater Cannabis Company. “Our new licensing agreement with CBR Participacoes taps into this and will represent the first of many additional agreements we are currently pursuing,” concluded Mr. Zacharin.
Cannabidiol (CBD) has been legalized for therapeutic use since 2015 in Brazil, the largest country in both South America and Latin America, and the fifth largest country in the World. The country began allowing import of CBD oil in products that have potential medical benefit later that year and has continued to advance its legislation and legalization of cannabis to date. Greater Cannabis Company’s eluting patch technology meets a global demand for alternative methods of cannabis administration and has demonstrated stability and bioavailability across a broad range of lab studies and clinical studies conducted by the Company. The Company believes it is poised for significant market growth and traction in Brazil as its government is increasingly approving the use of CBD and cannabis products by its citizens.
“After a thorough and diligent search process, we found that Greater Cannabis Company would be the ideal partner for us due to its combined technology, knowledge and expertise in delivery technologies and cannabis products,” said Rogerio P. Rabello, Chief Executive Officer of CBR Participacoes SA. “Although there are many innovative and promising solutions in the market, we believe GCANRx’s technological advantages are far advanced and will prove to be critical to ensuring the success of a mutually beneficial and long-term relationship,” concluded Mr. Rabello.
GCANRx Continues Expanding Across Brazil’s Large and Growing CBD Market
Today's announcement demonstrates The Greater Cannabis Company’s continued traction and expansion in Brazil. Last week, the Company announced an agreement with leading Brazilian beauty and personal care company Allume Cosmeticos to empower Allume to market and distribute CBD-infused beauty and personal care to its retail partners, distributors and millions of customers across Brazil.
For additional information about The Greater Cannabis Company, please visit www.gcanrx.com.
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