Signs Definitive Agreement with Lovell Drugs for Medical Cannabis Retail Pharmacy Initiative
Maricann Group Inc. (CSE:MARI)(CSE:MARI.CN)(CNSX:MARI)(OTCQB:MRRCF)(FRANKFURT:75M) "Maricann" or the "Company") is pleased to announce that it has entered into a definitive agreement with Lovell Drugs Limited ("Lovell Drugs"), Ontario's oldest pharmacy chain, to be the exclusive provider of medical cannabis to its pharmacies.
Lovell Drugs will, in partnership with Maricann, implement a medical cannabis education and access program for its pharmacists and allied community physicians that facilitates the counselling and fulfillment of medical cannabis to its patients. Maricann will fulfill prescriptions directly to Lovell Drugs' patients through the existing Access to Cannabis for Medicinal Purposes Regulations. Lovell Drugs has already commenced distribution of Maricann cannabis products to its patients, with the first prescription registered and fulfilled on December 1st, 2017.
Lovell Drugs is a well established resource for community physicians and ideally positioned to educate and counsel patients on medical cannabis to help ensure appropriate access, education and clinical oversight. "Pharmacists' expert understanding of polypharmacy equips them as the standard of care for all patients. We believe that our medical cannabis initiative to distribute cannabis directly to patients, with pharmacists as their primary source of counselling and information is the better way," said Ben Ward, CEO of Maricann. "Until pharmacists are permitted to distribute cannabis products to patients directly, as is the case with all other pharmaceuticals, we believe this distribution model will provide an effective interim solution."
Lovell Drugs' pharmacists are trusted health care professionals, providing services such as Clinic Days, MedsChecks, blood pressure tests, cannabis education counselling and information sessions for their patients.
The term of the agreement is four years, with an option to extend another three years if the parties mutually agree. Pursuant to the terms of the agreement Lovell Drugs will receive a percentage of Maricann product sale revenue generated from patients acquired and serviced from Lovell Drugs' retail pharmacies. As part of the development of medical cannabis content Maricann has agreed to provide funding of up to $15,000 for initiatives to support continuing education for Lovell Drugs personnel and their patients.
Signing the definitive agreement with Lovell Drugs builds on Maricann's deepening relationships with pharmacies across Canada in its similar education and distribution joint initiatives, elevating the standard of care for patients through the most trusted professionals in North America, pharmacists.
For more information about Maricann, please visit our website at www.maricann.com
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Forward Looking Information
Certain statements in this document contain forward-looking statements which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", or any negative such as "does not believe" or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. The forward looking statements in this release include statements regarding the anticipated benefits of the partnership with Lovell Drugs. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management's control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: fluctuations in operating results; the impact of general economic, industry and market conditions; the ability to recruit and retain qualified employees; fluctuations in cash flow; failure to obtain required financing; increased levels of outstanding debt and obligations under a capital lease; expectations regarding market demand for particular products and the dependence on new product development; the impact of market change; and the impact of price and product competition. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking information.