KELOWNA, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) — Allied Corp. (“Allied” or the “Company”) (OTCQB: ALID) is pleased to congratulate the Colombian government on the final approval of Regulation 227 (the “Regulation”) which outlines the technical guidelines for the export of cannabis flowers from Colombia.
On July 23, 2021, the President of Colombia, President Ivan Duque, signed Executive Order 811 lifting the ban on the export of dried cannabis flowers from Colombia.
In October 2021, Allied was invited to provide a first comment on the settlement, and then in November 2021, a second comment. On February 20, 2022, Regulation 227 was officially announced by the President of Colombia introducing the practical regulation and implementation plan for the export of cannabis flower.
On April 1, 2022, the Colombian government published the final approval of the technical guidelines necessary for the export of cannabis flower. This, among other significant advancements, will allow Allied to begin exporting dried cannabis flower internationally to countries where it is legal to do so. It should be noted that the United States still has a legal limit of 0.3% THC.
While only a few Colombian companies have managed to export cannabis derivatives such as CBD distillate and isolate, until now the export of dried flowers from Colombia has been prohibited. Allied has successfully shipped to several international markets and will now submit several export applications for dried cannabis flower destined for international markets.
“Dried cannabis flower is the fastest growing product segment of the global multi-billion dollar cannabis industry (Source: Fortune Business Insights). Unlike processed products such as isolate, dried flower high quality cannabis must come to market with the aesthetics and terpene/cannabinoid profile the customer desires. This is where Allied excels. We are excited to take immediate action with our first shipments of cannabis flower from Colombia to international markets,” said Mr. Calum Hughes, CEO and President of Allied Corp.
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Allied Corp. is an international cannabis company whose main production center is in Colombia and is one of the few companies that have exported from Colombia internationally. In anticipation of the eventual legalization of cannabis by the US federal government, Allied also has the option of purchasing an exercisable US cannabis license in the United States (Nevada) should this occur. In addition to this, Allied has three CBD brands to market with products sold in the United States. Finally, Allied has both cannabinoid and psilocybin products in the pipeline of pharmaceutical development seeking pharmaceutical drug indications for depression, anxiety and PTSD.
This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada or the United States (“forward-looking information”). Forward-looking information may relate to the Company’s future prospects and anticipated events, plans or results, and may include information regarding the Company’s objectives, goals, strategies, future revenues or performance and capital expenditures, as well as than other information that is not historical information. Forward-looking information can often be identified by the use of terms such as “believe”, “anticipate”, “plan”, “expect”, “pending”, “in progress”, “intend to », « estimate », « project ». , “”may”, “will”, “should”, “might”, “may”, negatives thereof, variations thereof, and similar expressions. The forward-looking information contained in this press release is based on the opinions , estimates and assumptions of the Company in light of experience and management’s perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the forward-looking statements in this press release include the following: that Allied is taking advantage of conditions at its Colombia cultivation operation and future Kelowna site to support its research and development efforts; significant progress in positioning itself as a leader in the field of medical cannabis, that Allied intends to file a series of brand and product proposals other intellectual property protection filings, as part of the company’s intellectual property and pharmaceutical development (IP&PD) strategy, statements regarding the joint development, manufacture and introduction of TACTICAL RELIEF branded products ™.
There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Risk factors that could cause actual results to differ materially from the forward-looking information contained in this release include: the Company’s exposure to legal and regulatory risks; the effect of the legalization of cannabis for adult use in Canada and Colombia on the medical cannabis industry is unknown and could materially and adversely affect the Company’s medical cannabis business; that the medical benefits, viability, safety, efficacy, dosage and social acceptance of cannabis are not those currently expected; that adverse changes or developments affecting the principal or planned facilities of the Company could have an adverse effect on the Company; that the medical cannabis industry and market may not continue to exist or develop as expected or that the Company may not be able to succeed in such market; risks related to the completion of the construction of the greenhouse in Colombia, risks related to market competition; risks relating to the proposed adult cannabis industry and market in Canada and Colombia, including the Company’s ability to enter or compete in these markets; that the Company has a limited operating history and a history of net losses and may not achieve or maintain profitability in the future; risks relating to the Company’s current or proposed international activities; risks relating to future strategic alliances with third parties or expansion of existing relationships with third parties; that the Company may not be able to successfully identify and execute future acquisitions or divestitures or successfully manage the impacts of such transactions on its operations; risks inherent in operating a farming business; that the Company may not be able to attract, develop and retain key personnel; risks resulting from significant disruptions in the Company’s access to certain key inputs such as raw materials, electricity, water and other utilities; that the Company may not be able to transport its cannabis products to patients safely and efficiently; risks relating to recalls of the Company’s cannabis products or product liability or claims or regulatory actions involving the Company’s cannabis products; risks related to the Company’s dependence on pharmaceutical distributors; that the Company, or the cannabis industry generally, may receive adverse publicity or be the subject of negative consumer or investor perception; that certain events or developments in the cannabis industry more generally may have an impact on the reputation of the Company or its relationships with customers or suppliers; that the Company may not be able to obtain adequate insurance coverage in respect of the risks it faces, that the premiums for such insurance may no longer be commercially justifiable or that there may be limitations coverage and other exclusions which may cause such insurance not to be sufficient; that the Company may be held liable for the fraudulent or illegal activities of its employees, contractors, consultants and others; that the Company may suffer breaches in the security of its facilities or losses following the theft of its products; risks related to the Company’s IT systems; that the Company may not be able to sustain the growth and development of its revenues; that the Company may not be able to expand its operations quickly enough to meet demand or manage its operations beyond their current scale; that the Company may not be able to obtain adequate or reliable sources of financing; risks relating to or associated with the Company’s exposure to reporting requirements; risks related to conflicts of interest; risks related to fluctuations in exchange rates; risks related to the Company’s potential exposure to greater than expected tax liabilities; risks relating to the protection and enforcement of the Company’s intellectual property rights or the intellectual property it licenses to others; that the Company may be subject to allegations that it or its licensors are infringing the intellectual property rights of third parties; that the Company may not derive full benefit from the trials or clinical studies in which it participates; that the Company may not fully benefit from its licenses if the licensed material has less market appeal than expected and the licenses may not be profitable; as well as any other risks that may be more fully described and the risk factors discussed in the Company’s continuous disclosure, including its Management Discussion and Analysis sections in its Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and its current reports on Form 8-K filed under the company’s profile at www.sec.gov.
Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking information in this presentation, there may be other risk factors not currently known to the Company or that the Company currently believes is not material that could also cause actual results or future events to differ materially from those expressed in the forward-looking information in this presentation. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers and viewers should not place undue reliance on forward-looking information, which speaks only as of the date of publication. The forward-looking information contained in this release represents the Company’s expectations as of the date of this release or as of the date indicated, regardless of the time of delivery of the presentation. The Company disclaims any intention, obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.