SOL Global Provides Update on Groundbreaking Achievement Made by Its European Strategic Investment European Cannabis Holdings
TORONTO, March 4, 2019 /CNW/ - SOL Global Investments Corp. ("SOL Global" or the "Company") (CSE: SOL) (OTCQB: SOLCF) (Frankfurt: 9SB) is pleased to provide an update on the operations of one of its significant international investments, European Cannabis Holdings ("ECH"). In February 2019, ECH celebrated a historic milestone by becoming the first company in the United Kingdom to facilitate the importation of a bulk shipment of medical cannabis.
In another groundbreaking move, ECH last week announced plans to open "The Medical Cannabis Clinics," a network of specialist clinics around the UK, a significant step forward for patients living with a range of chronic and debilitating conditions.
The clinics, which intend to open their doors in major cities in the UK this spring, will become the first in the UK to offer cannabis-based therapy and prescription cannabinoids, and will focus on treating patients with serious conditions including chronic pain, neurological and psychiatric problems who have exhausted all existing treatment options, and where medical cannabis has been proven to deliver significant therapeutic benefit.
SOL Global last week announced the closing of its latest investment in ECH. The latest investment brought SOL Global's total position in ECH to approximately 19.4% of the total issued and outstanding ordinary shares of ECH.
The opening of the chain of private clinics follows the UK Home Office's decision to reschedule medical cannabis in November. Despite the change in the law, only four patients have successfully accessed this treatment via the NHS, meaning the clinics will act as a lifeline to those who have thus far struggled to access this treatment. The barriers to access, which include establishing exceptional clinical circumstances, exhausting all lawful alternatives, gaining agreement from an NHS Trust Medical Director, and engaging a specialist doctor to accept liability, mean that patients are generally unable to secure this treatment via the NHS. These clinics will offer a framework under which patients can access the medication they need and alleviate avoidable suffering.
The clinics will specialize in innovative cannabis-based therapy and prescription cannabinoids and be open to patients following specialist referral. This includes potential relief from chronic pain conditions including arthritis, fibromyalgia, nerve conditions, muscle cramps (spasticity); treating neurological conditions such as epilepsy, multiple sclerosis, Alzheimer's and Parkinson's disease; and addressing psychiatric problems such as depression, anxiety and post-traumatic stress disorder (PTSD).
Professor Mike Barnes, a consultant neurologist and SOL's chief medical officer, will serve as the Clinical Director of the Clinics. Dr. Barnes was responsible for obtaining the first medicinal cannabis license for Alfie Dingley. He is also one of the world's foremost experts in medical cannabis, whose 2016 report 'Cannabis: The Evidence for Medical Use' helped pave the way for legalization of medical cannabis.
ECH has proven time and again to be a leader in the European cannabis market. As the UK medical cannabis market continues to open up, ECH's cohesive network of companies will be instrumental in providing patients with much needed access to the potential therapeutic treatments offered by CBD and cannabis. We're confident that ECH offers our Shareholders the best opportunity available to access the growth of the European market through investment
said Brady Cobb, Chief Executive Officer of SOL Global.
ECH management, led by Rob Reid, is one of the most forward-thinking teams I've seen, equipped with the expertise needed to become a market leader. SOL Global fully stands behind ECH's vision to opening up market access to medical cannabis in the UK
These clinics represent a much-needed framework to enable access to treatments for a range of serious illnesses and brings the UK into line with other countries when it comes to pain management
said Dr. Barnes, Clinical Director of The Medical Cannabis Clinics.
The hope is that over time, patients all around the UK will have access to the relief that they are looking for
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Some of the forward-looking information contained in this press release include, but are not limited to, statements with respect to: ECH's strategic plans and the opening of private clinics in the UK specializing in medical cannabis therapies; the potential therapeutic benefits of medical cannabis; and expectations regarding the future medical cannabis market in the UK and Europe.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, but are not limited to: the Company's ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company's current MD&A and annual information form, both of which have been filed on SEDAR and can be accessed at www.sedar.com.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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SOURCE SOL Global Investments Corp.