AgraFlora Organics Reports 2019 German Medical Cannabis Distribution Gross Profits of 47%
VANCOUVER, British Columbia, Jan. 14, 2020 (GLOBE NEWSWIRE) -- AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a growth oriented and diversified international cannabis company, is pleased to report the following unaudited 2019 revenues and profit margin of its wholly-owned German subsidiary, Farmako GmbH (“Farmako”). On January 3, 2020, AgraFlora announced the Company closed its previously announced acquisition of The Good Company GmbH (the “Good Company”). The Good Company is the parent company of German EU-GDP medical cannabis distributor, Farmako.
Farmako, which started its German wholesale operations with first revenues in March 2019, reported gross revenues of $3,067,668 for the year ended January 1, 2019 to December 31, 2019, including gross margin of 47 per-cent for cumulative gross profits of $1,438,259 during the year.
Farmako is a leading European medical cannabis distributor, headquartered in Frankfurt, Germany, with affiliated companies in the United Kingdom, Luxembourg and Denmark. Farmako's German distribution network extends over circa 20,000 pharmacies and comprises an aggregate patient population of over 100,000 unique individuals.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Services Canada Inc. and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company is also retrofitting a 51,500-square-foot good manufacturing practice (“GMP”) edibles manufacturing facility in Winnipeg, Manitoba. AgraFlora has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. For more information please visit: www.agraflora.com.