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Maricann Group Inc. Files Third Quarter Financial Results, Updates Ongoing German License Progress and Distribution Efforts
Maricann Group Inc. Files Third Quarter Financial Results, Updates Ongoing German License Progress and Distribution Efforts.
About this update from Wayland Group Corp
[{"type":"text","content":"\n \n \n Maricann Group Inc. Files Third Quarter Financial Results, Updates Ongoing German License Progress and Distribution Efforts\n \n \nMaricann Group Inc. Files Third Quarter Financial Results, Updates Ongoing German License Progress and Distribution Efforts\n \n TORONTO, ONTARIO--(Marketwired - Dec 1, 2017) - Maricann Group Inc. (CSE:MARI)(CSE:MARI.CN)(CNSX:MARI)(OTCQB:MRRCF)(FRANKFURT:75M) (\"Maricann\" or the \"Company\") filed its financial statements for the 3 months ending September 30, 2017, with results that were consistent with our expectations. Revenue is expected to increase in the first quarter of 2018 when the Company's joint pharmacy initiative is expected to launch. Product distribution for this initiative will occur through previously announced exclusive and primary supplier relationships with retail pharmacies (see press releases dated November 6, 2017 and November 13, 2017). Inventory has been reserved for this initiative to ensure patient supply. Maricann will supply medicinal cannabis products directly to pharmacy patients, following their receipt of a prescription from a physician and expert education by patients' local pharmacists. Further inventory has been reserved for export to European markets that the Company expects to be permitted following a successful Good Manufacturing Practice (GMP) certification of the Company's Langton, Ontario operations. Inspection by European authorities for the designation is anticipated to be complete by mid-December 2017 with the results to be provided shortly thereafter.\n Germany - Continued Progress\n Tender Bid Submission \n Maricann's joint venture partner has submitted bid documents for the German government's tender process for regulated cannabis, following qualification in the first round of such process as one of 10 successful applicants to move forward (of 118 applicants in total). The tender process has been delayed multiple times due to ongoing legal proceedings related to unsuccessful submissions by other applicants in the initial qualifying round. A further delay in the tender process may occur due to ongoing legal proceedings, however, a final decision may be forthcoming as early as March of 2018. \n Export to Germany \n Maricann's Canadian facilities will undergo inspection for GMP Certification in December 2017 as referenced above. This certification...