Joint Venture Extraction in North Macedonia

September 11, 2019
Reading time 5 minutes

Eviana Health Corp. has become aware of an opinion (the "Opinion") issued by the Commission for Psychoactive Controlled Substances in the Republic of Serbia dated May 29, 2019 which recommends that, subject to certain exceptions, cannabis not be cultivated, imported or exported, and cannabidiol (CBD) not be produced in Serbia.  The Company has considered the Opinion but cannot conclusively predict what will or will not be accepted by the Government of Serbia especially in the face of upcoming elections scheduled for no later than April 2020.  In any event, the Company is preparing contingency plans should it become apparent that the Government of Serbia will pass legislation outlawing the import, export or cultivation of hemp or the production of CBD in Serbia. These include third-party extraction of hemp in countries outside of Serbia and the sale of the hemp as previously contemplated.  

Galafarm, Macedonia

On August 30, 2019, the Company’s CEO provided to the members of the Board a “Contract for Co-operation” (the “Extraction LOI”) with a joint venture consisting of Galafarm Dooel Skopje Macedonia (with licence for extraction, HACCP and GMP standards, and infrastructure). Based on that Extraction LOI, the CEO approved an advance payment of €100,000 on April 5, 2019 as a part of the costs of future services provided. The purpose of this payment was to ensure the priority in line of extraction and packing of final products to be made on behalf of the Company, by Galafarm Dooel. North Macedonia has a progressive hemp and medical cannabis regime. There is no limit for THC% in final product. This agreement is yet to be approved and ratified by the Board.  


Avram Adizes, CEO 
Tel: (416) 301-9654 
Eviana Health Corporation  

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s publicly filed disclosure. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

SOURCE: Eviana Health Corporation

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