BRIEF—Nuuvera plans to acquire GMP-certified lab in Spain

Canada’s Nuuvera (TSXV: NUU) has signed a Letter of Intent (LOI) with Medalchemy to acquire a majority interest in its fully-licensed, Good Manufacturing Practices (GMP) certified laboratory located in Alicante, Spain.

Nuuvera has also signed an LOI with Canamo y Fibra Naturales (CAFINA), also based in Alicante.

Nuuvera will acquire a 30% interest in CAFINA, and intends to purchase cultivated cannabis products from the company as well as hemp to be used in CBD extraction.

Nuuvera and CAFINA will also enter into a joint venture agreement, whereby CAFINA will have a minority interest in the Nuuvera's subsidiary that controls Medalchemy.

"These anticipated investments will greatly enhance Nuuvera's operational capacity to produce premium quality cannabis products, and our ability to supply the European market with medicinal cannabis," said Lorne Abony, chief executive of Nuuvera.

Nuuvera expects to announce a final agreement with both parties in the very near future.