Italian extracts specialist Canapar Corp. said its recent merger into Canada’s RAMM Pharma Corp. can help establish Sicily in the international constellation of companies making cannabis derivatives.
“For Italy, and Sicily above all, a very important scenario opens up which places us at the center of the world, with the certainty of increasing and supporting the economic and employment opportunities for the island,” said Sergio Martines, CEO at Canapar.
‘Made in Italy’
Martines said the deal positions Canapar to increase exports of products with the “Made in Italy” brand to Europe, Canada and Latin America. As an example, Martines said the Italian brand Marishanti will shortly enter the South American market.
Canapar is also leading Multicanapa, a broader rural development initiative in Sicily based on industrial hemp that envisions the island as a cutting-edge hemp production center. The merger with RAMM could also attract foreign investment to Sicily, Martines said.
RAMM Pharma this month completed a 100% takeover of Canapar Corp. for ~$22 million in stock.
Canapar makes CBD oil, distillates and isolates, and is opening a high-tech, high-performance extraction plant in the Sicilian city of Ragusa. Martines said the new plant is now complete and will soon begin to extract CBD for the pharmaceutical, cosmetics, nutraceutical and veterinary sectors.
The deal with RAMM also gives Canapar financial backing to broaden its product portfolio, such as a plan to expand into the veterinary medicine market with RAMM Pharma’s NettaVet 10%, a CBD product which has been approved in Uruguay as a global pharmaceutical.
Awaiting rules changes
Martines said Canapar is awaiting regulatory changes in Italy that will let the company advance.
“We await certain and unequivocal indications that will allow us to operate with the utmost transparency without having to have the commercial and production need to look beyond our national borders,” Martines said.
Italian hemp stakeholder groups recently issued detailed recommendations for the production of hemp extracts they hope will lead to clear regulations and give producers a better chance in international markets.