Aleafia Health’s new international partner strengthens connections in European market
New board chair also named.
January 30, 2023 By Grow Opportunity Staff
(Globe Newswire) Toronto — Aleafia Health Inc. has signed a new European cannabis distribution partner, representing a one-year, approximately $1 million contract, significantly bolstering the company’s record $1.2 million year-to-date sales in its growing international channel.
“This new announcement is very significant: it builds upon advancements made in August 2022 when the company revealed a two-year $4.6 million European sales commitment and broadens our international reach. The company is involved in overseas markets because international success leverages both its products and brands, and the addressable European cannabis market is high potential, so this relationship provides another gateway into further European expansion in the medical and potential recreational markets.” — Aleafia CEO Tricia Symmes
“These international agreements are an important part of our strategic plan for growth and profitability. These activities grow revenue, are not subject to excise duties, lock in attractive margins, and improve our overall cash conversion cycle and net working capital performance, continuing to deliver against one of our core sale pillars for FY 2023.” — Matt Sale, CFO
David Pasieka replaces Mark Sandler as Aleafia Health board chair
The company also announced that David Pasieka, a director since September 2021, will become its board chair, following the January 30th retirement of Mark Sandler, who has served as chair since July 2021 and is Aleafia Health’s longest serving director having being appointed in 2018.
Pasieka, a seasoned public company executive with extensive formal and board level experience, has served on Aleafia’s FAC and HRC committees and currently serves on the board of Oakville Hydro/Oakville Enterprise Corporation as well as serving on the Faculty of the Caribbean Governance Institute.
“The company has been very grateful for Mark Sandler’s counsel and support of the vision for the future as we transitioned from a bulk wholesale cannabis provider into a branded adult-use, medical and international producer. Under his guidance, the company consistently increased market share, achieved a top 10 standing in multiple formats and markets for Divvy, negotiated the amendment of its $37.3 Million Convertible Debentures while securing a $5.6 million equity financing in June 2022.” — Tricia Symmes, CEO
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