ERFURT and BERLIN, Germany – September 18, 2020 – AMP German Cannabis Group Inc. (“AMP”) (CSE: XCX), (Frankfurt: C4T, ISIN: CA00176G1028), announces it has closed the first tranche of its non-brokered private placement announced on September 9th, 2020. Under the first tranche, AMP raised gross proceeds of $390,525 through the issuance of 1,115,785 common shares at a subscription price of $0.35 per share and are subject to a four month hold period. AMP paid a finders’ fee of $1,715 and issued 4,900 finders’ warrants. Each finders’ warrant entitles the holder to acquire one additional common share at a price of $0.35 per share for a period of six months from the date of issuance. Company insiders subscribed for $225,025 of the private placement.
In addition, the Company has cancelled 371,000 incentive stock options that were issued on June 17, 2020, resulting in the Company having 2,124,500 issued and outstanding incentive stock options under its stock option plan.
About AMP German Cannabis Group
AMP German Cannabis Group is licensed to import European Union – Good Manufacturing Practice (EU-GMP) medical cannabis from Europe and elsewhere into Germany. AMP sources, stores, transports, delivers, and sells medical cannabis products to pharmaceutical distributors or pharmacists directly, the only point-of-sale for medical cannabis to German patients with a physician’s prescription.
AMP has entered into a non-exclusive distribution agreement for medical cannabis with a leading distributor of pharmaceuticals products to more than 13,000 pharmacies throughout Germany. AMP imports medical cannabis from the Netherlands and Canada.
AMP has sponsored a six-episode roundtable discussion series about medical cannabis in Germany. The Roundtable Series are available as a podcast or as a video. In Episode #1 titled “Medical Cannabis in Germany” Dr. Franjo Grotenhermen, a German medical doctor and medical cannabis expert and Dr. Stefan Feuerstein, President of AMP, join the moderator Mr. Holger Scholze in an in-depth discussion about medical cannabis in Germany. AMP Roundtable Series: www.amp-eu.de/roundtable