In the update, EMMAC said the growth in its European markets coincided with rising demand for premium medical cannabis and wellness products. The company also said UK cannabis markets, in particular, were witnessing “significant momentum” with the firm “leading the way in enabling greater patient access in terms of product accessibility and cost for patients”.
EMMAC also said that despite significant efforts by all parties involved, the negotiations regarding the proposed business combination between Andina Acquisition Corp and EMMAC have been mutually terminated as it was not possible to finalise negotiations to the satisfaction of both parties.
The two companies said they wished each other continued success in their pursuit of new opportunities.
"EMMAC continues to witness strong demand for its products across its key markets. Following termination of the negotiations with Andina it is important that we evaluate all opportunities that maximise value for our shareholders, whilst growing a robust, sustainable business”, EMMAC chief executive Antonio Costanzo said in a statement.
“Recent momentum in Europe, including the announcement by the [UK Listing Authority] with regards to cannabis listings in the UK, means that we are in a favourable position to review the strategic options available to our business", he added.
FastForward holds a 2.3% stake in EMMAC.