ODI Pharma AB investigates the possibility to launch skin care products
ODI Pharma AB (“ODI” or “the Company”), through research carried out by its subsidiary ODI Pharma Schweiz AG, announces that the Company is investigating the possibility to expand current business with specialized, highly CBD infused skin care products (“Project Skin”). ODI considers these products to represent a small but growing market sector in the European landscape, which together with the Company’s knowledge, contacts and experience, will provide a clear evolution of ODI’s product line. If ODI decides to proceed with Project Skin, the Company estimates that it could be initiated as soon as early 2021. The Company will continue to keep the market informed about its plans.
CEO Derek Simmross comments:
“As a result of our research, we are excited about the plan to possibly expand our product range with Project Skin, which would be in line with our original strategic vision. Likewise, we are a 100 % committed to evolve Project Poland in accordance with our previously communicated plans. We are continuously focused on improving life quality by the application of cannabinoids.”
According to the Company’s assessment, there are many exciting products that are related to ODI’s business strategy, but that have not yet been professionally saturated in the European landscape. ODI believes that an expansion to skin care products would be rewarding for investors and provide an opportunity to be an early participant in this segment of the cannabis industry. These products are meant to support healthy skin with conditions such as Acne, etc. If ODI decides to proceed with Project Skin, the Company estimates that it could be initiated as soon as early 2021.
ODI is continuing to follow its strategic plan of implementing Project Poland in accordance with previously communicated plans. The Company sees itself to be in a strong position as it does not have any heavy fixed costs or salaries, thus leaving the Company in a solid capital position for growth. It is the Company’s assessment that funding for Project Skin easily fits as a combination of ODI’s research initiatives and expansion reserves set forth in the IPO memorandum and the Company does not foresee this investment to be invasive to its goals to achieve success in Project Poland. ODI has set aside 25 % of the IPO proceeds for use outside Project Poland and current plans suggest that Project Skin would approximately use half of this 25 % allocation while preserving the other half.
If the Company proceeds with Project Skin, the products would be launched EU wide, with initial focus on a few markets including Sweden. ODI sees this as a platform to further build ODI Pharma’s reputation and brand awareness and the Company will continue to keep the market informed about its plans.
For more information on ODI Pharma, please contact:
Derek Simmross, CEO, ODI Pharma AB
ODI Pharma AB
ODI Pharma, based on its European network, subsidiaries and affiliates, is a producer and representative of finished pharmaceutical cannabis products with a focus on distribution to the medical cannabis market in Europe through its subsidiary ODI Pharma Polska Sp. z o.o. ODI Pharma intends to provide a high-quality product at a competitive price compared to competitors in Poland, thereby becoming the number one provider of medical cannabis in Poland. ODI Pharma also strives to be on the forefront of understanding the medical applications of the product as well as introducing new, innovative products to the European patients in need. ODI will continue to team up with the most knowledgeable and best renown partners in the industry to achieve its goals.