Pideka SAS Receives European Good Manufacturing Practices (EU GMP) Certification and Readies for Export

TORONTO, April 27, 2022 /PRNewswire/ - Ikänik Farms, Inc. (CSE: IKNK.U) (FSE: DFMA) (the "Company" or "Ikänik Farms") is pleased to announce its wholly owned subsidiary Pideka SAS in Bogota, Colombia has received European Union Good Manufacturing Practices (EU GMP) by the Chief Pharmaceutical Inspectorate in Poland, Główny Inspektor Farmaceutyczny (GIF) for its indoor cannabis manufacturing operation and general finishing steps to produce raw cannabis flower as an Active Pharmaceutical Ingredient (API) for manufacturing pharmaceutical cannabis products for medical applications.

EU GMP certification permits Pideka to export EU GMP certificated pharmaceutical grade THC dry flower cannabis flower and derivatives to distributors and importers in Europe and other international markets that accept EU GMP certification.

"This certification recognizes that Pideka meets the quality standards and production, handling, storage and packaging guidelines for psychoactive cannabis flower cannabis which is required by the EU and other international markets for the importation of our medical cannabis", said Borja San De Madrid, interim CEO. Our regulatory, operation and quality control teams spent two and half years working with GIF preparing and submitting the licensing dossiers and completing the valuations and audits establishing Pideka as the only indoor THC cultivation facility in Latin America to have received EU GMP certification adding to its Good Manufacturing Practices (GMP) and ISO 9001:2015 certification credentials.

Pideka is moving quickly to ramp up its annual production to 10.8 tons of psychoactive cannabis flower and secure forward sale contracts from leading global cannabis operators with the aim to be a leading pharmaceutical supplier for psychoactive cannabis flower" said Mr. Sanz de Madrid.

About Ikänik Farms

Ikänik Farms is multi-national operator with a medical grade indoor cultivation facility and laboratory (Pideka) in Colombia which holds GMP-PHARMA and (GACP) Good Agricultural and Collection Practice certifications, and retail operations in California.

Forward Looking Statements

This news release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking information). All information, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future is forward-looking information. When used in this news release, words such as "will", "could", "plan", "estimate", "readies", "aiming", "expect", "intend", "may", "potential", "believe", "should", and similar expressions, are forward-looking information. Forward-looking information in this news release includes statements with respect to: the composition of the Board following the Investor's appointment; the use of proceeds of the non-brokered private placement; statements with respect to any future tranches of the non-brokered private placement or other financings by the Company; statements with respect to the timing of completion of construction of the Pideka facility; statements with respect to the monthly output and estimated annual production capacity at the Pideka facility; and statements with respect to the Company's ability to secure forward sales contracts for bulk pharmaceutical grade THC cannabis flower from leading global cannabis operators. Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated, expected or intended, including, but not limited to: the inability of the Company to implement the changes to the Board; a change in the use of proceeds from the financing; the Company being unable to complete any additional financings on the terms described herein; material delays in the construction of the Pideka facility; the Company being unable to secure forward sales contracts as set out herein; changes in laws, a change in management, the inability to obtain additional financing, increased competition, hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and, regulatory or political change. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events. The statements with respect to the anticipated production capacity (monthly and annual) at the Pideka facility are based on the following material factors and assumptions: the facility will be 80,000 square feet and consist of triple stacked grow rooms, with all space used for cultivation; the ratio of THC cannabis flower cultivated per square foot will be consistent with historical output; there being no material challenges with respect to pest control or diseases affecting cannabis plants; the costs to complete the Pideka facility and the facility will be completed by Fall of 2022 and there will be no material delays or stoppages in work in completing the facility. The Company believes there is a reasonable basis for the expectations reflected in the forward-looking statements, however these expectations may not prove to be correct.

Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

Related Links
https://ikanikfarms.com

SOURCE Ikanik Farms Inc.

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