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FastForward Innovations Ltd (LON:FFWD) investee company EMMAC Life Sciences said it intends to list on Nasdaq through a merger with Andina Acquisition Corp III (NASDAQ:ANDA).

EMMAC is Europe’s largest independent cannabis company and has signed a non-binding letter of intent with Andina, which is a SPAC or blank check company.

Following the transaction, EMMAC shareholders would own the majority of the enlarged company.

EMMAC has a distribution network across all the main European markets, manufacturing capability and a direct-to-patient pharmacy license, multiple take-or-pay contracts for wholesale cannabis, and a portfolio of wellness brands and products.

The company also has a research platform with Imperial College, was the first European cannabis company to sell and export product to Israel and will be launching white-label CBD products in the US.

Ed McDermott, FastForward’s chief executive, said: ” I am delighted that EMMAC has signed this LOI relating to a possible business combination with Andina, which on successful completion, would crystallize the value and enhance the liquidity of FastForward’s holding in EMMAC and provide a robust platform for the growth of the business.

“As Europe’s largest independent cannabis company, EMMAC is an extremely attractive investment opportunity and the Andina team possess the relevant experience to add significant value as its strategic partner.” 

FastForward has a 2.3% interest in the issued stock of EMMAC.

Lorne Abony, executive chairman of EMMAC, and Antonio Costanzo, CEO of EMMAC, said, “The Andina team possesses significant experience assisting companies like ours and will add significant value to us as a strategic partner.

“As a fully-integrated company with strength across the value chain, we are proud of what EMMAC has already accomplished in maximizing value from upstream and downstream assets, while controlling quality, supply, distribution and marketing in each region.”