Andina Acquisition Corp. III and EMMAC Life Sciences Limited Provide Update on Status Towards Signing Business Combination Agreement - Seite 2

Lorne Abony, Executive Chairman of EMMAC, and Antonio Costanzo, CEO of EMMAC, said, “We continue to pursue opportunities within the European cannabis market and the third quarter of 2020 was one of continued investment in the business and growth for the Company, with the operational team achieving a number of important milestones despite continued headwinds caused by the COVID-19 pandemic and ongoing regulatory change. We are also working hard to reach a definitive agreement with Andina, as their team possesses significant experience assisting companies like ours and will add significant value to us as a strategic partner.”

EMMAC is Europe’s largest independent cannabis company, bringing together cutting-edge scientific research with the latest innovations in medical cannabis cultivation, extraction and production. EMMAC is a trusted cannabis partner for the medical and wellness communities and a leader in the production and supply of medical cannabis, wellness CBD, hemp, and other derivative products with large scale, low-cost, cultivation, EU-GMP manufacturing and processing, import/distribution network across all critical European markets. EMMAC has established pharmaceutical and medical cannabis manufacturing credibility and a direct-to-patient pharmacy license, multiple take-or-pay contracts for wholesale cannabis, and a strong portfolio of wellness brands and wellness products. EMMAC is also the first European cannabis company to sell and export product to Israel and is anticipated to launch white-label CBD products in the U.S.

Cowen and Craig-Hallum are serving as financial and capital markets advisors to Andina and Ellenoff Grossman & Schole LLP is serving as legal advisor to Andina. Stifel is serving as financial advisor to EMMAC. Winston & Strawn LLP is serving as legal advisor to EMMAC.

Recent EMMAC Business Developments

• On October 16, 2020, EMMAC announced the commencement of UK manufacture of its range of premium medical cannabis products. Rokshaw Laboratories (“Rokshaw”), EMMAC’s wholly owned subsidiary and a leading UK MHRA-approved Specials Manufacturer, received its first commercial shipment of medical cannabis Active Pharmaceutical Ingredient (“API”) from Medalchemy S.L., EMMAC’s subsidiary that operates its Good Manufacturing Practice (“GMP”) certified manufacturing site in Alicante, Spain (“Medalchemy”). Medalchemy will begin exporting medical cannabis API to other countries in the coming months. We believe the shipment also validates EMMAC’s business model, as it demonstrates that the vertically integrated supply chain, from its cultivation facilities in Portugal to its two EU-GMP processing facilities, laboratories and importation and distribution capabilities in key markets across Europe, yields high-quality product and the most competitive price points. The integrated supply chain significantly reduces the market price of medical cannabis for patients in the UK, and notably brings costs below black-market prices for many patients (who may be currently self-medicating).