Rafarma Has Agreed to Terms to Open its First Specialized Cannabis Spa in Europe

Ljubljana, Slovenia, March 23, 2020 (GLOBE NEWSWIRE) -- RAFARMA PHARMACEUTICALS INC. “OTC:(RAFA)” - Rafarma Pharmaceuticals, Inc. is pleased to announce that it has successfully completed negotiations with Albopark Ocio SL (a New Heled Spain Holding company), which is the owner of the Hotel Albons in Girona, Spain. Under the agreed terms, Rafarma will open its first specialized spa in Europe. The spa will be located within the property of the Hotel Albons. The Spa will specialize in cannabis-based beauty and health products currently manufactured by Rafarma in Slovenia. The Company plans to duplicate its treatment protocols currently under development in Thailand in this first European spa, as well as other specialized spas to open throughout Europe. Opened in February of 2020, the Hotel Albons is a five-star property operated by CMC Hospitality. The Hotel Albons is in process to become part of a first-rate international brand. The company will commence preparation for the opening of the spa immediately, following the lifting of COVID-19 measures. To be ready for immediate opening following the lifting of measures, all spa materials will be supplied from the company headquarters in Ljubljana, Slovenia.

“Even though the world economy is going through incredible trials and tribulations caused by government-imposed restrictions to prevent the spread of Coronavirus, the current situation presents companies like Rafarma with incredible opportunities based on its economies of scale--we are able to continue to expand operations with the knowledge that the demand for cannabis continues to rise. We can also continue to pursue European acquisition targets during this time, including active negotiations with a Croatian company and a Macedonian company. We believe our entrance into the Spanish market and the acquisition of one or both of these companies in the Balkans, will be additional milestones in our plan to be a global provider of cannabis-based products, spas and other related cannabis ventures, with large operations on multiple continents”, comments company CEO Vladimir Dolgolenko.

Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

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RAFARMA

(307) 429-2029