THE first European deal for Canadian firm MediPharm Labs will see its medical cannabis products made available to 20,000 German pharmacies.
With dual listings on the Ontario and Frankfurt stock exchanges MediPharm says this new deal is an important milestone in its global ambitions.
And, it follows hot on the heels of its first ever international agreement in the Australian market, earlier this year.
In a stock market statement MediPharm highlights why it has targeted Germany as its first European port of call.
It says the German medical cannabis market currently serves up to 50,000 patients; a very rapid advance since legalisation in March 2017. With a population of over 80 million it is set to be Europe’s largest medical cannabis.
MediPharm’s ‘white label’ agreement with Germany pharmacy ADREXpharma will see its supply ‘high quality, purity assured, cannabis concentrate derivative products, including THC and CBD oil, for sale and distribution under the ADREXpharma brand’, it says in the market release.
ADREXpharma is licensed wholesale distributor of controlled drugs and medical cannabis, saying it serves almost all of Germany’s 20,000 pharmacies.
Mario Eimuth, Chief Executive Officer, at ADREXpharma, said MediPharm shares its ‘patient-centric focus’ and is its ‘ideal partner’.
Founded in 2015, MediPharm specializes in the production of purified, pharmaceutical-grade cannabis oil and concentrates, utilizing Good Manufacturing Practices.
It has five primary extraction lines with an annual capacity of 300,000 kg of dried cannabis with complementary wholesale and white labelling capabilities.
MediPharm is set to shortly complete construction of a new extraction facility in Wonthaggi, Victoria, which will feature supercritical carbon dioxide extraction.
This will be able to process up to 75,000 kg of dried cannabis annually, as well as incorporating secondary processing equipment for the manufacture of purified and high-concentrate cannabis distillate.
It has agreed terms, initially for one year, with an Australian Licensed Producer to source dried flower for the facility.