- MediPharm Labs’ (TSX:LABS) Australian subsidiary has signed a white-label cannabis supply agreement with UK-based Therismos
- Under the three-year deal, MediPharm will supply a range of cannabis oil products in compliance with standards set by the German Institute for Drugs and Medical Devices
- Therismos will also purchase certain formulations and dosages exclusively for the UK and Ireland markets
- MediPharm’s products will need to meet the necessary regulatory standards before the agreement can be confirmed
- MediPharm Labs (LABS) is up 5.06 per cent and is trading at C$1.66 per share, with a market cap of $217.23 million
MediPharm Labs’ (TSX:LABS) Australian subsidiary has signed a white-label cannabis supply agreement with UK-based Therismos.
Therismos was recently acquired by Cannaray Limited, and holds a license to import, handle and distribute controlled drugs in various European countries.
Under the terms of the three-year deal, MediPharm will supply a range of cannabis oil products to Therismos that comply with the standards set by the German Institute for Drugs and Medical Devices. Such standards require that the products be produced under Good Manufacturing Practices (GMP).
In addition, Therismos will also purchase certain formulations and dosage forms for distribution within the UK and Ireland markets. These products will be supplied to the company under branding to be determined by Therismos.
Pat McCutcheon, CEO of MediPharm Labs, said that MediPharm’s position as a partner with Therismos and Cannaray is a significant achievement for the company.
“With the growing recognition of CBD’s therapeutic benefits, Cannaray is in the right place at the right time with an outstanding product portfolio and a highly engaged team of professionals.
“We look forward to participating in their growth,” he said.
Europe has carved a reputation as significant potential market for high-quality cannabis products.
According to Prohibition Partners’ European Cannabis Reportfrom February this year, the European medical and recreational cannabis market is expected to grow from approximately C$0.42 billion to roughly $3.5 billion by 2024.
This is largely due, the report said, to the growing public acceptance of the benefits associated with medical cannabis legalisation.
Scott Maguire, CEO of Cannaray, said that MediPharm’s GMP-certified facilities position it as an ideal supply partner.
“We are pleased to be working with a supply partner that can meet our strict requirements for laboratory controls, quality, reliability, traceability and scale. MediPharm Labs mirrors the qualities we seek in a medical supply partner.
“Cannaray’s goal is to provide patients with high-quality, naturally derived medical products and become a European leading importer and distributor of such products,” he said.
MediPharm’s agreement with Therismos remains subject to confirmation from the German Institute for Drugs and Medical Devices that the products indeed meet specified quality and regulatory requirements.
MediPharm Labs (LABS) is currently up 5.06 per cent and is trading for $1.66 per share at 1:32pm EDT.