- MediPharm Labs (LABS) has extended its Latin American reach through a medical cannabis supply agreement with Cann Farm Peru SAC
- Under an initial one-year deal, the company will supply premium cannabis oil to the Lima-based producer and distributor
- With deliveries expected to begin in the fourth quarter of 2020, the products will then be distributed to patients through pharmacies in Peru
- This is the latest in a string of supply agreements as the company works to execute its international growth strategy
- MediPharm Labs (LABS) is currently down 2.7 per cent and is trading at C$1.08 per share
MediPharm Labs (LABS) has extended its Latin American reach through a medical cannabis supply agreement with Cann Farm Peru SAC.
Under an initial one-year deal, MediPharm will – through its wholly owned subsidiary MediPharm Labs Inc. – supply a variety of premium, formulated cannabis oil products to the Lima-based producer and distributor.
These products will then be distributed to patients through pharmacies in Peru. As such, Cann Farm Peru will need to secure all the necessary registrations, authorisations and approvals required for the importation of medical cannabis products.
Delivery of the products is expected to begin in the fourth quarter of 2020, pending regulatory approval by the applicable health authorities.
Pat McCutcheon, CEO of MediPharm Labs, noted that the medical cannabis market in Peru is one of the most significant in the world.
“As we pursue our global ambitions, it is vital for us to partner with companies of Cann Farm’s calibre who know their local markets intimately, have a real appreciation for the needs of patients, an ongoing commitment to scientific advancement and a sound plan for regional expansion,” he said.
The deal with Cann Farm Peru is the latest occurrence under MediPharm’s international growth strategy, and follows similar supply agreements with two companies operating in Denmark’s medical cannabis sector.
Peru has created a legal framework for producing, importing and selling cannabis for medical use, and as such offers the potential to register varied formats of cannabis based products.
Andres Vazquez Vargas, Executive President of Cann Farm Peru, drew attention to MediPharm’s focus on medical markets and the company’s commitment to production standards.
“It’s rare to see GMP certification in the cannabis supply chain because it’s a complex and rigorous process to earn the qualification.
“This tells us all we need to know about their ability to meet our needs on not only a continuous, but consistent basis,” he added.
MediPharm Labs (LABS) is currently down 2.7 per cent and is trading at C$1.08 per share at 12:28pm EDT.