MediPharm's Australia Subsidiary Debuts In Europe, Signs Supply Agreement

Medicinal cannabis company MediPharm Labs Corp. LABS (OTCQX:MEDIF) said Friday its Australian unit has agreed to a white-label supply deal with a subsidiary of Cannaray Ltd.

According to the deal, MediPharm Labs Australia Pty. Ltd will provide Cannaray’s Therismos Ltd. with a whole set of cannabis oil products.

MediPharm's products are in accordance with the German Institute for Drugs and Medical Devices’ quality standards.

The deal will last three years, during which Therismos is obligated to obtain specific formulations and dosage forms within the British Isles.

Cannaray is a London-based cannabis and lifestyle company that holds licenses to operate with controlled drugs across Europe.

“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,” said MediPharm Labs CEO Pat McCutcheon.

Cannaray’s CEO Scott Maguire shares the enthusiasm, citing how “both of Labs’ production facilities have achieved GMP certification.” This will help the company reach the goal of providing patients with high-quality products, he explained.

The supply agreement comes on the heels of the closing of strategic manufacturing and IP licensing agreement between MediPharm Labs and Avicanna Inc AVCN AVCNF.

According to the agreement, MediPharm Labs will utilize its Canada-based specialized production facility to manufacture Avicanna’s Rho Phyto medical cannabis products and Pura Earth topicals. 

The products will be available through Medical Cannabis by Shoppers.

Under the three year deal, the Toronto-based biopharmaceutical leader is bound to provide MediPharm Labs with a license to use its formulations for further development of MediPharm Labs’ products.

Earlier this month, MediPharm Labs announced it expanded its footprint in New Zealand via its subsidiary. 

MediPharm Labs Australia has inked another supply agreement with Cannasouth CBD, a company focused on developing next-generation medicinal cannabis products.