Medipharm Labs Corp (OTCMKTS:MEDIF)’s auxiliary unit MediPharm Labs Australia (Medipharm), entered a supply pact with VIVO Cannabis Inc (OTCMKTS:VVCIF)’s subsidiary – Beacon Medical Australia Pty. Ltd (BMA). As per the terms of the agreement, Medipharm will supply GMP certified and formulated THC and CBD cannabis oil products to BMA.
High-quality cannabis products to consumers
The one-year agreement allows BMA to distribute pharmaceutical quality cannabis oil products under its trademark in Australia. CEO of Australia based Medipharm, Warren Everitt, said the company signed a supply deal within few weeks of receiving GMP certification. It demonstrates the demand for its specialized skills and the capability to transform that opportunity into a revenue-generating business. He said the deal with Vivo helps the company to supply high-quality medical cannabis products to Australian patients. It can also fulfill demand in other emerging markets worldwide.
Seeks alliances with credible companies
CEO of Vivo, Barry Fishman, said the company will continue to focus on the emerging markets in Germany and Australia. It will explore opportunities for partnerships with companies having a proven track record to serve the population with good quality cannabis products. Medipharm is an ideal candidate with GMP certification and high-quality products to expedite presence in the Australian market.
A large shipment of GMP Units to Australia
The Australian unit of Medipharm Labs received 3,500 GMP units that comprise finished products from its Ontario facility. It also got bulk oil in large volumes for conversion into finished products. The company will use these products to satisfy the demand in the overseas and domestic markets.
The market for legal cannabis
The market for medical-use cannabis products is growing at a fast pace in Australia compared to other nations worldwide because of quick approvals. TGA gave a nod for over 46,000 applications for medical cannabis products in the nation as of May 31, 2020. The demand for legal cannabis in Australia is forecasted at $40 million in 2020 and expects to reach more than $1 billion by 2023.
Warren said the company will source the finished products from its Barrie, Ontario facility to meet the growing demand for proprietary cannabis concentrates worldwide.
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