SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc. (“CanniMed” or the “Company”) (TSX:CMED) today announced the receipt, through its wholly-owned subsidiary Prairie Plant Systems Inc., of the Company’s first two Health Canada issued export permits for medical cannabis oils. In addition, the Company has received initial purchase orders for all three CanniMed® Oils for distribution to both Australia and the Cayman Islands for pharmacy dispensing.
“We continue to execute our business plan with today’s milestone announcement, positioning CanniMed as a leading global provider of cannabinoid-based medicines,” said Brent Zettl, President and CEO of the Company. “Our focus on GMP-compliant manufacturing, which includes extensive quality controls, is a standard that international partners are demanding. These initial orders, while small in scale, represent a significant step for the Company and pave the way for what we believe will be a significant distribution channel for our CanniMed oil products.”
These two Health Canada-issued export permits will include all three of the CanniMed® Oil products (CanniMed® Oil 18:0, CanniMed® Oil 10:10 and CanniMed® Oil 1:20). By June 30, 2017, the Company will have shipped 3,600 ml and 12,960 ml of CanniMed® Oils to Australia and the Cayman Islands respectively.
The Company expects to be able to provide additional details with respect to these developing opportunities within the coming weeks.
About CanniMed Therapeutics Inc.
The Company is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 15 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant plant production processes and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
CanniMed Ltd., through its subsidiaries, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations. It was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of product diversion or recalls.
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Forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CanniMed Therapeutics Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks described in CanniMed Therapeutics Inc.’s documents filed with applicable Canadian securities regulatory authorities which may be viewed at www.sedar.com . The forward-looking statements included in this news release are made as of the date of this news release. CanniMed Therapeutics Inc. does not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, unless required by applicable securities legislation.