SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc. (TSX: CMED) (“CanniMed” or the “Company”), has completed the first shipment of commercial cannabis oil to enter Australia through the sale and delivery of 3,600 ml of CanniMed® Oils to Health House International Pty. Ltd. of Perth, Australia (“Health House”).
Upon completion of the first shipment, the Company received three additional import permits from Health House, issued by the Australian Department of Health. The additional permits are for an additional 360,000 ml of CanniMed® Oil products to be shipped by the end of September 2017, subject to receipt of export permits from Health Canada which are in process.
“This major milestone, just four months after our initial public offering, has CanniMed pacing six months ahead of schedule and increases our potential market to more than 60 million people. Our first international shipment of medical cannabis products for commercial use by pharmacists in Australia, and the receipt of three additional Australian import permits, positions CanniMed as a leading global provider of cannabinoid-based medicines,” said Brent Zettl, President and CEO of the Company. “The Company is well-placed for this international expansion, in addition to serving the increasing number of Canadian patients who trust us to support their care.”
Health House is owned by Western Australian pharmacist Paul Mavor, a retail pharmacist with 30 years of experience, including ownership of several community pharmacies. Mr. Mavor began researching cannabis as a medicine for his patients after seeing some initial clinical study and safety data, specifically in chronic pain, multiple sclerosis and chemotherapy-related side effects seen in cancer patients.
“We are excited to be the first company to import CanniMed® Oils into Australia for commercial use as there has been a significant amount of interest from both patients and prescribers throughout the country,” said Paul Mavor, Pharmacist, Health House International. “We selected CanniMed Therapeutics as our import partner since their medical cannabis is produced to the highest medical standard. We believe that cannabis should be considered for a number of patients who have no other treatment options.”
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 production process 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.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”, including statements with respect to the shipment of additional oil products by the end of September 2017. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
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 risk that shipment of additional oil products by CanniMed will be delayed beyond September 2017, the risk that the export permit will not be issued in a timely manner and 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.