SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc. (TSX:CMED) (“CanniMed” or the “Company”) is pleased to announce the signing of a definitive supply agreement with Akula Trading 2 Pty Ltd., a private South African corporation. The agreement contemplates export sales of CanniMed® oil products in Africa, with initial sales planned to be in South Africa, population 55 million, to be followed by sales in other African countries.
Applications to the South African Medicines Control Council (MCC) are being prepared for oil product sales, which are expected to be followed by sales of capsules.
“Today’s announcement marks another very significant milestone in the Company’s international expansion plans,” said Brent Zettl, President and CEO, CanniMed Therapeutics Inc. “We look forward to working in collaboration with our new partners to provide not only our industry-leading medical cannabis products, but also the educational support that medical professionals need in relation to this important treatment option.”
Medical cannabis is expected to be prescribed in South Africa through an application by a medical doctor and dispensed through pharmacy outlets nationally. CanniMed will additionally provide Akula management and their medical sales representatives with an educational program designed to support the full penetration of medical cannabis treatment to physicians and hospitals.
“Since it was announced in South Africa that medical cannabis was being legalized late last year, we have been researching the right partner to adequately supply a consistent and safe medication for introduction in our region of the world,” said Graham MacKintosh, Chief Operations Officer, Akula Trading 2 Pty Ltd. “There was no question once we began discussions and negotiations with CanniMed Therapeutics Inc. that they have a well-developed and proven medical cannabis brand for introduction to medical professionals in Africa.”
About CanniMed Therapeutics Inc.
CanniMed 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.
The Company, 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 incidents of product diversion or recalls.
Notice Regarding Forward Looking Statements
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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.