SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc. (TSX: CMED) (“CanniMed”) is pleased to announce that it has entered into a definitive agreement with PharmaChoice for supply of CanniMed’s herbal, oils and oil derivative cannabis products to PharmaChoice’s over 750 pharmacy locations across Canada. Pursuant to the agreement, PharmaChoice has committed exclusively to CanniMed as its sole supplier of cannabis products, subject to CanniMed meeting certain product and volume requirements.
Commencement of supply of CanniMed’s cannabis products is conditional on Health Canada’s approval of medical cannabis product distribution through pharmacies.
“Pharmacists are Canada’s most trusted resource for medication counselling, often interacting with patients more than any other healthcare professional. As a result, we believe that pharmacies are perfectly positioned to become a major conduit for education on safe medical cannabis prescription and usage,” said Brent Zettl, President and CEO of CanniMed. “As Canada’s second largest independent pharmacy banner, we anticipate that PharmaChoice will become a major product distributor for us. PharmaChoice recognizes the value that CanniMed brings to the table, our focus on producing pharmaceutical grade cannabis and our manufacturing capabilities to provide reliably safe products for our patients. We look forward to working closely with PharmaChoice to prepare for and manage the anticipated rapid growth of PharmaChoice’s medical cannabis distribution across Canada.”
Grady Brown, CEO, PharmaChoice West adds, “We recognize the therapeutic impact that medical cannabis has had on the lives of Canadians who have been prescribed the drug and found benefit in the therapy and firmly believe that pharmacists play an integral role in patients’ management of their wellbeing, including the use of medical cannabis. We feel very strongly that our education collaboration with CanniMed will position PharmaChoice pharmacists as the most educated and prepared to assist patients in achieving their therapeutic goals with medical cannabis treatment.”
“We are extremely confident in the industry-leading research and product development that CanniMed offers,” says Calvin LeRoux, CEO, PharmaChoice East. “CanniMed’s focus sets them apart from the other producers in the space, and the professional education opportunities they have developed for us will give our pharmacists the confidence to engage with patients.”
About CanniMed Therapeutics Inc.
CanniMed is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 16 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 incident of product diversion or recalls.
PharmaChoice is a member-owned cooperative which has more than doubled in size in the past five years to its current position as Canada’s second largest independent pharmacy banner representing more than 750 independent pharmacy owners across Canada and generating over $1.5 billion in annual pharmacy sales. Launched in 1999, PharmaChoice empowers independent drug stores by combining their buying power and supporting them with professional services and a wide range of front store programs.
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 the commencement of supply of product by CanniMed to PharmaChoice and other future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. 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 Health Canada will not approve, or will delay approval of, the distribution of medical cannabis products through pharmacies, and the risks described in CanniMed Therapeutics Inc.’s documents filed with applicable Canadian securities regulatory authorities which may be viewed at 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.