LEAMINGTON, ON, Dec. 12, 2018 /PRNewswire/ – Aphria Inc. ("Aphria" or the "Company") (TSX: APHA andNYSE: APHA) today announced that it has signed a Letter of Intent (the "LOI") with Insumos Medicos S.A. ("Insumos"), a Paraguayan pharmaceutical manufacturing, import and distribution company, to enter into an exclusive supply and distribution agreement to provide medical cannabis in Paraguay.
"Latin America continues to represent an important growth opportunity within the global medical cannabis industry, and we are excited to be among the first to enter the rapidly emerging market in Paraguay," said Jakob Ripshtein, President of Aphria. "Our strategic partner, Insumos, is well-positioned to establish a leading presence for the Company's products throughout the country. Aphria will continue to expand its footprint in the most strategic markets in Latin America and around the world through its diversified approach to innovation, partnerships and expansion."
Insumos is a distributor of pharmaceuticals to hospitals within Paraguay. Insumos has the network, relationships, and reach to bring Aphria's products to patients in need across the country. As part of the proposed agreement, Insumos will undertake the registration of Aphria's products with Paraguay's Ministry of Public Health and Social Welfare and appropriate licensing for the import of medical cannabis.
Upon completion of the proposed agreement, Paraguay will become the third market in Latin America, following Argentina and Colombia in which Aphria products will be distributed. Entering Paraguay is in line with the Company's continued long-term strategy for international expansion. Today, Aphria's global presence extends across Canada, Europe, Latin America, the Caribbean, Africa and Oceania.
We Have A Good Thing Growing
Aphria is a leading global cannabis company driven by an unrelenting commitment to our people, product quality and innovation. Headquartered in Leamington, Ontario – the greenhouse capital of Canada – Aphria has been setting the standard for the low-cost production of safe, clean and pure pharmaceutical-grade cannabis at scale, grown in the most natural conditions possible. Focusing on untapped opportunities and backed by the latest technologies, Aphria is committed to bringing breakthrough innovation to the global cannabis market. The Company's portfolio of brands is grounded in expertly-researched consumer insights designed to meet the needs of every consumer segment. Rooted in our founders' multi-generational expertise in commercial agriculture, Aphria drives sustainable long-term shareholder value through a diversified approach to innovation, strategic partnerships and global expansion, with a presence in more than 10 countries across 5 continents.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!