Medipharm Labs enters into agreement with Helius Therapeutics.
MediPharm Labs Corp. (TSX: LABS) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, is pleased to announce that its subsidiary, MediPharm Labs Australia Pty Ltd, has entered into an agreement to supply pharmaceutical-quality (GMP certified), white-label, cannabis oil products to Helius Therapeutics Limited, a biotechnology company focused on medicinal cannabis production, distribution and research and development.
This agreement represents MediPharm Labs Australia's first international supply agreement and is to export finished oil products to New Zealand based Helius Therapeutics. Through its established distribution relationships, Helius Therapeutics will distribute the medicinal cannabis products under its own brand to licensed pharmacies across New Zealand. In New Zealand, medicinal cannabis products must not be in a form intended for smoking and require a physician's script for unapproved medicines.
We are excited to be working with Helius Therapeutics, true industry leaders in medicinal cannabis production, distribution and clinical research committed to bringing pharma quality cannabis products to patients across New Zealand.Warren Everitt, Chief Executive Officer
"New Zealand is poised to see increased demand from patients for medicinal cannabis as new rules put in place this month are expected to make it easier, while providing more confidence, for doctors looking to prescribe medicinal cannabis products. With our expertise, pharma-focused team of scientists, and global supply chain of Good Manufacturing Practice (GMP) oil-based product, we are positioned well to meet demand and the new minimum quality standards set out by regulators that require all medicinal cannabis products distributed in New Zealand be manufactured under GMP." Said Warren Everitt, Chief Executive Officer, MediPharm Labs Australia
Under the agreement, which has an initial two-year term, MediPharm Labs Australia will supply a range of GMP certified cannabis oil products including a "High-CBD", a "Balanced" and a "High-THC" formulation in a sublingual dose form.
"New Zealand is one of the world's newest and most dynamic medicinal cannabis markets. Under new regulations enacted this month, Helius Therapeutics is excited to begin serving patients through healthcare professionals and licensed pharmacies across the country," said Paul Manning, Chief Executive Officer, Helius Therapeutics. "We are thrilled to be partnering with MediPharm Labs Australia, coupling one of New Zealand's largest medicinal cannabis companies with one of the world's leading cannabinoid wholesalers. Even more encouraging, is our ability to remain ahead of the curve as we look to source new active pharmaceutical ingredients and innovative products from MediPharm Labs as we expand our offerings to meet evolving patient needs."
The agreement will become effective upon confirmation from the New Zealand Medicines and Medical Devices Safety Authority (Medsafe) that the products meet applicable New Zealand quality and regulatory standards for medicinal cannabis products.
To learn more about Medipharm Labs Australia, visit the company HQ here.
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