MediPharm Labs Expands Denmark Revenue Opportunity, Enters New Supply Agreement with DanCann Pharma.
MediPharm Labs Corp. (TSXV:LABS), a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced it has entered into a new white-label supply agreement with DanCann Pharma A/S. The company will be serviced by both GMP approved facilities, MediPharm Labs Inc. and MediPharm Labs Australia Pty Ltd. This marks MediPharm Labs' third supply agreement for the export of finished products to Denmark expanding its revenue opportunity in an emerging medicinal cannabis market.
DanCann Pharma is a medical cannabis company focused on discovering, developing, manufacturing and commercializing new therapeutic cannabinoids in a wide range of disease areas. DanCann Pharma manufactures and imports prescription and over-the-counter, pharmaceuticals focused on pain patients with alternative needs and management to handle their illness, covered by the Danish Pilot Program for medical cannabis – with future targets for further and new patient groups and segments.
"We continue to build our presence and reputation as an Active Pharmaceutical Ingredient supplier in emerging markets such as Denmark where we are qualified by our GMP-certified production capabilities for medicinal, wellness and adult use applications," said Pat McCutcheon, CEO, MediPharm Labs. "We are pleased to be adding a healthcare focused company like DanCann Pharma to our growing customer portfolio as they look to develop new and innovative medical cannabis products in therapeutic areas we believe will drive additional growth opportunities in a young market like Denmark and the rest of Europe."
Pharmaceutical cannabis- and cannabinoids are an important and exciting industry showing signs of strong growth.Jeppe Krog Rasmussen, Founder and CEO at DanCann Pharma
Under the agreement, which has an initial two-year term, MediPharm Labs will supply a full range of specially formulated CBD and THC cannabis oil products that will be white-labeled for distribution.
"At DanCann Pharma our vision is clear, to improve the health and quality of life for patients facing challenges and while working to create new cannabis- and cannabinoid-based pharmaceuticals for the future. Our focus on differentiated innovative drug administration systems will enable us to create a leading Scandinavian cannabis- and cannabinoid-based company," said Jeppe Krog Rasmussen, Founder and CEO, DanCann Pharma. "We are very excited about this collaboration with MediPharm Labs, and look forward to soon being able to deliver products to the many Danish, and in the future, Scandinavian patients who seek alternative treatment who have not been successful with conventional medicine."
About Denmark's Medical Cannabis Market
Denmark launched its four-year medical cannabis pilot program on January 1st, 20181. Post-harvest Good Manufacturing Processes (GMP) is required for distribution of medical cannabis products in Denmark2.
Through the program, physicians can prescribe medical cannabis for all purposes and are guided by recommendations in four areas: pain caused by multiple sclerosis, pain caused by spinal cord damage, side effects from chemotherapy treatment and neuropathic pain that is due to brain, spinal cord or nerve damage3. The guidelines published by the Danish Medicines Agency are based on an extensive review of literature as well as assessments of: cannabis schemes in the Netherlands, Canada and Israel; previous cannabis drug approvals in Europe and the US; and scientific evidence by the National Academy of Sciences (USA, 2017).
Denmark granted patients legal access to cannabis-based medicinal products two years ago as part of a four-year pilot program. The program provides patients with safe product access and national health authorities with patient data that they can use to understand usage and efficacy. According to information complied by New Frontier Data and the Danish Ministry of Health, over 2,100 patients (primarily women between the ages of 42-64) received cannabis-based medicinal products from 429 prescribing doctors under this program in 2019.
To learn more about MediPharm, visit their company HQ here.
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