Under the three year agreement, MediPharm Labs will supply a range of cannabis oil products.
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 secured its first European white-label cannabis supply agreement with Therismos Limite, a subsidiary of Cannaray Limited.
Under the three-year agreement, MediPharm Labs Australia will supply a range of cannabis oil products that meet the high-quality standards set by the German Institute for Drugs and Medical Devices that requires all medicinal cannabis products be manufactured under Good Manufacturing Practices.
We are pleased to be working with a supply partner that can meet our strict requirements for laboratory controls, quality, reliability, traceability and scale.Scott Maguire, Chief Executive Officer of Cannaray
Cannaray, a leading UK-based medical cannabis and CBD lifestyle product company, recently acquired Therismos, a specialist pharmaceutical company with licences to import, handle, and distribute controlled drugs in various European countries.
"MediPharm Labs mirrors the qualities we seek in a medical supply partner," said Scott Maguire, Chief Executive Officer, Cannaray. "We note in particular that both of MediPharm Labs' production facilities have achieved GMP certification, thus guaranteeing high-quality pharmaceutical products. Cannaray's goal is to provide patients with high-quality, naturally derived medical products and become a European leading importer and distributor of such products. The MediPharm Labs relationship is one significant step forward in achieving this goal."
MediPharm Labs Australia is licensed by the Australian Therapeutic Goods Administration meeting internationally recognized GMP requirements. Since the TGA has entered into a mutual recognition agreement with the European Union, MediPharm Labs Australia's GMP certification has positioned it well to serve the needs of Cannaray as it expands its presence in Europe.
"Cannaray is the gold standard in its growing part of the European market and to be chosen as their white-label partner is a coup for MediPharm Labs Australia," said Pat McCutcheon, CEO of MediPharm Labs. "With the growing recognition of CBD's therapeutic benefits, Cannaray is in the right place at the right time with an outstanding product portfolio and a highly engaged team of professionals. We look forward to participating in their growth."
Also under the agreement, Therismos will purchase – within the United Kingdom and Ireland – certain formulations and dosage forms. The products will be supplied under branding designated by Therismos. The agreement is conditional on confirmation from the German Institute for Drugs and Medical Devices that the products meet specified quality and regulatory requirements.
The European Market: Growing a New Marketplace
Europe is widely recognized as one of the world's most difficult medical cannabis markets to enter because of its strict and varied regulatory framework and rigorous quality requirements often requiring GMP products. As medical cannabis markets continue to liberalize, Europe is also one of the world's most promising markets. European public acceptance of the benefits of medical cannabis legalization is gradually spreading, according to the Fifth Edition of Prohibition Partners' European Cannabis Report from February 2020. Prohibition Partners also estimated in that same report that the total European legal market, which includes medical cannabis and recreational cannabis, could be valued at almost US$2.5 billion by 2024 up from an estimated US$0.3 billion today.
MediPharm Labs Australia: GMP certified, ready to serve global markets
In May 2020, MediPharm Labs was granted its GMP Certification and Licence to Manufacture Therapeutic Goods, allowing storage of cannabis resin as an Active Pharmaceutical Ingredient and to engage in labelling, storage and release for supply as a Medicine Manufacturer of Oral Liquids within its specialized facility, which was designed to replicate the high-quality standards of the Company's Canadian production facility. It features multi-phase supercritical CO2 extraction equipment, clean rooms and testing laboratories.
MediPharm Labs Australia completed and celebrated its official facility opening in December 2019 when it also received State Licences for cannabis substances from the Department of Health and Human Services in Victoria, Australia. Under these State Licences, MediPharm Labs Australia is allowed to manufacture, store and supply cannabis products and medicines and, for research purposes, test cannabis at its facility. MediPharm Labs Australia also has its Cannabis Manufacturing Licence from the Australian Office of Drug Control under the Narcotic Drugs Act 1967. MediPharm Labs Australia holds ODC Import and Export Licences, allowing the import and export of cannabis resin and extracts, bulk medicinal cannabis oil and finished medicinal cannabis products.
To learn more about MediPharm Labs, visit the company HQ here.
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