MediPharm Labs and Cannasouth Plant Research New Zealand Limited enter into two year agreement.
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 Cannasouth Plant Research New Zealand Limited, a subsidiary of Cannasouth Limited (NZX:CBD). This agreement marks MediPharm Labs Australia's second white-label supply agreement for the export of finished products to the medical cannabis market in New Zealand.
Under the two-year agreement, MediPharm Labs Australia will supply a range of GMP certified cannabis oil products that meet the high-quality standards set by the New Zealand Ministry of Health's Medicinal Cannabis Scheme which came into effect on April 1, 2020, and requires all medicinal cannabis products be manufactured under Good Manufacturing Practices.
As New Zealand is set to start seeing increased demand from patients for medicinal cannabis, MediPharm Labs will be ready to provide patients with a reliable supply of innovative pharma-quality products they can trust.Warren Everitt, Chief Executive Officer
"We are thrilled to be working with Cannasouth to bring new formulations and products to the New Zealand market. MediPharm Labs is well equipped with our expertise, pharma-focused team of scientists, and GMP platform to meet the new quality standards set out by New Zealand's regulators requiring all medicinal cannabis products be manufactured under GMP," said Warren Everitt, Chief Executive Officer, MediPharm Labs Australia.
"After an exhaustive effort researching white-label suppliers around the globe who were able to meet New Zealand's quality standards, we were impressed with MediPharm Labs' product range and quality standards," said Mark Lucas, Chief Executive Officer, Cannasouth. "This is an important development in Cannasouth's initial product strategy, and will be a great first step for Cannasouth in supplying prescribers with quality medicinal cannabis products. Patients are desperately waiting for new cannabis-based medicines to become available under New Zealand's Medicinal Cannabis Scheme and this is the first step in that process".
Also under the agreement, Cannasouth will be the exclusive New Zealand purchaser of certain formulations and dosage forms. The products will be supplied with Cannasouth's branding.
The agreement is conditional on confirmation from the New Zealand Medicines and Medical Devices Safety Authority and Cannasouth that the products meet specified quality and regulatory requirements, along with Cannasouth confirming certain insurance arrangements.
To learn more about MediPharm Labs, visit the company HQ here.
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