CanniMed expands international supply partnerships to Africa
AA – CanniMed Therapeutics Inc. (TSX:CMED) (“CanniMed” or the “Company”) is pleased to announce the signing of a definitive supply agreement with Akula Trading 2 Pty Ltd., a private South African corporation. The agreement contemplates export sales of CanniMed® oil products in Africa, with initial sales planned to be in South Africa, population 55 million, to be followed by sales in other African countries.
Applications to the South African Medicines Control Council (MCC) are being prepared for oil product sales, which are expected to be followed by sales of capsules.
“Today’s announcement marks another very significant milestone in the Company’s international expansion plans,” said Brent Zettl, President and CEO, CanniMed Therapeutics Inc. “We look forward to working in collaboration with our new partners to provide not only our industry-leading medical cannabis products, but also the educational support that medical professionals need in relation to this important treatment option.”
Medical cannabis is expected to be prescribed in South Africa through an application by a medical doctor and dispensed through pharmacy outlets nationally. CanniMed will additionally provide Akula management and their medical sales representatives with an educational program designed to support the full penetration of medical cannabis treatment to physicians and hospitals.
“Since it was announced in South Africa that medical cannabis was being legalized late last year, we have been researching the right partner to adequately supply a consistent and safe medication for introduction in our region of the world,” said Graham MacKintosh, Chief Operations Officer, Akula Trading 2 Pty Ltd. “There was no question once we began discussions and negotiations with CanniMed Therapeutics Inc. that they have a well-developed and proven medical cannabis brand for introduction to medical professionals in Africa.”
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