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Be the first with the news that moves the market- Avicanna (TSX:AVCN) has signed an importation and distribution agreement with Australia-based Cannavalate Pty Ltd
- The deal will enable the supply of Avicanna’s Rho Phyto™ products under the Australian Therapeutic Goods Special Access Scheme
- The company will also supply Cannavalate with a white-label line of advanced cannabinoid phyto-therapeutic products
- Avicanna’s products are expected to be manufactured in Colombia before being sent to Australia
- Shares in the company are currently down 4.32 per cent to C$1.77, with a market cap of C$38.91 million
Avicanna (TSX:AVCN) has signed an importation and distribution agreement with Cannavalate Pty Ltd.
Cannavalate is the largest end-to-end solution provider for Licensed Producers looking to initiate growth in the Australian market.
Under the agreement, Avicanna will supply its Rho Phyto™ products to Cannavalate in accordance with the Australian Therapeutic Goods Special Access Scheme.
The company will also supply various pharmaceutical ingredients and advanced cannabinoid phyto-therapeutic products on a white-label basis.
“After significant due diligence into the Australian market and its operators we are pleased to be able to introduce Cannvalate as our partners in the region,” said Avicanna CEO, Aras Azadian.
“Our two companies are aligned on a strictly medical approach backed by sustainable processes, data driven R&D and clinical development which will be to the benefit of the Australian patients and medical community at large.”
Cannavalate will act as an exclusive distributor, but will remain subject to minimum purchase requirements.
“We are delighted to assist Avicanna with market entry to Australia which is one of the fastest growing pureplay medicinal cannabis markets globally,” said Cannavalate CEO, Sud Agarwal.
“We look forward to assisting Avicanna with meeting the stringent Office of Drug Control testing requirements and designing TGA-compliant physician education/ detailing campaigns.”
It’s expected that the products will be manufactured at the facilities of Avicanna’s exclusive Colombian partner, Altea Farmaceutica S.A. before shipping to Australia.
Originally developed and optimized in Canada, the products will use extracts from Santa Marta Golden Hemp S.A.S., a subsidiary of Avicanna.
Shares in the company are currently down 4.32 per cent to C$1.77, with a market cap of C$38.91 million.
