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Be the first with the news that moves the market- MediPharm Labs’ (TSX:LABS) subsidiary, MediPharm Labs Australia, has begun shipping its white-label products to Helius Therapeutics
- Under the agreement, the New Zealand-based company will receive pharmaceutical-grade cannabis oil products
- This is MediPharm Labs Australia’s first international supply agreement
- The deal will become effective upon regulatory approval from the New Zealand Medicines and Medical Devices Safety Authority
- MediPharm Labs (LABS) down 0.51 per cent to C$1.94 per share, with a market cap of $253.88 million
MediPharm Labs’ (TSX:LABS) subsidiary, MediPharm Labs Australia, has begun shipping its white-label products to New Zealand.
Helius Therapeutics, a biotechnology company focused on cannabis production and distribution, will receive a range of pharmaceutical grade cannabis oils. Through its established network, Helius will distribute the finished products under its own brand to licensed pharmacies across the country.
Earlier this month, MediPharm Labs Australia signed another white-label agreement for the domestic supply of its products. However, the deal announced today represents the company’s first international supply agreement.
Under current laws in New Zealand, medicinal cannabis products must not be made available in a form intended for smoking. A physician’s prescription is also required for unapproved medicines.
That said, industry regulations are beginning to change. Paul Manning, CEO of Helius Therapeutics, noted the dynamic and evolving cannabis market in New Zealand.
“Under new regulations enacted this month, Helius Therapeutics is excited to begin serving patients through healthcare professionals and licensed pharmacies across the country.
“Even more encouraging, is our ability to remain ahead of the curve as we look to source new active pharmaceutical ingredients and innovative products from MediPharm Labs as we expand our offerings to meet evolving patient needs,” he said.
According to the specifics of the agreement, which will have an initial term of two years, MediPharm Labs Australia will supply a variety of Good Manufacturing Practice (GMP) products. These will include High-CBD, ‘Balanced’ and High-THC formulations in an under-the-tongue dose form.
Warren Everitt, CEO of MediPharm Labs Australia, said he is pleased to be working with a company so committed to the provision of pharmaceutical-grade cannabis products.
“New Zealand is poised to see increased demand from patients for medicinal cannabis as new rules put in place this month are expected to make it easier, while providing more confidence, for doctors looking to prescribe medicinal cannabis products.
“With our expertise, pharma-focused team of scientists, and global supply chain of GMP oil-based products, we are positioned well to meet demand and the new minimum quality standards set out by regulators that require all medicinal cannabis products distributed in New Zealand be manufactured under GMP,” he added.
MediPharm Labs (LABS) is currently down 0.51 per cent to C$1.94 per share at 9:47am EST.
