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Be the first with the news that moves the market- MediPharm Labs (TSX:LABS) has signed a supply agreement with Argentia Gold to bring cannabis-infused products to Canada’s Atlantic region
- Over an initial two-year period, MediPharm will provide Argentia with branded tincture bottles of CBD cannabis resin
- Argentia will then distribute these products to retailers in Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick
- Atlantic Canada has the highest consumption rates per capita of cannabis and cannabis-related products
- MediPharm Labs (LABS) is currently down 2.88 per cent and is trading at C$1.86 per share, with a market cap of $243.41 million
MediPharm Labs (TSX:LABS) has signed a supply agreement with Argentia Gold to bring cannabis-infused products to Canada’s Atlantic region.
Headquartered in Barrie, Ontario, MediPharm specialises in pharmaceutical-grade cannabis extraction and distillation, as well as the manufacturing of derivative products.
The agreement will have an initial term of two years, under which MediPharm will supply Argentia Gold-branded tincture bottles of CBD cannabis resin.
For its part, Argentia will distribute and sell the products to retailers in Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick.
According to the results of a 2019 National Cannabis Survey, consumption rates for cannabis and cannabis-related products are the highest per capita in the Atlantic Canada region.
This includes 26.8 percent in Nova Scotia, 25.2 per cent in Newfoundland and 23.2 per cent in Prince Edward Island, compared to 18.1 per cent in Ontario.
Pat McCutcheon, CEO of MediPharm Labs, said customers in the Atlantic area will be receiving the very best cannabis-infused products.
“Argentia Gold is deeply invested in their community, understands the market, knows local preferences and with a trusted portfolio of premium products will no doubt grow into one of Canada’s foremost licensed producers,” he said.
Dave Thomson, President of Argentia Gold, also commented on the agreement, noting that the partnership with MediPharm is a virtual guarantee of success.
“As our white-label supply partner, MediPharm Labs is able to address exactly what we need: reliable, responsive production that meets Good Manufacturing Practice standards backed by some of the cannabis industry’s most knowledgeable scientists, pharmaceutical professionals and extraction specialists,” he said.
MediPharm Labs (LABS) is currently down 2.88 per cent and is trading at C$1.86 per share at 1:31pm EDT.
