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MediPharm Labs Corp. (TSE: LABS) (OTC:MEDIF) announced that its subsidiary has entered into a two years supply agreement with a New Zealand company.
MediPharm Labs Australia will provide white-label cannabis oil products to Cannasouth (NZSD: CBD).
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Under the agreement, MediPharm will supply GMP certified premium cannabis products that satisfy the strict standards set by the New Zealand Ministry of Health’s Medicinal Cannabis Scheme.
"This is an important development in Cannasouth's initial go-to-market product strategy," said Mark Lucas, Cannasouth's CEO. "Patients are desperately waiting for high-quality and competitively priced new cannabis-based medicines to become available under the Medicinal Cannabis scheme, and we are very pleased to achieve this first important step in that process.
"Meanwhile, Cannasouth’s experienced team of scientists will continue R&D efforts to develop our own next-generation medicinal cannabis products, which is phase two of our product development plan.”
Warren Everitt, CEO of MediPharm Labs Australia, also praised the deal.
“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,” Everitt said.
Cannasouth will have exclusive rights to the formulation in New Zealand's market, and MediPharm will supply the products with Cannasouth's branding.
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Photo courtesy of MediPharm
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.