MediPharm Labs Inc. inked a supply agreement with Cann Farm Peru S.A.C.
The news was announced Thursday by parent company MediPharm Labs Corp. LABS MEDIF.
Under the agreement, MediPharm opted to provide the Lima-based producer and distributor for Peru and Latin American markets with cannabis oil.
In addition, it would provide a wide range of cannabis concentrate formats.
The patient ready formulated products will be later distributed within Peru's pharmacies, the press release said.
In return, Cann Farm will secure all registrations, authorizations, and approvals for importing cannabis into the country.
MediPharm Labs said it expects delivery to commence in the last quarter of 2020, once it receives all regulatory approvals from the health authorities.
Pat McCutcheon, MediPharm Labs' CEO said that deal with Cann Farm is of "outstanding strategic value" for them because Peru is one of the "top medical cannabis markets in the world" and Cann Farm is one of "very few cannabis companies which hold both a Droguería license and cannabis importation license."
Cann Farm Peru's Executive President, Vazquez Vargas, stated "what impresses us most about MediPharm Labs is their focus on medical markets and their commitment to our production standards."
MediPharm's Footprint, Peru's Cannabis Market
Meanwhile, MediPharm has been expanding its international presence within the medical, wellness, and adult-use markets of Asia Pacific, Europe, and Latin America.
It's yet another company to enter the country's medical cannabis market, following the Khiron Life Sciences Corp.'s KHRN KHRNF debut in July.
Khiron Peru agreed to import CBD medical cannabis from Khiron Colombia, which obtained Narcotics National Fund's approval for export.
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