MediPharm Labs Expands In Brazil Via Supply Deal With XLR8
MediPharm Labs Corp. (TSX:LABS) (OTCQX: MEDIF) confirmed Tuesday a partnership with a Rio de Janeiro-based distributor, which will bolster the company's delivery services to the largest medical cannabis market in Latin America.
Pursuant to the two-year deal, which would commence upon the product authorization, MedPharm Labs opted to provide a wide range of cannabis concentrate formats for formulated products later distributed by XLR8 BRAZIL.
“Our view, Brazil is destined to be a global powerhouse in medical cannabis," XLRE chief executive Thiago Callado said.
Initially, MediPharm would supply XLR8 with 20:1 CBD rich product and a 10:10 balanced THC and CBD formulation.
In addition, XLR8 agreed to handle obtaining of ANVISA Sanitary Product Authorization.
“By virtue of its large population, forward-thinking legislative eco-system and economic strength, Brazil is one of the world’s most promising medical cannabis markets and the natural next port of call for our international expansion and growth strategy,” said MediPharm Labs CEO Pat McCutcheon.
Meantime, earlier this month, MediPharm boosted its presence in Latin America, through its subsidiary, by inking a deal with Cann Farm Peru S.A.C.
Under the agreement, MediPharm optioned to supply the Lima-based producer and distributor for Peru and Latin America with cannabis oil.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.