MediPharm Labs Corp. LABS MEDIF MLZ will extend its supply deal with Europe-based medical cannabis company ADREXpharma GmbH.
The Toronto-based company entered into a private label sales agreement for exports to Europe with the German licensed distributor of medical cannabis and controlled drugs in 2019.
Since then, MediPharm has been providing ADREXpharma with THC and CBD products for sale and distribution under the ADREXpharma brand in Germany.
The deal was renewed for five years, with an option for further extension.
MediPharm And Medical Cannabis Market In Germany
MediPharm boosted its presence in Germany by agreeing to supply GMP-certified medical cannabis products to pharmaceutical giant Stada Arzneimittel AG last year and by inking a two-year supply agreement with IM Cannabis’s IMCC IMCC subsidiary, Adjupharm GmbH in April.
Over the first quarter of 2021, the company finalized its first shipment of cannabis products to ADREXpharma and is poised to deliver the next one in the second quarter.
“With our global platform purpose-built to good manufacturing practices, MediPharm has established a strong foothold in the nascent, but burgeoning, German cannabis market,” Keith Strachan, president and Interim CEO of MediPharm, said Tuesday. “Our collaboration with ADREX has been an important and strategic step in our growth in this attractive market. We will continue to work together, combining ADREX’s experience and local networks with our licenses, production, and supply chain capabilities, to ensure German patients gain access to the high-quality cannabis products they can trust.”
As the largest medical cannabis market in Europe, Germany's patient base has grown to 128,000, the company reported, which led to a 34% increase in medical cannabis sales in 2020.
Mario Eimuth, a founding partner at ADREXpharma, said they are “excited having launched the first products produced by MediPharm in the growing German market and to expand our international footprint with this strategic collaboration.”
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