A major Canadian licensed producer has sealed an arrangement with a Dutch pharmaceutical distributor to market and sell its medical marijuana products in 17 countries.
Saskatchewan-headquartered CanniMed Therapeutics, traded on the Toronto Stock Exchange as CMED, entered into a global marketing and distribution agreement with Fagron NV of the Netherlands.
Financial terms were not disclosed.
Under the agreement, Fagron will utilize its existing international network to market and distribute CanniMed’s products in more than a dozen countries.
The companies’ initial focus will be on Germany, and they said in a news release they expect sales to commence in the European country later this year.
CanniMed anticipates the majority of products in the countries will be oils and oil-derived products such as capsules, sublingual wafers and topical creams.
CanniMed is the latest Canadian licensed producer to make inroads into the burgeoning German medical marijuana market. Others include Nuuvera (TSXV: NUU), Cronos Group (TSXV: MJN), Tilray, Aurora Cannabis (TSE: ACB) and Canopy Growth (TSE: WEED).
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