MediPharm Labs Corp’s (OTCMKTS:MEDIF) subsidiary MediPharm Labs Inc. has entered an exclusive supply agreement with consumer healthcare and generics company STADA.
Partnership to bring medical cannabis to customers in Germany
The partnership is a huge milestone for the cannabis sector as STADA forges away as a large pharmaceutical firm commercializing medical cannabis. This collaboration affirms the GMP pharmaceutical-quality cannabis production from MediPharm and the combined 125-year heritage of STADA and the experienced sales and marketing platform to meet demand in Germany. It is estimated that the market will hit $1.5 billion by 2025.
Peter Goldschmidt, the CEO of STADA, said that the partnership shows the company’s ambition as the go-to partner for consumer health, generics, and specialty products. He said that MediPharm they are working with a strong partner in the medicinal cannabis sector. The partnership will help the company meet the needs of patients and pharmacists and deliver on the company’s mission of caring for people.
According to the partnership terms, STADA will receive GMP certified medical cannabis products, regulatory and logistics support from MediPharm. STADA will, on the other hand, focus on commercializing the products in Germany at first before expanding to the rest of Europe and other territories. The partnership is also an indication of MediPharms’ foray into the European market’s global pharmaceutical sector.
MediPharm Acquires 100% interest in MediPharm Labs Australia
Recently the MediPharm announced the signing of a share sale and purchase deal with its Australian subsidiary to buy 20% ownership interest in its 80%-owned MediPharms Labs Australia subsidiary. Once the transaction is closed, Medipahrms Labs Australia will become a wholly-owned subsidiary of the company.
Pat McCutcheon, the CEO of MediPharm Labs, said that since its establishment, the Australian subsidiary has been a cornerstone in its strategy of serving the global medical, wellness, and adult-use cannabis markets. He added that following the acquisition of 100% interest in the subsidiary, it will continue representing a strategic segment in MediPharm’s global supply chain.