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MediPharm Labs To Export Medical Cannabis Products To Germany

(RTTNews) - MediPharm Labs Corp. has entered the European medical cannabis market after it signed its first private label sales agreement with German pharmaceutical and medical cannabis distributor ADREXpharma GmbH. MediPharm noted that it is the first extraction-only company with a supply agreement for export to Germany.

Through its private label solutions platform, Canada-based MediPharm Labs will supply ADREXpharma with cannabis concentrate derivative products that will be sold and distributed under the ADREXpharma brand in Germany upon receipt of applicable regulatory approvals. The cannabis concentrate derivative products include THC and CBD oil.

ADREXpharma is an independent German pharmaceutical company specialized in the development and distribution of medicinal cannabis in the European market. The company has developed several dosages such as extracts, powder, resin, and flowers for the growing pharma market in Germany.

ADREXpharma can serve all of the approximate 20,000 pharmacies in Germany through its supply network, MediPharm Labs noted.

"Germany is one of the largest and fastest growing medical cannabis markets in the world and represents MediPharm Labs' second major international milestone as we prepare to export our private label cannabis concentrates into Germany," said Pat McCutcheon, CEO of MediPharm Labs.

The German medical cannabis market has become one of the largest growing medical cannabis markets outside of North America.

According to a Bank of Montreal report in August 2019, the number of German medical cannabis patients has increased to an estimated 30,000 to 50,000 patients from 1,000 since legalization in 2017, with the patients paying higher average prices than in Canada.

A report published by the Bank of Montreal in November 2018 estimated the European Union medical cannabis market size could reach $30 billion by 2026.

In early September, MediPharm Labs said its subsidiary MediPharm Labs Australia Pty. Ltd. entered into a private label sales and manufacturing agreement with a licensed cannabis producer in Australia.

Under the terms of the manufacturing agreement, MediPharm Labs Australia will purchase dried flower from the licensed producer and sell private-label cannabis oil and manufactured products in Australia. The agreement has a twelve-month term with options to extend.
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