German pharmaceutical company Stada has signed a medical cannabis supply agreement with Barrie, Ontario-headquartered MediPharm Labs, the Canadian company said.
In exchange, Stada will commercialize the cannabis products, initially in Germany, according to a news release.
Stada, based in Bad Vilbel, Germany, says its products are sold in approximately 120 countries.
A MediPharm spokesperson told Marijuana Business Daily the company expects its first products to be available in the German market “early next year.”
The spokesperson confirmed that the deal is binding but declined to discuss quantities.
Last December, MediPharm received its first GMP certification – a quality acknowledgement that is required to market medical cannabis extracts in Europe.
MJBizDaily‘s European report, published earlier this year, estimated annual sales in 2019 in Germany of at least 170 million euros ($200 million) at retail value.
Recently, MJBizDaily exclusively reported that applications for medical cannabis reimbursements with German statutory health insurers, which started in March 2017, reached the 100,000 milestone this year; 62% of the applications were approved.