MediPharm Labs Australia agreed to supply a company in New Zealand with white label medical cannabis oil products.
New Zealand’s medical cannabis scheme commenced in April. But until the country’s domestic producers are licensed and fully operational, New Zealand will rely on imports to meet demand.
New Zealand company Cannasouth Limited will have exclusive rights to the formulation and dosage forms set out in the two-year deal.
Per the white label arrangement, MediPharm will supply the products with Cannasouth’s branding.
Cannasouth said it is unable to provide revenue estimates for sales.
The agreement is conditional on:
- Confirmation from the New Zealand Medicinal Cannabis Agency that the products meet quality standards and licensing requirements.
- Cannasouth confirming that MediPharm Labs’ manufacturing and testing operations align with industry standards and applicable regulatory requirements
- Cannasouth confirming insurance arrangements.
Cannasouth recently raised 5.7 million New Zealand dollars ($3.4 million) in fresh capital through the issue of roughly 15 million shares.
MediPharm Labs Australia is a subsidiary of subsidiary of Barrie, Ontario-based MediPharm Labs Corp.