A top Canadian medical cannabis producer signed a deal to become the largest supplier of medical marijuana products to a pharmaceutical distributor in Germany.
MedReleaf, based in Markham, Ontario, and listed as LEAF on the Toronto Stock Exchange, expects shipments to Cannamedical Pharma GMBH to commence in the coming weeks, according to a news release from the company.
MedReleaf must still obtain Good Manufacturing Practices (GMP) certification and receive export permits from Health Canada.
All products shipped to Germany must comply with the European Union’s GMP, an internationally recognized quality standard.
Companies have flocked to the EU’s largest market to tap what is expected to become one of the world’s largest medical marijuana markets this year.
Canadian medical marijuana is available in most of Germany’s pharmacies from producers such as Canopy Growth, Tilray, Aurora and Cronos Group.
The German medical cannabis market at a glance:
- MMJ sales are conducted exclusively through pharmacies.
- The number of patients grew from 500 in early 2017 to more than 13,000 by the end of the year.
- MMJ is within reach of 70 million residents under Germany’s statutory health insurance system. Patients are free to shop around for a medical plan, some of which include MMJ coverage.
- The country currently has no domestic cannabis producers, leading it to rely on imports to meet demand.