Another Canadian pharmacy company has jumped into the medical marijuana business by locking up a supply agreement with a licensed producer, bringing to three the number of chain operators angling to enter the MMJ industry.
Toronto-based Maricann Group has signed an exclusive deal with Lovell Drugs, Ontario’s oldest pharmacy chain. Financial terms were not disclosed.
And unlike the two previous deals between pharmacies and medical cannabis growers, this one doesn’t need approval from Health Canada before MMJ can be supplied to patients.
That’s because Maricann will fulfill prescriptions via registered mail directly to Lovell’s patients under the existing Access to Cannabis for Medicinal Purposes Regulations.
By contrast, CanniMed Therapeutics earlier this month signed an agreement with PharmaChoice to supply medical cannabis products to its 750 pharmacy locations across Canada.
And Shoppers Drug Mart struck a deal with Aphria to well MMJ online.
Lovell Drugs fulfilled its first prescription Dec. 1.
Part of the agreement involves Lovell implementing a medical cannabis education and access program for its pharmacists and “allied” community physicians.
The agreement lasts four years, with an option to extend another three years if the parties mutually agree.
Lovell will receive a percentage of Maricann’s revenue.
Maricann Group is traded on the Canadian Securities Exchange under the symbol MARI.