Adjupharm Signs Supply Agreement with MediPharm Labs, Paving Way for IM Cannabis-Branded Extracts Launch in German Market
Tuesday, April 13, 2021, 7:50 AM ET
TORONTO, ON and BAD OLDESLOE, GERMANY and GLIL YAM, ISRAEL / ACCESSWIRE / April 13, 2021 / IM Cannabis Corp. ("IMC" or the "Company") (CSE:IMCC)(NASDAQ:IMCC), a multi-country operator ("MCO") in the medical and adult-use recreational cannabis sector with operations in Canada, Israel and Germany, announced that its subsidiary, Adjupharm GmbH ("Adjupharm"), recently signed a supply agreement (the "Supply Agreement") with MediPharm Labs Australia Pty Ltd, a subsidiary of MediPharm Labs Corp. ("MediPharm Labs") (TSX:LABS), (OTCQX:MEDIF), (FSE:MLZ), a global leader in specialized, research-driven, pharmaceutical-quality cannabis extraction, distillation and derivative products. The initial term of the Supply Agreement is two years, with a two-year automatic extension period.
Subject to fulfilling applicable regulatory and import requirements, the medical cannabis formulations and products manufactured by MediPharm Labs to be supplied under the Supply Agreement will enable Adjupharm to launch a new category of IMC-branded extracts in Germany. This will include a range of specially formulated high THC, balanced THC and CBD cannabis oil products expected to launch in Germany in the second half of 2021.
"The Supply Agreement with MediPharm Labs, a global leader in cannabis extracts, enables IMC to enter the extracts market and further expand its product portfolio," said Oren Shuster, CEO of IMC. "Not only is IMC continuing to execute its strategic growth and business plan, the Company is also rapidly expanding its premium products portfolio, providing its distributors with more variety and higher quality products. As the German extracts market grows, IMC aims to become the industry leader by leveraging relationships that it has cultivated over many years. With IMC's strong international position, EU-GMP compliance and continued patient-first focus, the Company's mission is to continue introducing new products to the market."
"Our first priority has always been to address the growing demand from both patients and physicians for the best medical cannabis available," added Richard Balla, CEO of Adjupharm. "We look forward to working closely with MediPharm Labs to meet patients' needs and expand our offerings to our distribution network in Germany."
"Our focus at MediPharm Labs is to bring innovative, high-quality pharmaceutical, medical and wellness products that patients and consumers can trust for their personalized therapeutic needs," concluded Keith Strachan, President and Interim CEO of MediPharm Labs. "We are excited to partner with leading multi-country operators like IMC that help to satisfy the growing demand for premium products in cannabis markets. With our specialized technologies, formulation expertise, GMP-certified manufacturing capabilities and global supply chain, we remain the go-to provider for new pharmaceutical and wellness cannabis brands and companies."