As at March 24, 2023Show prices
SASKATOON, Saskatchewan–(BUSINESS WIRE)–
CanniMed Therapeutics Inc. (TSX:CMED) (“CanniMed”) and PharmaChoice today signed a letter of intent to collaborate on pharmacist education and the distribution, sale and marketing of medical cannabis products.
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This industry-leading collaboration will see CanniMed responsible for producing and delivering accredited pharmacy education programs to PharmaChoice pharmacists and pharmacy technicians across Canada. In addition, CanniMed and PharmaChoice intend to enter a definitive agreement for distribution of medical cannabis through PharmaChoice pharmacists in Canada upon completion of the first provincial legislation change that allows such distribution.
“We are pleased that PharmaChoice recognizes the value of CanniMed’s core focus on professional education, our ability to produce standardized medical cannabis products in compliance with the government’s Good Manufacturing Practice standards, and our manufacturing capabilities to provide reliably safe products for our patients,” said Brent Zettl, President and CEO of CanniMed. “We believe that our industry is at the cusp of an important shift that will expand the role of pharmacists in counselling patients and dispensing medical cannabis products.”
PharmaChoice West CEO, Grady Brown, says that the dispensing of medical cannabis in Canadian pharmacies is a major step forward in Canada’s healthcare landscape.
“We recognize the incredible value medical cannabis has had on the lives of Canadians who have been prescribed the drug and found success in the therapy,” says Brown. “It’s important that we are well prepared to assist patients in achieving their therapeutic goals within the medical cannabis arena.”
PharmaChoice East CEO, Calvin LeRoux, echoes Brown’s remarks in highlighting the critical due diligence required in selecting the right partner to prepare the banner’s 700-plus independent pharmacies for the anticipated legislation.
“We are extremely pleased with the industry-leading research and science that CanniMed offers,” says LeRoux. “The professional education opportunities and programs they will provide to our members is precisely the specialized approach and leadership we were seeking.”
The definitive agreement between CanniMed and PharmaChoice will provide for PharmaChoice to distribute CanniMed products exclusively in exchange for CanniMed providing training programs for PharmaChoice pharmacists and pharmacy technicians. The definitive agreement will be completed within 60 days of the first legislation change that allows pharmacies to distribute medical cannabis.
About CanniMed Therapeutics Inc.
The Company is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 15 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant plant production processes and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
CanniMed, through its subsidiaries, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations.
It was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of product diversion or recalls.
For more information, please visit our websites: www.cannimed.ca (patients) and www.CanniMedTherapeutics.com (investors).
PharmaChoice is a member-owned cooperative that represents more than 700 independent pharmacy owners across Canada. Launched in 1999, PharmaChoice empowers independent drug stores by combining their buying power and supporting them with professional services and a wide-range of front store programs.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans,” “expects” or “does not expect,” “is expected,” “estimates,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CanniMed Therapeutics Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks described in CanniMed Therapeutics Inc.’s documents filed with applicable Canadian securities regulatory authorities which may be viewed at sedar.com. The forward-looking statements included in this news release are made as of the date of this news release. CanniMed Therapeutics Inc. does not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, unless required by applicable securities legislation.
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