CanniMed Therapeutics Inc. says it has entered into a definitive agreement with PharmaChoice to supply herbal, oils and oil derivative cannabis products to its more than 750 pharmacy locations across Canada.
The Saskatoon-based company (TSX:CMED) said PharmaChoice has committed exclusively to CanniMed as its sole supplier of cannabis products, subject to CanniMed meeting certain product and volume requirements.
Earlier this year, CanniMed signed a letter of intent with member-owned co-operative PharmaChoice to be its exclusive medical cannabis distributor and to train its pharmacists and pharmacy technicians.
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The company said its deal with PharmaChoice is still conditional on Health Canada’s approval of medical cannabis product distribution through pharmacies.
CanniMed’s supply agreement comes a day after it was notified that the Toronto Stock Exchange will defer consideration of a shareholder rights plan adopted by the company in a bid to defend itself against a hostile takeover offer by Aurora Cannabis Inc.
The rights plan prevents Vancouver-headquartered Aurora from acquiring any CanniMed shares other than those tendered to its hostile bid or from entering into any lock-up agreements other than those it has already signed and filed, CanniMed has said.
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