CanniMed enters medical cannabis supply agreement with PharmaChoice
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.
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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