The deal, signed Wednesday, includes an importation and distribution agreement where Avicanna will reach patients under the Australian Therapeutic Goods Administration Special Access Scheme with its Rho Phyto enhanced medical cannabis products.
In addition, the Ontario-based cannabis company also said it will provide Cannvalate with various CBD phytotherapeutic products on a white-labeled basis.
“After significant due diligence into the Australian market and its operators we are pleased to be able to introduce Cannvalate as our partners in the region,” Aras Azadian, CEO of Avicanna, said in a statement. “Our two companies are aligned on a strictly medical approach backed by sustainable processes, data driven R&D and clinical development which will be to the benefit of the Australian patients and medical community at large.”
Sud Agarwal, Chief Executive Officer of Cannvalate, also praised the partnership.
“We are delighted to assist Avicanna with market entry to Australia which is one of the fastest growing pureplay medicinal cannabis markets globally,” he said. „We have been particularly impressed by their attention to quality processes and firm stance on providing validated clinical research. We look forward to assisting Avicanna with meeting the stringent Office of Drug Control testing requirements and designing TGA-compliant physician education/ detailing campaigns.”
Per the agreement, Cannvalate will be an exclusive distributor of Avicanna’s Rhop Products across Australia, dependant on answering the minimum purchase obligation. The company plans to produce these products in Columbia, relying on the company’s proprietary procedures and formulations.
Avicanna’s shares were trading 9.83% lower at 64 cents per share on Thursday.
Photo courtesy of Avicana.
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