MediPharm Labs Enters Growing Latin American Medical Cannabis Market; Enters Supply Agreement With Cann Farm Peru - Seite 2

Under the one-year renewable agreement, MediPharm Labs Inc. will provide a variety of cannabis concentrate formats, with optionality for patient ready formulated products. The products will be distributed to patients through pharmacies in Peru. Cann Farm will in turn obtain all Peruvian registrations, authorizations and approvals required for importation. In the future, Cann Farm may look to MediPharm Labs for further support in commercialization activities. MediPharm Labs anticipates delivery to begin in Q4 2020, pending regulatory approval by applicable health authorities.

“Cann Farm was created from our deep commitment to patients, who demand reliable, consistent high quality, and proven product integrity; therefore we choose our partners very carefully,” said Andres Vazquez Vargas, Executive President, Cann Farm Peru. “What impresses us most about MediPharm Labs is their focus on medical markets and their commitment to our production standards, as is seen with their GMP certification, which is the gold standard in pharma production. It’s rare to see GMP certification in the cannabis supply chain because it’s a complex and rigorous process to earn the qualification. This tells us all we need to know about their ability to meet our needs on not only a continuous, but consistent basis.” 

About Peru’s Market

Peru adopted Law 30681 in October 2017 with the objective of allowing access to medical cannabis. Peru’s medical cannabis market thus far is 100% dependent on imports. The law explicitly allows domestic production, importation and commercialization of cannabis for medical and scientific purposes and mandates the creation of a series of registries within its Ministry of Health. Only certified pharmaceutical laboratories can apply for a production license domestically and retail sales occur only in licensed pharmacies. However, as of mid-2020, no production license has been granted.⁽²⁾ Physician prescriptions are required and multiple medical conditions can be prescribed cannabis.

About Cann Farm Peru S.A.C.

Cann Farm is dedicated to cultivating and processing medicinal plants under the highest quality standards and developing from them a broad portfolio of innovative products for the health and well-being of the international community. In addition to the importation and marketing of products derived from cannabis and other plants for medicinal use and cultivation and processing of medicinal plants, both for the Peruvian market and for export, Cann Farm invests in scientific research projects in topics related to the application of medicinal plants for health, as well as in agronomic issues aimed at optimizing their production.