Canadian company Canopy Growth, one of the biggest marijuana growers in the world, has entered into a strategic supply agreement with MediPharm Labs Inc., a specialized cannabis extraction business licensed under the Cannabis Act, and a wholly owned subsidiary of MediPharm Labs Corp.
The agreement, dated November 29th, is an 18-month agreement where MediPharm will supply up to 900kg of cannabis extract for sale to Canopy Growth and its subsidiaries. Canopy Growth has committed to purchasing a minimum of 450kg with an option to purchase an additional 450kg.
Bruce Linton, Chairman & Co-CEO of Canopy Growth, remarked, “As the industry matures we are seeing exciting businesses like MediPharm establish specialized skill sets that will drive the industry forward. Extraction is now and will continue to be an opportunity to develop expertise and IP.”
“We are thrilled to work with Canopy Growth, the world’s leading cannabis producer, to deliver the highest quality cannabis oil concentrates for medical patients and recreational consumers,” said Pat McCutcheon, MediPharm Labs, President and Chief Executive Officer. He added, “This sales agreement serves as a strong endorsement of MediPharm’s industry leading extraction-only business model.”
