The Australian subsidiary of Canada’s Medipharm Labs has racked up another white label cannabis supply agreement, this one with a European company.
The company’s first European white label* agreement is with Therismos Limited, a subsidiary of UK-based Cannaray Limited. Under the three-year agreement, MediPharm Labs Australia will supply a range of cannabis oil products manufactured under Good Manufacturing Practices (“GMP”).
“MediPharm Labs mirrors the qualities we seek in a medical supply partner,” said Cannaray CEO Scott Maguire. “We note in particular that both of MediPharm Labs’ production facilities have achieved GMP certification, thus guaranteeing high-quality pharmaceutical products.
The agreement is conditional on the German Institute for Drugs and Medical Devices confirming products meet specified quality and regulatory requirements.
Given the TGA has entered into a mutual recognition agreement with the EU, MediPharm Labs Australia’s GMP certification puts it into a good position for expansion of its operations in Europe – and it’s a lucrative market.
The Fifth Edition of Prohibition Partners’ European Cannabis Report published in February estimated the total European legal market (recreational and medicinal cannabis) could be valued at almost USD $5 billion by 2024. Currently, it’s just USD $0.3 billion.
The deal follows other Medipharm white label agreements we’ve recently mentioned on HempGazette – including its second white-label supply agreement with New Zealand medical cannabis companies, following a 3-year white-label supply agreement with an Australian firm.
Also in May, the company was granted GMP Certification and Licence to Manufacture Therapeutic Goods by Australia’s Therapeutic Goods Administration (TGA) . MediPharm Labs Australia’s cannabis extraction facility is located in Wonthaggi. Among the facility’s features is multi-phase supercritical CO2 extraction.
Medipharm Labs Australia was established in 2017 and also holds a Cannabis Manufacturing Licence issued by the Australian Office of Drug Control (ODC) and an ODC Import and Export Licences, allowing the import and export of cannabis resin and extracts, medicinal cannabis oil in bulk and also finished medicinal cannabis products.
*For a product to be “white-label”, it means if features the branding of the purchaser rather than the manufacturer. It’s a very common practice in medicines and other products, particularly grocery items.