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LISTED cannabinoid medicines producer, AusCann (ASX: AC8), has signed a wholesale deal with Australian Pharmaceutical Industries Limited (API) to distribute its medicine in Australia.
This deal will open AusCann up to API's nationwide pharmacy network, Priceline, which has flagged a fall in first half profits of nine per cent.
As part of the deal, AusCann will distribute imported cannabinoid medicines from its Canadian partner, Canopy Growth Corporation, ahead of establishing its own local supply of medications.
AusCann is also working closely with a company called Tasmanian Alkaloids in establishing its cultivation and manufacturing operations in Tasmania, with the first crop to be planted in 2018.
The listed cannabis company says it will also begin an outreach program to educate the market.
AusCann's Medical Outreach Program aims to provide education and support to Australian doctors, to drive awareness and knowledge of the therapeutic benefits and uses of medical cannabis.
Elaine Darby, managing director of AusCann, says the partnership with API will help the company reach a wide market in Australia.
"Establishing a relationship with a leading wholesale distributor in the industry provides AusCann with an excellent partner for the distribution of our medications and is further evidence of the growing market and validity of what we're doing in Australia," says Darby.
"This relationship is in addition to our strategic partnership with Tasmanian Alkaloids, who we are working closely with to establish our growing and manufacturing operations.
"It further builds on our Australian supply chain and firmly positions AusCann as leaders in the local industry."
AusCann made waves in the medicinal marijuana industry last year when the company emerged from a trading halt to announce it raised $12 million in a share placement with new institutional investors.
The placement received strong interest from both domestic and global companies.
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Business News Australia
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