Canadian cannabis boosts international presence
Nuuvera’s Italian import licence among major developments in sector last week
Aphria Inc.’s $230-million takeover of Broken Coast Cannabis Inc. kicked off a flurry of high profile deals last week. The major announcements included Canopy Growth Corp. securing the industry’s first financing from a “Big Six” bank, and Aurora Cannabis Inc. and CanniMed Therapeutics Inc. putting their hostilities on hold to discuss a potential agreement.
Here we catch up on some of the deals that flew under the radar:
NUUVERA’S DOLCE VITA
Bud from Toronto-based Nuuvera Inc. could soon appear on the shelves of Italian pharmacies, after the company acquired an Italian import licence by purchasing Genoa-based FL- Group. The move makes Nuuvera the first Canadian company to hold an Italian licence, although Aurora Cannabis Inc. also announced this week that it would be shipping cannabis to Italy through its German subsidiary Pedanios.
Nuuvera’s entrance into the Italian market follows a decision by the Italian National Health System to reimburse the cost of cannabis prescriptions.
“Italy has made decisive and prudent modifications to the market to ensure its citizens have reliable access to medical cannabis products as demand increases,” said Antonio Costanzo, Nuuvera’s head of international development, in a press release.
On Friday, the company also announced it had closed a deal with Aphria to secure 60,000 kilograms of cannabis that will be produced annually by Ontario’s Double Diamond Farms.
SHOPPERS SHOPS AROUND
On Friday, Tilray Canada Ltd. became the third company to sign a supply agreement with Shoppers Drug Mart.
“Currently Tilray products are sold in pharmacies in seven countries around the world, so it makes sense to do the same here in Canada,” said Tilray CEO Brendan Kennedy.
Shoppers is currently applying to become a licensed producer, which would let it sell medical cannabis online, and it’s already signed supply deals with Aphria Inc. and MedReleaf.
Tilray won’t provide a defined amount of cannabis to Shoppers under the deal, said Kennedy. Rather it will allow Shoppers to sell Tilray-branded products. These will likely include cannabis flower as well as extracts and capsules, said Kennedy.
“Currently the regulations restrict the sale of medical cannabis in retail pharmacies, but that is, in my opinion, very likely to change this year,” he added.
OTHER DEALS
On Wednesday, Cannabis Wheaton Income Corp announced a deal with Aphria to supply 60,000 kilograms of cannabis flower and oil to Cannabis Wheaton subsidiary Navisent Inc. over the next four years. “The supply agreement enables Cannabis Wheaton to accelerate the execution of its international distribution strategy 12-18 months ahead of schedule,” according to a Cannabis Wheaton press release.
MPX Bioceutical Corp. finalized an agreement with Israel’s Panaxia Pharmaceutical Industries Ltd. to produce and sell CBD medical products. The deal, which was announced back in August, will see Panaxia supplying the capital and equipment to build a manufacturing facility in Arizona.
Canopy Growth Corp. announced on Wednesday that it had come to a research agreement with the Victoria State government in Australia. According to the company, “the work will focus on medical applications for cannabis genetics, strain development, cultivation, and processing.”
DOJA Cannabis Company Limited and TS Brandco Holdings Inc., or Tokyo Smoke, finalized a merger agreement as well. The merger between the LP and the coffee-shop focused lifestyle brand will create a new company called Hiku Brands Company Ltd., that will hold the DOJA and Tokyo Smoke brands.