Aurora Cannabis, CanniMed Gains Momentum with Pharma LOI
Aurora Cannabis Inc. (TSX:ACB) and CanniMed Therapeutics Inc. (TSX:CMED) sign a letter of intent to become a preferred supplier of medical cannabis to Pharmasave
SmallCapPower | April 5, 2018: Aurora Cannabis Inc. (TSX:ACB) and CanniMed Therapeutics Inc.(TSX:CMED) announced on Wednesday that CanniMed has signed letter of intent (LOI) to become a preferred supplier of medical cannabis to Pharmasave, one of Canada’s leading independent community pharmacies with more than 650 stores across the country. Aurora Cannabis is close to acquiring all the issued and outstanding common shares of CanniMed Therapeutics following its previously-announced acquisition.
Pursuant to regulatory changes that would allow such distribution, CanniMed and Aurora will supply and distribute high-quality medical cannabis, produced at the companies’ facilities that are GMP compliant and GMP certified, via Pharmasave pharmacists across the Canadian region.
Furthermore, CanniMed and Aurora Cannabis will provide education to pharmacists regarding medical cannabis. Pharmasave has recognized the need of pharmacists to fulfill their role as medication experts in the domain of medical marijuana. For more than a year, Pharmasave has been educating its pharmacists to ensure that they are ready to assist patients and physicians in medication management. CanniMed Therapeutics has backed Pharmasave’s commitment to understand medical cannabis with product information, access to medical experts and updates on the latest research and clinical information available.
Aurora Cannabis CEO Terry Booth remarked, “Canadians trust pharmacists to help guide them to the right information and products to treat their conditions, and now Pharmasave joins two other national pharmacy chains in showing their trust in us to provide them with medical cannabis products and education.
These supply agreements allow us strong penetration into what is likely to be a sizable portion of the medical cannabis market, and they highlight the strength of our organizations, the scale of our operations and the world-class operational standards that both Aurora and CanniMed practice.
We’re proud to partner with Pharmasave and expand our ability to help Canadians in need find the relief they are seeking.”
CanniMed Therapeutics Inc.’s stock currently trades at a market capitalization of $782.56 million on the TSX with a price-to-book multiple of 7.76x.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.