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Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN) announced on Monday that it had reached an exclusive supply agreement for its two proprietary topical products with a multinational pharmaceutical company.
Avicanna did not the name of the company it was partnering with but said it manufactures and markets a wide range of pharmaceuticals across four continents and has an established commercial infrastructure in Europe that will be utilized for the initial launch of Avicanna's products.
Aras Azadian, CEO of Avicanna, praised the move.
"We look forward to expanding our proprietary topical products into the European region and to be doing so through the utilization of our own international infrastructure for manufacturing," Azadian said. "We are confident that through this strategic relationship and the Pharma's established commercial infrastructure, we can facilitate the expansion of our proprietary products into several international markets."
See also: CBD-Focused Avicanna Announces Funding Boost For Research And Development
The deal is expected to make Avicanna's products available in “six European countries in 2024 with expectations of expanding throughout the region shortly after," according to a company press release.
The products will be manufactured using Avicanna's Colombian operations, utilizing the company's source of cannabinoids from a majority-owned subsidiary, Santa Marta Golden Hemp S.A.S.
The exclusive supply agreement is for the company's proprietary topical products that have been commercialized in the Canadian market under the RHO Phyto brand, including:
The products are expected to reach shelves in Europe during the first half of 2024.
Now read: Avicanna Reveals The Initial Network Of Brands On Its Cannabis Care Platform
Avicanna's shares traded 4.3639% lower at $0.2437 per share after the market close on Friday.
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