Benzinga | Apr 15, 2021 01:02PM EDT

IM Cannabis, MediPharm Labs Sign Supply Agreement For German Market

Multi-country medical and recreational cannabis operator IM Cannabis (CSE:IMCC) (NASDAQ:IMCC) is gearing up to expand its product offering in the German market this year with a range of specially formulated high-THC, balanced-THC and CBD oil extracts.

The company announced its German subsidiary, Adjupharm GmbH, signed a two-year supply agreement with MediPharm Labs (OTC:MEDIF) for the production and delivery of IMC-branded, specially formulated extracts. The products will be distributed by Adjupharm and its network to more than 6,000 pharmacies across Germany.

"The agreement with MediPharm is part of our multipronged approach to growing IMC's business in key international markets not only through M&As," Oren Shuster, CEO of IMC, told Benzinga, "but also by the leveraging strong business relationships to enable the introduction and expansion of premium product portfolio to cater to the needs of patients and physicians. As demand for premium medical cannabis extracts grows in Germany, it provides an excellent opportunity for IMC to deploy this strategy."

The agreement with MediPharm Labs comes on the heels of another supply agreement IMC announced earlier this week with Canadian-based Northern Green Canada to supply IMC-branded medical cannabis to the German market as well.

Photo by Christian Wiediger on Unsplash