Greenlab, based at Lincoln University, has entered into an agreement to supply pharmaceutical-grade, cannabinoid pharmaceuticals to Cannvalate, one of Australia’s largest distributors.
Under the two-year agreement, Greenlab will supply a range of certified cannabis products that meet the high-quality standards set by the Australian Therapeutic Goods Administration (TGA) and meeting internationally recognized GMP requirements. Greenlab and Cannvalate will non-exclusively distribute the products to medical patients approved through the TGA’s Special Access Scheme, on a consignment basis.
Approximately $2.4 million of committed revenue stream (depending on mix of derivative products selected) expected to be received by Greenlab over the 24-month term with an option for an extension for an additional year on the same terms and conditions.
“We are excited to be working with Cannvalate in Australian market to bring new formulations and products to the New Zealand market in near future,” said Kevin Edgar, CEO of Greenlab, New Zealand. Kevin further said this agreement underlines Greenlab commitment to start creating and manufacturing its own unique formulations for New Zealand and global legal markets.
“We look forward to collaborating with Greenlab and assisting with the distribution of their high quality and market orientated products in Australia and New Zealand,” said Darryl Davies, COO of Cannvalate.
For more information:
Greenlab
Blinc Innovation , Lincoln University Campus, Ellesmere Junction Road, Lincoln 7647, New Zealand
[email protected]
greenlab.co.nz