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|NEW POSITION in here .71 very nice news out ...|
CanniMed signs weed supply deal with Newstrike unit
2018-01-02 07:17 ET - News Release
See News Release (C-CMED) CanniMed Therapeutics Inc
Mr. Brent Zettl of CanniMed reports
CANNIMED THERAPEUTICS INC. AND UP CANNABIS INC. (WHOLLY-OWNED LICENSED PRODUCER OF NEWSTRIKE RESOURCES LTD.) ENTER DEFINITIVE SUPPLY AGREEMENT FOR MEDICAL CANNABIS
CanniMed Therapeutics Inc. and Up Cannabis Inc. (wholly owned licensed producer of Newstrike Resources Ltd.) have entered into a definitive supply agreement for a variety of medical cannabis strains. Among other things, the supply agreement will provide the raw material (whole-bud material) required to meet the surging domestic and international demand for CanniMed oils and oil derivative products, including capsules. The two companies will also collaborate on a tetrahydrocannabinol-rich, whole dried flower, medical cannabis product, demanded by patients.
Up Cannabis's supply commitment under the agreement will be filled by a combination of its existing inventory of 970 kilograms of finished cannabis product together with continuing production at its Brantford facility of the two cannabis strains commencing in early January, 2018. Under the terms of the supply agreement, Up Cannabis will produce and make available to CanniMed up to 1,500 kg of cannabis, conditional on Up Cannabis receiving an amendment to its licence to permit the sales of cannabis. The term of the agreement is 15 months, subject to renewal by the parties.
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