Greenlab (Green Relief NZ Ltd trading as Greenlab) based at Lincoln University is positioning New Zealand at the forefront of research-driven pharmaceutical-quality cannabis cultivation and derivative products, is pleased to announce that its subsidiary, Greenlab Australia Pty Ltd, has entered into an agreement to supply pharmaceutical-grade, cannabinoid pharmaceuticals to Cannvalate Pty Ltd, 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.
Greenlab white label products are currently being manufactured by The Valens (TSX: VLNS) and Mile High Labs UK said Kevin Edgar. This is an important development in Greenlab’s initial product strategy and will be an opportunity for Greenlab with Cannvalate to supply prescribers with quality medicinal cannabis products. As New Zealand is set to start seeing increased demand from patients for medicinal cannabis, Greenlab will be ready to provide patients with a reliable supply of innovative pharma-quality products they can trust, and this is the first step in that process.
Greenlab, founded in 2019, became one of the first New Zealand’s South Island company to secure a R&D licence. Greenlab is based at Lincoln University to carry out industry focused R&D in fully controlled environments which will be scaled up in commercial cultivation facility to manufacture unique products.
Cannvalate is a cannabis business solution provider helping Licensed Producers fast track their growth into the Australasian market. Their three key services include (i) Australian Cannabis Market Access; (ii) Medicinal Cannabis Research; and (iii) Expert Clinical Consulting.
By: Scoop Media