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MediPharm Labs (OTC:MEDIF) now has the inexperienced light to open transport product to Australia. The Canadian cannabis extraction specialist introduced Friday it has purchased an import license from that country’s Department of Smartly being.
This enable lets in MediPharm to ship cannabis, cannabinoids, and resin from Canada to Australia. These goods will even be faded to accomplish performed merchandise akin to tinctures.
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Australia made medical cannabis fascinating in 2016, and since then, a take dangle of of corporations each domestic and international has emerged to invent product to certified patients. The country aloof bars recreational consumption at the federal level, even although severely controversially, its Capital Territory (which entails Canberra and its surrounding townships) legalized it closing year within its borders.
In its press open heralding the receipt of the license, MediPharm mentioned it “is a an main milestone as we proceed to build a multi-jurisdictional [Good Manufacturing Practices]-certified pharmaceutical-quality platform to serve the world’s most enticing medical cannabis markets.”
In Australia, cannabis corporations must fabricate Proper Manufacturing Practices (GMP) certification in remark to promote their merchandise.
The import license data shall be welcomed by shareholders, as other most up-to-date trends with MediPharm have not been fully obvious. Final week, it published that it is suing an unnamed licensed cannabis producer in Canada for breach of contract, alleging that this birthday party owes it almost 10 million Canadian greenbacks ($7.6 million) for product MediPharm equipped. It become as soon as therefore realized that the company being sued is HEXO. Probably that intention back is aloof weighing on traders’ minds, as the marijuana stock closed Friday down by almost 6%.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends HEXO. The Motley Fool has a disclosure policy.