New Zealand research and cultivation company Greenlab’s Australian subsidiary has entered into an agreement to supply pharmaceutical-grade cannabinoids to Australian distributor Cannvalate.
Under the two-year agreement, Greenlab Australia will supply a range of certified cannabis products that meet Therapeutic Goods Administration (TGA) standards and 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.
Greenlab expects the deal to be worth around $2.4 million in revenue over the 24-month term with an option to extend for another year on the same terms and conditions.
Greenlab New Zealand CEO Kevin Edgar said the agreement underlines Greenlab’s commitment to creating and manufacturing its own unique formulations for New Zealand and global legal markets.