Tilray, a federally licensed producer of medical cannabis, has signed a binding letter of intent (LOI) to be the exclusive collaborator of a major pharmaceutical company to accelerate innovation and increase availability of high quality medical cannabis products.
Through this LOI and the anticipated definitive agreements, Tilrayis allied with Sandoz Canada Inc. (Sandoz Canada), an affiliate of Sandoz International GmbH, a global leader in generic pharmaceuticals and biosimilars and part of the Novartis Group.
Tilray is a global pioneer in medical cannabis research, production and distribution, and was the first medical cannabis company to obtain current Good Manufacturing Practice (cGMP) certification in accordance with the European Medicines Agency’s (EMA) standards. Tilray currently supplies tens of thousands of patients with high-quality, cGMP-certified products in ten countries spanning five continents.
In addition to the agreement with Sandoz Canada, Tilray has formed strategic partnerships with NOWEDA, one of Germany’s largest pharmaceutical distributors, which distributes Tilray products to more than 20,000 pharmacies across Germany, and Shoppers Drug Mart.
“This agreement is a major milestone on the long road to legitimizing medical cannabis as conventional medicine,” said Brendan Kennedy, Tilray Chief Executive Officer, in a news release. “Tilray is pleased to be, what we believe is, the first federally licensed producer of medical cannabis to form a strategic alliance with a local affiliate of a global pharmaceutical company to improve the availability and quality of medical cannabis products for Canadian patients in need.”
Highlights of the agreement include:
● Tilray will leverage Sandoz Canada’s salesforce to educate Canadian pharmacists and physicians about Tilray medical cannabis products
● Tilray will become the exclusive collaborator of Sandoz with respect to non-smokable/non-combustible medical cannabis products
● Tilray will collaborate with Sandoz to develop new and innovative medical cannabis products that offer an alternative to smokable/ combustible products
● And subject to future regulatory changes, Sandoz Canada, will wholesale and distribute non-smokable/ non-combustible Tilray products
to Canadian hospitals and pharmacies.