MediPharm Labs (TSX:LABS; OTCQX:MEDIF) has announced an agreement with Laboratório Teuto to expand its reach into the Brazilian medical cannabis market.
The company states that it has been working closely with Teuto on Agência Nacional de Vigilância Sanitária (ANVISA) approvals, which included pharmaceutical-level product filings, extensive quality control documentation, and responses to multiple requests for information over many months. MediPharm expects initial shipments to begin in 2025, pending the receipt of applicable import and export permits from ANVISA and Health Canada.
In a statement, David Pidduck, CEO at MediPharm, said, “Globally, we believe that the higher the regulatory bar, the more complex and stringent the quality standards are in a country, the better for MediPharm. Brazil is a perfect example of a large complex market, and we are very fortunate to have a long-term partnership with Teuto, one of the leading Brazilian pharmaceutical companies.”
Marcelo Henriques, CEO of Teuto, commented, “Medical cannabis is an important product for our line of specialty care, increasing our relationship with physicians, completing our CNS portfolio and oncology on palliative care. Our partnership with MediPharm will allow Teuto to grow faster in this market, bringing more full-spectrum products with the highest quality to Brazilian patients in need.”
