Aurora Cannabis Inc. (the “Company” or “Aurora”) (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced it has entered into a strategic agreement with MedReleaf Australia (“MedReleaf”). The companies have signed a five-year supply agreement, which provides for MedReleaf to act as the exclusive supplier in Australia of Aurora’s MedReleaf, CanniMed and Aurora brands. Products covered by the agreement will be EUGMP certified and include dried flower, oils, and soft gels, as well as future products employing new delivery mechanisms. The agreement does not require or include any capital investment by Aurora.
MedReleaf Australia, in which Aurora holds a 10% ownership stake, is a fully licenced, private company operating in the Australian medical cannabis sector since 2016. MedReleaf and Aurora currently supply products to the Australian medical cannabis system. This agreement will advance that offering and extend availability of high-quality, medical cannabis to patients. MedReleaf is one of the six founding members of the trade association Medicinal Cannabis Industry Australia (MCIA).
“We are pleased to have established a long-term strategic relationship with MedReleaf to exclusively distribute the Aurora, CanniMed and MedReleaf brands in Australia,” said Miguel Martin, CEO of Aurora. “The team at MedReleaf have created an asset-light, sustainable growth platform in Australia to assist physicians, pharmacists and patients across the country in accessing the high-quality range of Aurora cannabis medicines.”
Russell Harding, CEO of MedReleaf added, “Australia’s medical cannabis system is well designed, well regulated, and among the fastest growing in the world. Our strategic supply agreement with Aurora ensures that our patients will have reliable access to cannabis medicines with a worldwide reputation for quality and in accordance with the stringent requirements of Australia’sTherapeutic Goods Administration. To support our companies’ shared objectives in the Australian market, we will focus with diligence and discipline on continuing to expand our patient and prescriber base.”