Ecofibre signs "milestone" international distribution deal for CBD products

Ecofibre signs "milestone" international distribution deal for CBD products

A new deal between Ecofibre (ASX: EOF) and Sydney-based pharmaceutical compounding company MEDISCA is a "milestone" for the cannabis industry, marking the first time a multinational distributor will be supplying hemp-derived CBD products to the global market.

As announced today, Ecofibre (ASX: EOF) will see its subsidiary Ananda Health's hemp-derived CBD products distributed in Australia, Canada and the US by MEDISCA.

Under the agreement the pharmaceutical company will supply its more than 10,000 pharmacies with Ananda Health's CBD range including ingestible, topical, women's health and diabetic health products.

Ananda Health CEO David Neu says he is proud to partner with a global leader in the pharmaceutical compounding industry.

"MEDISCA has over 30 years of experience in the industry and both of our organisations have core values that are deeply aligned around education, quality and customer care," he says.

"This partnership is one of the most important milestones in the professionalisation of the CBD industry.

"This is the first time a multinational distributor will be carrying ingestible hemp-derived CBD products."

Australia's top 20 cannabis companies

Under the partnership the full range of Ananda products will be available to MEDISCA's US network of more than 5,000 pharmacies from 1 February, 2021.

The two companies are working to establish distribution in Australia in conjunction with the current Special Access Scheme (SAS) program for medicinal cannabis products.

As it stands, health practitioners can access Therapeutic Goods Administration (TGA) approved CBD products for patients under SAS 'Category B' if a clinical justification for the use of the product can be demonstrated.

However, from 1 February 2021, CBD products will be able to be sold over the counter without a prescription at Australian pharmacies if they are approved by the TGA.

The distributor will also be permitted to supply to geographies outside of Australia, the US and Canada but on a non-exclusive basis.

According to MEDISCA senior vice president Global Strategy and Innovation Panagiota Danopoulos, the company has been monitoring the CBD segment over the last few years.

"We have seen awareness and demand increase from compounding pharmacies across many geographies," says Danopoulos.

"To ensure that we can provide our pharmacists the best-in-class CBD product range we are very pleased to announce our exclusive distribution partnership with Ananda Health.

"CBD is an exciting new category that still requires significant research and education to ensure it can help as many patients as possible."

Medlab nabs FDA green light

Listed medicinal cannabis company Medlab Clinical (ASX: MDC) will initiate a Phase Three trial for its cancer pain therapeutic NanaBis after receiving a green light from the US Food and Drug Administration (FDA).

Announced today, the FDA has granted clinical Investigational New Drug (IND) status for NanaBis, validating the safety and efficacy data supporting the drug's development.

The Phase Three trial will investigate NanaBis as a monotherapy for the most common type of cancer pain, metastatic cancer-induced bone pain, as its first indication, with the possibility to expand the trial to all cancer-related pain.

Currently, NanaBis is the only cannabinoid-based pharmaceutical under develop for cancer pain undergoing Phase Three trials in the US.

"Receiving IND status is a major milestone for our NanaBis program and a recognition of the robust clinical and real-world data backing NanaBis for cancer bone pain," Medlab Clinical managing director Dr Sean Hall said.

"We have now received clearance in the US, UK and Australia to commence clinical entry and are making preparations for study initiation later this year.

"A successful Phase Three trial could see NanaBis as the first cannabis-based pharmaceutical containing THC in the United Stated."

Shares in MDC are up 9.43 per cent to $0.29 per share at 10.08am AEDT.

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