Toronto-based Maricann Group (CSE:MARI) (OTCQB:MRRCF) announced it has agreed with Lovell Drugs, Ontario’s oldest pharmacy chain, to be the exclusive provider of medical cannabis to its pharmacies.
The stock was up 5% to CAD$1.77 on midday trading. It has traded between $0.87 and $2.10 over the past year. The company has a market cap of $163.45m.
Lovell Drugs has already begun distribution of Maricann cannabis products to its patients, with the first prescription filled on December 1st, 2017. Maricann will fulfill prescriptions directly to Lovell Drugs’ patients through the existing Access to Cannabis for Medicinal Purposes Regulations (ACMPR).
Lovell Drugs and Maricann will together offer medical cannabis education for its pharmacists and allied community physicians. As an established pharmacy, Lovell Drugs is well positioned to educate and counsel patients on medical cannabis.
“We believe that our medical cannabis initiative to distribute cannabis directly to patients, with pharmacists as their primary source of counselling and information, is the better way,” said Ben Ward, CEO of Maricann. “Until pharmacists are permitted to distribute cannabis products to patients directly, as is the case with all other pharmaceuticals, …this distribution model will provide an effective interim solution.”
The agreement is for four years, with an option to extend another three years if the parties mutually agree. Lovell Drugs will receive a percentage of Maricann product sale revenue generated from patients serviced from Lovell Drugs’ retail pharmacies.
Source Maricann press release