Heritage Cannabis Holdings Corp. announced on Monday that its subsidiary Opticann has signed two supply agreements with two well-established Australian companies for the supply of medical cannabis products.
partnered last year with Canadian medical cannabis producer Heritage Cannabis Holdings Corp. to produce filmstrip products containing CBD. Using IntelGenx’s proprietary VersaFilm, the strips are placed underneath the tongue where the CBD is released and rapidly absorbed into the bloodstream. The filmstrips, about the size of a postage stamp and contain 10 milligrams of CBD, will be distributed to the Canadian and Australian markets.
Under the terms of this agreement, IntelGenx received its first purchase order from Heritage for 50,000 CBD filmstrips in January 2021. In March, IntelGenx completed its first shipment to Heritage Cannabis Holdings Corp.
“Australia is an important and quickly growing medical market, as it is poised to grow at over 30% CAGR between now and 2028 according to Grand View Research,” said Umar Syed, Heritage’s president of the Medical Division. “Our Australian distribution partners were carefully selected for their ability to develop the market for CBD products, and to monitor for evolving TGA regulations, including possible S3 classification that enables over-the-counter CBD product distribution. Our proprietary rapidly dissolving sublingual CBD Filmstrips are unique (CB4 Control filmstrips in Canada) in providing medical patients with rapid onset and maximum bioavailability of CBD versus oral products. We are excited to have completed our first shipments to Australia and look to add additional products in the future.”
David Schwede, CEO of Heritage, seemed equally pleased.
“As we continue to grow our market and brand distribution in Canada, it is important for us to monitor and act on new markets with a strategic approach in order to capitalize on new market opportunities,” Shwede said. “By partnering with these well-established companies in Australia, we can leverage their local knowledge and expertise, while minimizing the costs and risks of entering new markets,” reported Business Wire.
