CanniMed Therapeutics Inc (TSE:CMED) has successfully fulfilled the sale of 12,960 ml of its CanniMed Oils, to the Cayman Islands. The sale was conducted to the Caribbean Medical Distributors Ltd, which is based in the CTMH Doctors Hospital, in George Town, Cayman Islands. The company noted that the distributor has already begun dispensing CanniMed oils, to patients carrying valid medical documents.
Brent Zettl, the CEO of CMED, noted that medical cannabis is quickly becoming a valuable treatment option, in markets around the globe. He also expressed his pleasure at being selected as the supplier for pharmacy distribution across the Cayman Islands. The move comes shortly after the company completed its first shipment of the CanniMed Oils, to Australia. CMED noted that the initial shipment was comprised of 3,600 bottles of the oil, while it has set a target to ship 360,000 bottles, by the end of September 2017. However, this would require an export permit, from Health Canada, which is pending approval.
It was also revealed that following the first shipment, the company was also granted three additional import permits, from Health House, in Australia, issued by the Australian Department of Health. Mr. Zettl claimed that this was an important milestone for them. He noted that it has only been four months, since their IPO and already they are six months ahead of their schedule. The CEO claimed that they are on track to capture a market of 60 million consumers. He reassured the investors that they are well positioned to handle a global expansion of this level.
The company noted that Health House, is a pharmacy owned by Paul Mavor, who has 30-years of retail experience, in Western Australia. He is widely credited for researching cannabis based medicines for his patients, after reviewing initial clinical and safety studies.
CanniMed Therapeutics Inc (TSE:CMED) closed at a share price of $11.39, at the end of the May 3 trading session, 0.96% lower than the session before.
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