The medical cannabis company Univo has entered into an agreement with a company in England, which operates in the distribution of medical cannabis products from leading companies in the world (such as Aurora and Tillrey) in England, according to which Univo will sell various cannabis-based products made under the Univo brand for marketing in England. According to the statista.com website, the medical cannabis market in the UK is expected to reach about $ 1.3 billion by 2024.
In accordance with the distribution agreement, the distributor will purchase from the company up to 5 tons of cannabis-based products at prices as stipulated in the distribution agreement and which will bear the UNIVO logo and brand. The distribution will be made according to a marketing plan approved by the company and the distributor will bear the marketing costs. Unibo has not granted exclusivity to the distributor in this territory.
The distribution agreement is for a period of 3 years, at the end of which it will be automatically renewed for another year each time. It is also stipulated that in the event that the volume of the distributor’s purchases exceeds 5 tonnes per year, the parties will negotiate in good faith to update the agreement.
Implementation of the agreement is subject to the receipt of an EU-GMP standard for products or the consent of the distributor to obtain approval from the UK authorities to operate in accordance with the existing standard available to the company and all within 90 days. The company has examined the regulatory options available to it in relation to the implementation of the agreement, and according to the information provided to it by the distributor, as of the reporting date there is a possibility that the company will receive regulatory approval from UK authorities to distribute the company’s products based on IMC-GMP.
The distribution agreement in England is in accordance with the business strategy for expanding operations abroad, along with import activities. Recently, Unibo imported medical cannabis products that underwent stringent laboratory tests and was found not to need radiation. “Until the end of 2020. Unibo intends to market final products without the need for radiation after the product has undergone rigorous laboratory tests and met them with excellent results that even showed high THC levels, which are demanded by the patients.
Unibo recently reported preliminary results for the third quarter of 2020 – in this context it estimates that its revenues in the third quarter will amount to a peak of NIS 14 million – an increase of 100% from the second quarter of 2020, and from the beginning of this year revenues of NIS 24 million, in the first nine months.
Unibo also has previous agreements signed with the Canadian company Clever Leaves for the purchase and import of medical cannabis from a Clever Leaves facility in Portugal. Clever Leaves owns a growing farm in the EU-GACP standard and a plant in the EU-GMP standard. The agreement for a total purchase of 12 tons is a graded agreement for the purchase of 200 kg that has already been ordered by Unibo from Portugal. In addition, the agreement includes the purchase and import of 500 kg up to 5 tons in 2021 and 500 kg up to 7 tons in 2022.
In addition, the company announced that it will purchase several hundred kilograms of medical cannabis products from the indoor facility of Marnova Canada (a subsidiary of Creso Pharma traded on the Australian Stock Exchange). The medical cannabis products include 4 sought-after premium strains with a high THC component.
According to publications by the Ministry of Health, more than 2.5 tons of medical cannabis products are sold in Israel today, with Yonibu currently supplying pharmacies hundreds of kilograms a month, hence Unibo’s market share is a significant share of the total market.
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