IM Cannabis (IMCC.C) German subsidiary, Adjupharm GmbH, has received three medical cannabis purchase agreements for the next year from the axicorp Group, canymed GmbH, and Materia Deutchsland GmbH, according to a press release.
This makes a total of seven purchase agreements with German distributors and puts the total medical cannabis to be delivered at 1,525kg,
“The team at IMC continues to deliver exceptional execution in our core markets in 2020, first in Israel and now in Germany. We are planning for rapid growth in the German medical cannabis market and to be a consistent supplier to patients and physicians. We recognized early on that penetration across Germany would require a network of strong distribution partners complementing our direct sales efforts and we are very pleased with how quickly we have been able to secure these quality partnerships. Similar to our structure in Israel, we will continue to build our supply and distribution infrastructure as we seek to make IMC a leading brand in global medical cannabis,” said Oren Shuster, chief executive officer of IMC
The company entered these three sales agreements through their EU-GMP certified subsidiary, Adjupharm. The agreements with axicorp Group and canymed GmbH are for three years, and the agreement with Materia is for
one. All three include binding purchase agreements. As stated above, IMC now has a total of 1,525kg of binding purchase agreements for medical cannabis through Adjupharm, 823kg is slated to be delivered in 2020. The medical cannabis to be sold in Germany will be fulfilled from their EU-GMP supply partner in Europe.
IMC previously announced six prior binding sales agreements with Focus Medical Herbs, which will distribute IMC-branded medical cannabis products in Israel. The total consolidated revenue for the six will be $193.5 million with an anticipated margin of 50%. In total, 33,075kg of medical cannabis will be delivered by the end of 2023, of which 3,000 will be on pharmacy shelves in 2020.