Canadian cannabis company Aphria Inc (TSX:APH) (OTCQB:APHQF) said Wednesday that it has signed a Letter of Intent with Paraguayan pharma company Insumos Medicos SA, for the exclusive supply and distribution of medical cannabis in Paraguay.
“Latin America continues to represent an important growth opportunity within the global medical cannabis industry, and we are excited to be among the first to enter the rapidly emerging market in Paraguay,” said Aphria president Jakob Ripshtein.
“Our strategic partner, Insumos, is well-positioned to establish a leading presence for the company’s products throughout the country,” he added.
On Wednesday, the company backed its Latin American operations and strategy and reiterated its confidence in the process leading to its C$280 million worth of Latin American acquisitions.
“Aphria will continue to expand its footprint in the most strategic markets in Latin America and around the world through its diversified approach to innovation, partnerships and expansion,” emphasized Ripshtein.
Aphria has supply agreements with every province in Canada and the Yukon Territory, ensuring access to Aphria products for 99.8% of the Canadian population. It has launched a large portfolio of adult-use brands: Solei Sungrown Cannabis, RIFF, Good Supply, and Goodfields.
The stock was up nearly 4% in premarket trade Wednesday but pared its gains after the bell to $11.57 in the OTC Markets.
Contact Uttara Choudhury at [email protected]