Zelira Therapeutics Ltd (ASX:ZLD, OTCQB:ZLDAF) (ASX:ZLD) (OTCQB:ZLDAF) Managing Director Dr Oludare Odumosu tells Proactive the group has expanded into Europe via the large and growing German cannabinoid-based medicines market through an exclusive distribution agreement with Adjupharm GmbH, a German subsidiary of IM Cannabis Corp (CSE:IMCC) (CSE:IMCC).
Dr Odumosu says the five-year agreement marks the first time ZLD has expanded its cannabis interests outside of the Australian and US markets, with minimum order quantities totalling over A$4 million, with A$98,000 guaranteed within the first year.
This deal grants Adjupharm first rights to distribute Zelira’s Rx products including flagship product Zenivol in Germany. It also gives Adjupharm a first right to negotiate other European markets.