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Marijuana producer Aphria Inc. has signed a letter of intent to supply a company in Paraguay with medical cannabis.

Under the agreement, Aphria will supply Insumos Medicos S.A., a pharmaceutical manufacturing, import and distribution company.

Aphria says Insumos will undertake the registration of the Canadian company’s products in Paraguay and the appropriate licensing for the import of medical cannabis.

Paraguay will become the Ontario company’s third market in Latin America, following Argentina and Colombia.

Aphria has been under pressure in recent days after short-sellers alleged the company bought assets in Colombia, Argentina and Jamaica at “vastly inflated prices.”

The company has denied the allegations, but it has appointed a special committee to review the acquisitions.

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