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Report On Business CanniMed announces agreement to supply medical cannabis to PharmaChoice

A cannabis plant is shown in southwest Quebec on Oct. 8, 2013.

Justin Tang/THE CANADIAN PRESS

CanniMed Therapeutics Inc. says it has entered into a definitive agreement with PharmaChoice to supply herbal, oils and oil-derivative cannabis products to its more than 750 pharmacy locations across Canada.

The Saskatoon-based company says PharmaChoice has committed exclusively to CanniMed as its sole supplier of cannabis products, subject to CanniMed meeting certain product and volume requirements.

Earlier this year, CanniMed signed a letter of intent with member-owned co-operative PharmaChoice to be its exclusive medical cannabis distributor and to train its pharmacists and pharmacy technicians.

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The company says its deal with PharmaChoice is still conditional on Health Canada's approval of medical cannabis product distribution through pharmacies.

CanniMed's supply agreement comes a day after it was notified that the Toronto Stock Exchange will defer consideration of a shareholder rights plan adopted by the company in a bid to defend itself against a hostile takeover offer by Aurora Cannabis Inc.

The rights plan prevents Vancouver-headquartered Aurora from acquiring any CanniMed shares other than those tendered to its hostile bid or from entering into any lock-up agreements other than those it has already signed and filed, CanniMed has said.

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