DanCann Pharma A/S enter exclusive agreement with Cannassure Therapeutics to be multinational distributor for Scandinavia (Denmark, Norway, Sweden, and Finland)
COPENHAGEN, Denmark, 15 December 2020 - DanCann Pharma A/S (SS: DANCAN) (“DanCann Pharma” or the “Company”) hereby today announce that the Company has entered into an agreement (the “Distribution Agreement”) with Cannassure Therapeutics Ltd. (TASE: CSURE) (“Cannassure”) to be the exclusive multinational distributor of the Israelian-based company’s product portfolio for whole Scandinavia (“the Territory”).
The Distribution Agreement
Under the terms of the Distribution Agreement, DanCann Pharma will be the exclusive Scandinavian distributor for the product portfolio from Cannassure, including all Cannassure’s products in various formulations and further additional products that Cannassure have in their future pipeline.
The Distribution Agreement does not counteract DanCann Pharma's current agreements but creates an even broader product portfolio in terms of dosage, formulation, and delivery (delivery systems) of cannabinoid-based pharmaceuticals for DanCann Pharma with the goal of becoming the leading supplier of medical cannabis in Scandinavia.
Under the terms of the Distribution Agreement, DanCann Pharma will employ its sales, regulatory, and distribution department, to distribute Cannassure’s product portfolio in the Territory. The specific products, as well as the branding will be determined mutually by both parties. The Distribution Agreement covers both pharmaceuticals for the Rx- and OTC-market.
DanCann Pharma will submit its first product approval application to the Danish Medicines Agency (“DMA”) for the Distribution Agreement in the beginning of 2021 to have the products approved for the Danish Medical Cannabis Pilot Programme. The products are expected to produce significant and strong revenues for DanCann Pharma when successfully commercialized.
Comments by the CEO’s
The CEO of DanCann Pharma, Jeppe Krog Rasmussen, said, “We are very pleased to establish this long-term commercial partnership with Cannassure. Cannassure is a respected pharmaceutical company with significant market presence in Israel. This partnership provides further recognition of DanCann Pharma's platform and pipeline – and verify and sustain that we are faithful to our values with this collaboration in terms of quality and innovation.”
“This agreement aligns well with our strategy of strengthening our diversified business and expanding our pipeline and product portfolio by becoming the leading Scandinavian brand for the manufacturing and distribution of medical cannabis. When approved, these pharmaceuticals will provide patients with further alternative treatment options” said Jeppe Krog Rasmussen, CEO, DanCann Pharma. “We look forward to working with Cannassure to bring these products to market.”
Ran Amir, Cannassure CEO, stated: “We are extremely happy with the distribution agreement with DanCann Pharma, a leading player in the cannabis market in Scandinavia. This is our second distribution agreement in Europe, and we believe that this collaboration will benefit both our companies, as well as patients in Scandinavia, and we look forward to bring our products to the market in 2021”.
The Danish market for medical cannabis (the “Pilot Programme”)
In relation to patient groups associated with the Pilot Programme, these together represent a market value of approx. DKK 2 billion, based on Rx-pharmaceuticals delivered in Denmark. Medical cannabis is currently used by approx. 1,500 patients (approximately 3,000 prescriptions) on a quarterly basis. Medical cannabis in Denmark has reached approx. 5,800 patients with approx. 27,000 prescriptions due to Q2 2020 numbers. The sector is still reflected in extremely latent conditions (narrow product portfolio) and expensive prices hereof. To date, the medical cannabis sector in Denmark has a turnover of approx. DKK 110 million – on its still early-stage days – mainly through the primary health care sector.
About DanCann Pharma A/S
DanCann Pharma A/S (SS: DANCAN) was founded in 2018 and is a Danish pharmaceutical biotechnology company powered by cannabinoids. DanCann Pharma is a vertically integrated, licensed cultivation and distribution company based in Denmark. The company focuses on discovering, developing, manufacturing, and commercializing new therapeutic cannabinoids in a wide range of disease areas.
About Cannassure Therapeutics Ltd (Publ)
Cannassure Therapeutics Ltd. (TASE: CSURE) is a leading, world class, trusted developer and provider of top-quality-grade medical cannabis products and pharmaceutical cannabinoid medicines, addressing a broad range of unmet medical needs.
For further information, please contact:
Jeppe Krog Rasmussen, CEO
Email: jkr@dancann.com
Website: www.dancann.com