Australia-based Zelira Therapeutics Ltd. (OTCQB:ZLDAF), a company developing cannabinoid-based medicines, announced that it is entering the German market via a 5-year exclusive distribution agreement with IM Cannabis Corp. (CSE:IMCC) (NASDAQ:IMCC).
Distribution will be done by IM Cannabis’ subsidiary, German-based Adjupharm, a EU GMP-certified medical cannabis distributor.
The distribution agreement expands the availability of Zenivol, Zelira’s clinically validated cannabinoid-based insomnia medication, beyond Australia and into Germany.
In the first half of 2020, over €75 million worth of medical cannabis products were sold in Germany to an estimated patient population of around 120,000, according to the company.
The companies will seek reimbursement for its sales of Zenivol from the German government.
The agreement follows the publication of research results from a University of Western Australia’s double-blind, placebo-controlled, cross-over trial of Zenivol in chronic insomnia patients in the peer-reviewed journal Sleep.
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