Vir Pharma has signed with Sundial for a three year agreement to receive cannabis oil from the Canadian marijuana company for its oral formulation for chronic pain.

A Canadian cannabis producer is stepping into the Australian cannabis landscape through a supply agreement for medical cannabis oil.

New South Wales-based Vir Pharma Holdings has signed on with Sundial Growers (NASDAQ:SNDL) for a three year agreement to receive cannabis oil from the Canadian marijuana company for its oral formulation for chronic pain.

The drug is to be distributed for commercial and research use across Australia and offers an alternative to opioid-based pain treatments, Sundial said.

In an emailed statement to the Investing News Network (INN), Brian Harriman, chief operating officer at Sundial, said the two firms are well aligned for a partnership because of their mutual focus on the therapeutic effects of marijuana.

“Vir Pharma is a company with similar strategic interest in medical cannabis, and we feel our collective capabilities will bring synergistic benefits to both companies,” Harriman told INN.

Since the news was announced last Thursday (January 9), Sundial’s share price has been up just over 5 percent.

Sundial said it expects to send the first shipments of its cannabis oil to Vir before the end of April 2020.

Though Sundial is currently focused on its expansion into Australia, the executive added that the company plans to use information from its agreement with Vir Pharma for future partnerships with other international firms moving forward.

“This is a significant announcement for Sundial and our Heal (medical) business as it will lead to our first global exports and entry into Australian markets,” said Harriman in a press release.

Vir Pharma, a licensed medical cannabis importer and manufacturer in Australia, is currently developing Virabis, a pain treatment drug that’s up for approval from the Therapeutic Goods Administration (TGA), the country’s regulator of medicinal products.

Vir plans on leveraging Sundial’s cultivation expertise with its own experience in medical cannabis product production to further develop medical marijuana-based treatments.

Joel Hardy, CEO at Vir Pharma, said that along with the creation of the cannabis drug, the agreement will allow the firm to start a clinical development program.

Sundial joins the likes of MediPharm Labs (TSX:LABS,OTCQX:MEDIF), another Canadian marijuana company, in branching out into the Australian cannabis market recently.

In June last year, MediPharm announced its first shipments of medical cannabis concentrate to Western Australian cannabis pharmaceutical company AusCann Group Holdings (ASX:AC8).

Aleafia Health (TSX:ALEF,OTCQX:ALEAF) has also been supplying the Australian cannabis space with its branded medical cannabis oils through an agreement with its partner CannaPacific.

Don’t forget to follow us @INN_Australia for real-time news updates!

Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: MediPharm Labs is a client of the Investing News Network. This article is not paid-for content

Australia Mining Update: H1 2021 in Review

Click here to read the previous Australia mining update.

After an uncertain 2020 for the Australian mining industry, the resource market showed signs of a sharp recovery in the first six months of the new year.

Keep reading... Show less

Medlab Clinical Ltd Executes Master Services Agreement with WEP Clinical Ltd

Sydney, Australia (ABN Newswire) – Medlab Clinical Ltd (ASX.MDC), an Australian biotech using delivery platforms to enhance medicines is pleased to announce the execution of a Master Services Agreement (MSA) with WEP Clinical Ltd (WEP) for the exclusive development and delivery of Named Patient Programmes relating to the unlicensed supply of its proprietary NanaBis(TM) and NanoCBD(TM) to patients in the UK and Europe.

This Master Services Agreement is the first partnership for Medlab to supply their cannabinoid medications outside of its current Australian Special Access Scheme.

Dr Sean Hall, CEO of Medlab stated, “This is a major milestone for Medlab to begin supplying NanaBis(TM) and NanoCBD(TM) on prescription for the first time to patients outside Australia.”

Keep reading... Show less

Investing in Lithium in Australia

After the country became the world’s largest lithium producer in 2018, many market participants are wondering if investing in lithium in Australia is a good option

Without a doubt, the energy revolution is here to stay, with forecasts for electric vehicle (EV) sales increasing every day. As a result, demand for lithium, a key element in the lithium-ion batteries used to power electric cars, is expected to triple by 2025 — reaching about 1 million tonnes in size.

Keep reading... Show less

How to Buy Bitcoin in Australia

Investors looking for decentralised assets (and potentially major gains) in a post-COVID-19 Australia are turning in droves to cryptocurrencies.

Bitcoin in particular is getting Aussies excited after its price hit record highs in March 2021, and again the next month. As a finite resource, its volatility is proving exciting for many market watchers.

For those interested in jumping into the space, the Investing News Network has put together a step-by-step guide on how to start buying bitcoin in Australia — and how to stay safe while doing so.

Keep reading... Show less

Nickel Stocks in Western Australia

Nickel gets a lot of love these days. Besides its applications as a base metal, it's discovering a rising popularity as an electric vehicle metal thanks to its role in battery technology.

Nickel is a vital component in lithium-ion batteries, which are seeing "hockey stick"-like production rates around the world as electric vehicles become more prevalent.

According to the Australian government, the country holds around 19.7 million tonnes in economic demonstrated reserves of the metal, making it a top nation for nickel reserves, as well as a top nation for nickel production with 180,000 tonnes produced in 2019.

Keep reading... Show less

Medlab Clinical Ltd Executes Master Services Agreement with WEP Clinical Ltd

Sydney, Australia (ABN Newswire) – Medlab Clinical Ltd (ASX.MDC), an Australian biotech using delivery platforms to enhance medicines is pleased to announce the execution of a Master Services Agreement (MSA) with WEP Clinical Ltd (WEP) for the exclusive development and delivery of Named Patient Programmes relating to the unlicensed supply of its proprietary NanaBis(TM) and NanoCBD(TM) to patients in the UK and Europe.

This Master Services Agreement is the first partnership for Medlab to supply their cannabinoid medications outside of its current Australian Special Access Scheme.

Dr Sean Hall, CEO of Medlab stated, “This is a major milestone for Medlab to begin supplying NanaBis(TM) and NanoCBD(TM) on prescription for the first time to patients outside Australia.”

Keep reading... Show less

When Will Australia Legalise Recreational Cannabis?

Recreational cannabis remains illegal in all Australia’s states and territories with the exception of the Australian Capital Territory (ACT). But could that change in the future?

So far there are no clear indicators as to when or if Australia could legalise recreational cannabis, but attitudes seem to be changing. Public support is growing, and there’s even some political acceptance.

Read on to learn more about when Australia may legalise recreational cannabis.

Keep reading... Show less

A State-by-State Guide to Cannabis in Australia

Australia made waves when it federally legalised medicinal cannabis in 2016, and its marijuana market has experienced significant growth since then.

A study from FreshLeaf Analytics pegs Australian medical market sales at AU$95 million in 2020, while research firm Prohibition Partners indicates that Oceania’s cannabis industry is expected to be worth US$1.55 billion by 2024; medicinal cannabis is expected to account for 40 percent of the industry.

Despite that growth, the country’s cannabis industry is still young. Recreational use is not yet in sight, and even medical access remains limited and highly regulated.

Keep reading... Show less

Australian Cannabis: Forecasts, Analysis and Expert Advice

Are you ready to start investing in Australia’s growing cannabis market?

Dive right in with our FREE Special Report, Australian Cannabis: Forecasts, Analysis and Expert Advice

Keep reading... Show less

Cannabis in the ACT: The Market a Year Post-Legalisation

It’s been just over a year since recreational cannabis was legalised in the Australian Capital Territory (ACT), home to the nation’s capital city of Canberra.

Announced on September 25, 2019, and brought into effect on January 31, 2020, the rules make it legal to possess and personally use small amounts of cannabis.

Keep reading... Show less

Top News

Related News