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Aphria has broken its cannabis oil export record with its recent shipment to Australia’s Medlab Clinical, which has a supply agreement with the company.
Aphria (TSX:APH) has completed its largest export of cannabis oil to date through a shipment to Australia’s Medlab Clinical (ASX:MDC), it announced on Thursday (July 26).
The record-breaking shipment comes as part of a prior agreement between the two companies, through which Aphria produces and supplies cannabis extracts. Medlab then uses the extracts in human trials to test pain management in oncology patients. For these clinical trials, Aphria provided both a high-CBD cannabis oil and a high-THC oil, both specifically designed for Medlab.
“Aphria is proud to support Medlab’s important and vital clinical research on the use of medical cannabis as an alternative treatment for pain management,” Vic Neufeld, Aphria CEO said in the statement.
“Medlab was our very first international partner, and as Aphria expands its operations around the globe, we will continue support the advancement of medical cannabis research through these valuable partnerships.”
Upon arrival at Medlab, the products shipped by Aphria are combined with the company’s medicine delivery system NanoCelle. Medlab is working towards finding an effective pain therapy method that targets advanced cancer pains through cannabis as opposed to opioids.
“Trial design, implementation and management is critical to developing a new, accepted drug – the work we are undertaking is to expand the medical toolkit especially with regards to current usage of opioids in patients with intractable pain,” Dr. Sean Hall, Medlab CEO said in a statement.
Aphria also has a shipment agreement in place with fellow Australian partner Althea Company, where Aphria provides cannabis oil and dried flower product for Australia’s medical cannabis market. The first shipment happened in late April of this year.
Shares of Aphria increased 0.09 percent on Thursday to close the trading session at C$10.45. Analysis consensus on TipRanks currently ranks the company as a “Strong Buy” with all three analysts giving the company a “Buy” rating. Aphria has an average price target of C$23.58, with a high estimate of C$26.25 and a low of C$20.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
