An Australian medical cannabis company will see its products distributed in the United Kingdom thanks to its partner.
On Thursday (November 21), Zelda Therapeutics (ASX:ZLD,OTCQB:ZLDAF) confirmed a new non-exclusive agreement with Health House Holdings to start the distribution for its HOPE line of medical cannabis products in the UK market.
“Health House has an extensive network of medicinal healthcare professionals that support and assist doctors to gain with information relating to Zelda-products,” the Australian firm told investors.
Zelda Managing Director Richard Hopkins said the deal represents a critical advancement for his company in the lead-up to the launch of other medical cannabis products in 2020.
Hopkins and fellow Zelda Director Jason Peterson together own a combined 25 percent stake in Health House.
Zelda is set to obtain the full rights to the HOPE line of products as part of its merger plan with privately held Ilera Therapeutics.
“We’re excited by the potential of their Insomnia formulation as there is a significant market for products that can improve sleep,” said Tony Samios, CEO of Health House. “We’re also looking forward to distributing HOPE which has successfully established itself in the American market and has the potential to address a major unmet need for medicines targeting autism.”
Shares of Zelda bumped up 1.52 percent after the distribution announcement during Thursday’s trading session to AU$0.06.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.