CannTrust enters Denmark's medical cannabis market
CannTrust Holdings Inc. has announced that its Danish joint venture partner Stenocare has received approval to distribute CannTrust products in Denmark. CannTrust's "high-quality, standardized cannabis oils" are the first oils approved for Denmark's list of admitted cannabis products and are the only ready-to-use oil products available, according to CannTrust.
"Stenocare now has a unique opportunity to set the industry standard for practitioners and patients," a statement for CannTrust said.
Medical cannabis became legal in Denmark on January 1, 2018 after a unanimous vote by the country's parliament. Danish rules surrounding the production of medical cannabis require a high degree of purity and quality, making CannTrust a natural partner for Stenocare, CannTrus said.
Stenocare has supply agreements with two of Denmark's leading pharmaceutical distributors, serving a combined 99 per cent of pharmacies in the country. Stenocare will initially sell CannTrust's cannabis oils while working toward the construction of a domestic growing facility, expected to begin in the fall, with technical expertise being provided by CannTrust. Under the terms of the joint venture, CannTrust received 25 per cent equity in Steno Investments IVS together with the right to appoint half of its board of directors, CannTrus said.
"This approval is a groundbreaking step for Stenocare and advances CannTrust's global expansion. The rapid increase in the worldwide market demand for cannabis offers significant new opportunities for our company," said Brad Rogers, president, CannTrust.
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