Aphria (NYSE:APHA,TSX:APHA) signed a letter of intent with Paraguayan pharmaceutical manufacturing company Insumos Medicos for the import and distribution of medical cannabis.
As quoted in the press release:
“Latin America continues to represent an important growth opportunity within the global medical cannabis industry, and we are excited to be among the first to enter the rapidly emerging market in Paraguay,” said Jakob Ripshtein, president of Aphria. “Our strategic partner, Insumos, is well-positioned to establish a leading presence for the Company’s products throughout the country. Aphria will continue to expand its footprint in the most strategic markets in Latin America and around the world through its diversified approach to innovation, partnerships and expansion.”
Insumos is a distributor of pharmaceuticals to hospitals within Paraguay. Insumos has the network, relationships, and reach to bring Aphria’s products to patients in need across the country. As part of the proposed agreement, Insumos will undertake the registration of Aphria’s products with Paraguay’s Ministry of Public Health and Social Welfare and appropriate licensing for the import of medical cannabis.