CannTrust Holdings (TSX:TRST) announced its Danish partner STENOCARE obtained approval to distribute CannTrust’s products in Denmark.
As quoted in the press release:
CannTrust first announced the Joint Venture with STENOCARE in March 2018. STENOCARE, a first-mover in Denmark’slegalization of medical cannabis, has supply agreements with two of Denmark’s leading pharmaceutical distributors, who together service 99 [percent] of pharmacies in the country. STENOCARE will initially sell CannTrust’s market leading standardized cannabis oils while working towards the construction of a domestic growing facility. Construction of the facility is expected to begin in the fall, with technical expertise being provided by CannTrust. Under the terms of the Joint Venture CannTrust received a 25 [percent] equity stake in Steno Investments IVS together with the right to appoint half of its Board of Directors.
“This approval is a groundbreaking step for STENOCARE and advances CannTrust’s global expansion. The rapid increase in the world-wide market demand for cannabis offers significant new opportunities for our Company. Our industry knowledge and expertise, together with our pharmaceutical approach and strong team, make us an ideal global partner,” said Brad Rogers, President, CannTrust.