Germany's recent legislative push in the cannabis sector marks a significant turning point not only for the country but also for the European cannabis landscape.
Europe has become more open-minded about medical and recreational marijuana over the recent years, which is why growing number of the North American cannabis operators venturing into the new market comes as no surprise.
The burgeoning European market will be one of many hot topics at Benzinga's fall cannabis event. Hear directly for top executives, investors, policymakers and advocates at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.
Organigram Expands Cannabis Supply Network In UK
On Tuesday, Toronto-based cannabis giant Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) announced its second international medical cannabis customer in the UK, Avida Medical, a full-service medical cannabis and specials medicines manufacturing business.
Subject to the terms of the deal, the company expects to supply 1,700 kilograms of high-quality, indoor-grown dried cannabis flower to Avida Medical in the UK over three years.
Tim Emberg, chief commercial officer of Organigram praised the move and the "immense potential of the UK market."
"We are pleased to partner with Avida Medical in the UK, marking yet another exciting milestone for Organigram's expansion into the global market," Emberg said. "Our decision to further expand into this market stems from our commitment to ensuring patients have access to reliable, high-quality medical cannabis offerings."
See also: Weed Giants Tilray And Curaleaf Ramp Up Presence In Europe, Here's Why
Ghost Drops, The Canadian Cannabis Brand Expands Globally
Meanwhile, Canadian cannabis brand Ghost Drops announced an exclusive partnership with SOMAÍ Group, an international cannabinoid biopharma company with distribution channels.
Under the supply and distribution deal, Ghost Drops-branded products will initially be rolled out across Europe, the United Kingdom and Australia.
The agreement positions the company to capture market share in cannabis markets across Europe and internationally.
"Together, SOMAÍ Group and Ghost Drops will introduce European, U.K., and Australian markets to top-tier Canadian cannabis products, bringing quality relief to patients internationally," said Tom Flow, managing director of SOMAÍ Group's subsidiary RPK Biopharma.
Now read: Cannabis On The Rise In Europe: Why Germany's Legalization Is A Game Changer For The Ecosystem
OGI Price Action
Organigram's shares traded 2.75% higher at $1.87 per share during the pre-market session on Tuesday morning.