CannTrust (TSX:TRST) announced today that is has sent the first cannabis shipment to its receiver STENOCARE in Denmark.
This is a “historic milestone” according to CEO of STENOCARE, Thomas S. Schnegelsberg, as it will provide Danish patients with options outside of cannabis tea.
The shipment marks the beginning of phase one of the two companies’ agreement.
First Cannabis Shipment: Joint Venture
The two companies signed a joint venture agreement back in March to become the leading suppliers for the cannabis industry in Denmark. STENOCARE will import and distribute cannabis products from CannTrust. STENOCARE, then, has supply agreements with two of Denmarks leading pharmaceutical distributors, who together service 99% of pharmacies in the country.
Medical Cannabis in Denmark
Medical cannabis has been legal in Denmark since January 1st, 2018. However, cannabis tea has been the only available marijuana product available on the market.
But now, the long wait is over for approved patients and doctors to receive cannabis oil products for the treatment of multiple sclerosis, chronic pain, and nausea due to the side effects of chemotherapy.
Denmark has some of the strictest drug quality requirements in the world. CannTrust’s success in having its products approved for this market showcases “CannTrust’s consistent quality and standardized products.”
A Historic Moment
Mr. Schnegelsberg commented: “We are the first in Denmark to have cannabis oil products approved for the market, and we are thrilled to be able to provide Danish patients with another therapeutic option.”
Brad Rogers, President of CannTrust said the following:
“This first shipment of CannTrust products to STENOCARE marks an important advancement of medical cannabis in Denmark and is just the beginning of many shared successes for our two companies. It also signals a significant step in CannTrust‘s international expansion. As more and more countries around the world accept and approve the use of medical cannabis, Denmark is a shining example of how CannTrust‘s expertise and pharmaceutical approach make us a strong global partner.”
CannTrust is one of the world’s leading cultivators and suppliers of high-pharma grade cannabis products. Last week its stock went on a bit of a rollercoaster ride. It closed at $10.05 on Friday after reaching a high of $12.82 only on the Wednesday.
However, the stock is making a steady climb back into the green this week, closing yesterday at $11.36. Will this first cannabis shipment to Denmark make a difference to the share price? Let’s wait and see!
Featured Image: Depositphotos/© EvrenKalinbacak