Cardiol Therapeutics Inc. (TSX:CRDL) (OTCMKTS:CRTPF), a leader in the production of pharmaceutical cannabidiol (CBD) and the development of innovative cannabidiol products for heart disease, has signed a supplier agreement to offer its pharmaceutically produced cannabidiol to Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart Inc.
In a statement, the company said Shoppers will be the exclusive retailer of its CardiolRx brand of cannabidiol products in Canada.
READ: Cardiol Therapeutics receives go-ahead from Health Canada for phase 1 study of its cannabidiol formulation
Under the terms of the agreement, Cardiol's exclusive manufacturing partner, Dalton Pharma Services Inc., will supply Cardiol's pharmaceutical cannabidiol products to Shoppers for resale in all provinces and territories in Canada through Shoppers' online store.
Manufactured under cGMP and THC free (<5 ppm), Cardiol said its products are designed to be the safest and most consistent pharmaceutical cannabidiol formulations available and will be sold initially in three dosage formats: 100mg/mL, 50mg/mL, and 25mg/mL.
It said Shoppers also has the right to resell all future products available from Cardiol's product line, subject to any and all regulations.
Cardiol noted there is growing demand for a cannabidiol formulation that does not contain THC. Two specific market segments are of particular concern: those under the age of 25 and the elderly. Both the College of Physicians and Surgeons of Ontario and the Canadian Paediatric Society recommend that physicians do not expose young people under the age of 25 to THC, as its effects on brain development are unknown. For elderly patients, THC exposure can lead to unfavourable drug interactions, delirium, instability, and other effects of intoxication.
David Elsley, president and CEO of Cardiol Therapeutics said: "Shoppers Drug Mart is a trusted brand in Canada and we are delighted that Medical Cannabis by Shoppers has agreed to carry Cardiol's pharmaceutical cannabidiol on an exclusive basis."
"The signing of this important distribution agreement has now positioned our Company to meet the growing demand for medical cannabidiol products that are free from the psychotropic effects of THC, while setting the highest industry standards for purity, stability, safety, and consistency for patients and healthcare providers," he added.
Cardiol’s lead product, CardiolRx, is formulated to be the most consistent cannabidiol formulation on the market which is pharmaceutically produced, manufactured under cGMP, and is THC free (<5 ppm).
Shares added 0.94% in Toronto to C$2.15 each.
---Updates for share price---