- Health House International (HHI) has signed a non-exclusive distribution agreement with U.K.-based CBD oils and skincare producer Dragonfly Biosciences
- Formerly trading as VPCL under the ticker code ‘VPC’, the company rebranded as Health House International last month after buying out the medicinal cannabis distributor of the same name
- The deal, which has an initial two-year term, is set to further expand HHI’s portfolio of medicinal cannabis products within Australia
- At this stage, HHI says it cannot fully quantify the impact that the contract will have on the price of its securities
- The first CBD products are expected to hit Australian pharmacy shelves in mid-2021
- Health House International shares are down 2.5 per cent, trading at 19.5 cents
Health House International (HHI) has signed a non-exclusive distribution agreement with U.K.-based CBD oils and skincare producer Dragonfly Biosciences.
Formerly trading as VPCL under the ticker code ‘VPL’, the company rebranded as Health House International last month after buying out the medicinal cannabis distributor of the same name.
The deal, which has an initial two-year term, is set to further expand HHI’s portfolio of medicinal cannabis products within Australia.
Health House Chief Operating Officer Australasia Paul Mavor commented on the contract.
“The Dragonfly CBD brand is well known in the U.K. and is already sold over the counter in thousands of pharmacies and health food stores,” Paul said.
“We are looking forward to launching Dragonfly’s good manufacturing practice certified, range of medicinal cannabis products to pharmacies throughout Australia.”
Dragonfly Biosciences CEO Regan Saveall said the company’s CBD range is founded on a “seed-to-shelf” strategy.
“That means that every step from sowing, harvesting, extraction, formulation, to quality testing, ensuring every product contains the advertised amount of CBD oil, is totally transparent,” Regan commented.
“Our production process mirrors very strict and safe pharmaceutical processes and why we were the first CBD brand to be stocked by the largest U.K. pharmacy and health retailer, Boots.”
“We are delighted with our expansion into Australia and new distribution partnership with Health House International.”
At this stage, HHI says it cannot fully quantify the impact that the contract will have on the price of its securities.
The first CBD products are expected to hit Australian pharmacy shelves in mid-2021.
Health House International shares are down 2.5 per cent this afternoon, trading at 19.5 cents at 12:37 pm AEST.