Canadian cannabis producer Allied company. (OTCQB: ALID) added another list of sales contract recipients for its BC-grown pot.
On Wednesday, the Kelowna-based company announced that under the purchase agreement, US$147,000 of its products would go each month to an unnamed Brazilian distributor who would deliver medical products to Israelita Albert Einstein Hospital in São Paulo.
Cannabis products are intended for thousands of Brazilians undergoing cancer treatment. The sales agreement took four months to approve due to product review, manufacturing specifications and testing.
The company plans to send the first monthly shipments under the contract starting in May this year.
Shares of the company fell 8.3% on Wednesday to US$0.78 on the OTC market.
Read more: Allied Corp. exports dried flowers grown in Colombia to Australia and the United States
Read more: Allied Corp. will send 1 million euros worth of cannabis to its Australian partner
The Israelita Albert Einstein Hospital in São Paulo was founded in 1971 with the mission of providing quality health care, generating knowledge and promoting social responsibility. He specializes in providing complex treatments in oncology and neurology.
According to Forbes, it is among the top 20 hospitals in the world.
The hospital’s research and education institute has already trained around 130,000 professionals and conducts hundreds of studies each year.
Allied’s products will be offered specifically to patients undergoing cancer and neurological treatments.
“With over 200 million people, Brazil is an obvious market for us at Allied. Quality, flavor profiles and supply chain integrity were all considered in bringing the Brazilian partner and Allied together under this agreement,” said Allied CEO Calum. Hughes, in a statement.
“The rigorous review process that Allied underwent in order to meet the standard for a customer of this caliber again demonstrates our manufacturing competence and knowledge of international regulatory compliance,” he said, adding that the revenue this generates will only fuel their future growth. .
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