Australian pharmaceutical company Althea Group Holdings Limited (ASX:AGH) has entered into an agreement with Lyphe Group Limited for the supply and distribution of Althea products in the United Kingdom and Jersey.
Under the Agreement, Lyphe Group will have non-exclusive rights to distribute Althea’s range of products in the United Kingdom, which will be available through The Medical Cannabis Clinics (TMCC) and dispensed through Lyphe Group owned pharmacy, Dispensary Green.
Lyphe Group has also established a new structure in Jersey to help serve the thousands of local patients in need of medical cannabis treatment, with Althea granting Lyphe Group exclusive distribution rights for Jersey.
Althea CEO, Josh Fegan, said the Agreement is for an initial term of 12 months, with the option to extend for further terms by agreement.
The supply and distribution agreement with Lyphe Group is an important milestone in Althea’s UK strategy, as the company continues to increase its market share in the rapidly growing territory,” Mr Fegan said.
“The agreement with Lyphe Group creates supplementary growth for the Company, whilst further enhancing our brand awareness and standing in the marketplace. We look forward to the Althea brand continuing to have strong representation on Lyphe Group’s formulary in the UK and Jersey.”
Lyphe Group CEO, Dean Friday, said that only a few months ago none of the patients in Jersey were able to obtain critical medical cannabis treatments, and companies were driven to the black market.
“Now, not only does LYPHE Group have an operating clinic on the island, TMCC Jersey, it also has a fantastic pharmacy partner in Reid’s Pharmacy chain. We are pleased that Althea has come onboard with us as we work to ensure every patient has a consistent and affordable supply of medical cannabis.”