U.S. markets close in 3 hours 46 minutes
  • S&P 500

    4,040.14
    +22.37 (+0.56%)
     
  • Dow 30

    33,777.15
    +60.06 (+0.18%)
     
  • Nasdaq

    11,494.00
    +100.19 (+0.88%)
     
  • Russell 2000

    1,920.70
    +34.98 (+1.86%)
     
  • Crude Oil

    78.49
    +0.59 (+0.76%)
     
  • Gold

    1,942.90
    +3.70 (+0.19%)
     
  • Silver

    23.75
    +0.02 (+0.09%)
     
  • EUR/USD

    1.0859
    +0.0002 (+0.02%)
     
  • 10-Yr Bond

    3.5160
    -0.0350 (-0.99%)
     
  • GBP/USD

    1.2315
    -0.0039 (-0.32%)
     
  • USD/JPY

    130.2190
    -0.1390 (-0.11%)
     
  • BTC-USD

    23,114.63
    -90.36 (-0.39%)
     
  • CMC Crypto 200

    524.99
    +6.20 (+1.19%)
     
  • FTSE 100

    7,771.70
    -13.17 (-0.17%)
     
  • Nikkei 225

    27,327.11
    -106.29 (-0.39%)
     

MediPharm Signs Manufacturing Agreement With Cronos Group

MediPharm Labs Corp. (OTC: MEDIF) (TSX: LABS) said Thursday it has entered into a manufacturing agreement for the filling and packaging of vaporizer devices for Cronos Cronos Group Inc's (NASDAQ: CRON) (TSX: CRON) adult-use brand, COVE.

Per the agreement, the company’s subsidiary MediPharm Labs Inc. is to provide filling of concentrate; labeling; and packaging services for Cronos Group. The agreement’s term is two years, but it carries an option for renewal.

“On the eve of legalization of concentrates products in Canada, we are delighted to add Cronos Group, to our expanding turnkey white-label platform,” MediPharm CEO Pat McCutcheon said in a statement.

“By leveraging our specialized expertise, technology and industrial scale vape filling capabilities, we will assist Cronos Group in delivering high quality, purity assured and Health Canada approved derivative products further advancing their industry leading reputation and enhancing the supply chain in this important new category.”

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

This is not the first time the two companies collaborated, MediPharm said. Previously, the company signed a private label bulk resin supply agreement and a cannabis concentrate program agreement with Cronos Group in May.

“Working with MediPharm Labs gives us the quality and optionality that we are looking for as we introduce our proprietary vape pen formulations,” Cronos CEO Mike Gorenstein said in a statement.

“We are committed to continuing to the lead the industry responsibly as derivative products are introduced to the expanding Canadian marketplace.”

MediPharm shares were up 2.09% at the time of publication, while Cronos shares were down 2.28%.

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.