Agreement with Megalabs Strengthens NetCann's Position as Leading GMP-Certified Medical Cannabis Producer in Latin America
MONTEVIDEO, Uruguay, June 16, 2021a licensed medical cannabis operator that produces pharmaceutical-grade products for patients, today announced that the Company has entered into a licensing agreement with Megalabs, a leading, branded specialty, Latin American pharmaceutical company, focused on innovation and affordable therapeutic solutions. This groundbreaking partnership further enhances NetCann's footprint in the Latin American cannabis market and strengthens its distribution network and product portfolios.
Under the long-term agreement signed on June 2, 2021, Megalabs will have rights to distribute NetCann's branded pharmaceutical products throughout 27 countries across Latin America. In due course, Megalabs intends to manufacture NetCann's products in their facilities and the products will be distributed under the Megalabs brand name. Megalabs will also be in charge of all sales and distribution.
NetCann produces cannabis and operates in Uruguay under the most rigorous agricultural and pharmaceutical standards, earning a Good Manufacturing Practices Certification (GMP). NetCann is able to cultivate high-quality cannabis at scale with efficiency and lower production costs with a team of highly experienced agricultural engineers.
"This is a highly strategic partnership for NetCann and we are proud to partner with a world-class company that is globally recognized in the biopharma field," said Gabriel Rodríguez, Founder of NetCann. "With the signing of this agreement, Uruguay will once again be a frontrunner in the cannabis race worldwide."
Megalabs, based in Canelones, Uruguay is controlled by brothers Andreas and Thomas Struengmann, who are also the co-founders of Biontech and generic drugmaker Hexal AG, the company that launched the highly successful cholesterol-lowering drug simvastatin. Megalabs has 17 pharmaceutical plants in Latin America and 6 R&D centers in different countries in the region. Megalabs' facilities operate under demanding international requirements in terms of infrastructure and quality-oriented development and with an emphasis on new technologies, which play an essential role in offering safe and effective medicines.
About NetCann
NetCann is a leading multinational medical cannabis company, committed to superior quality agro-pharmaceutical products. With core operations in Uruguay and Latin America, NetCann has an agro-industrial structure of 300,000 square meters of cultivation, more than 1,500 square meters of greenhouses, a GMP drying plant and its own first-level laboratory for the extraction and purification of cannabidiol (CBD). NetCann is at the forefront of the Latin American cannabis market, contributing to the use of CBD in medicinal treatments. The only vertically integrated cannabis medicaments producer in Latin America with licenses from the genetics to the distribution of pharmaceutical products.
About Megalabs
Megalabs is a leading, branded specialty, Latin American pharmaceutical company, committed to healthcare and strategically oriented towards innovation and affordable therapeutic solutions. Currently present in 18 countries with more than 7,700 employees including a highly professional sales force of more than 3,000 sales representatives, it holds an excellent reputation within the medical communities of the continent. 24% of doctors in Latin America prescribe its products and 42,000 Megalabs products are prescribed every day by health professionals. Its continuous growth is supported by 17 owned production sites, a highly diversified portfolio with more than 1,800 products and 6 R&D centers where more than 80 projects are carried out per year. Megalabs is a future-oriented company holding a consolidated reputation as one of the key Pharma players in Latin America.
NetCannMedia Contact
Annie Graf/Sandy Shakoor
KCSA Strategic Communications
NetCann@kcsa.com
