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Thursday, Aug 11, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Allied Corp. to send €1M of cannabis to Australian partner

The company is awaiting approval of an import permit

Allied has its main production center in Colombia. Photo via Allied Corp.

Cannabis producer Allied Corp. (OTCQB: ALID) says it sold 1,000 kilograms of pot to an Australian pharmaceutical company for €1 million (around C$1.45 million).

On Monday, the Kelowna-headquartered company with main operations in Colombia revealed it signed a deal with an unnamed pharmaceutical firm in Australia. The company says it’s submitted an import permit to the Australian Department of Health.

Allied says the Aussie firm has focused on the pharmaceutical, medical device and medical supply industry for 30 years and is a primary vendor to the Australian Defense Forces.

Allied has its main production centre in Colombia and is one of the few companies there to export cannabis — with destinations including Peru, Australia, Europe and the United States.

After Colombia allowed the export of Colombian cannabis flower, Allied has been upping production and expanding inventory. It now has 30,000 plants in production and over 5,000 kilograms in inventory.

In July last year, it started a monthly supply agreement exporting CBD from Colombia to Australia.

The sale is a monumental milestone for Allied given the number of steps that had to be done to close the transaction, says CEO Calum Hughes.

“If there are any gaps in production quality, regulatory compliance or logistics management, these transactions get blocked. We have been able to navigate this ‘gauntlet’ due to the team’s competence,” Hughes said in a statement.

“We are looking forward to turning these agreements into recurring cyclical revenue for the company throughout 2022.”

Allied currently has three CBD brands sold in the U.S. It focuses on cannabinoid and psilocybin products to treat depression, anxiety and post-traumatic stress disorder.

Read more: Allied Corp seeks US patent for cannabis-based PTSD therapy

Read more: Cannabis-based PTSD therapy starts human clinical trials

 

 

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