Australian cannabis firm ECS Botanics secures AU$24 million offtake deal

Australia-based medical cannabis company ECS Botanics Holdings has secured a binding offtake agreement to supply dried flower to MediCann Health Pty.

MediCann is a medical marijuana health care company that provides patients with access to doctors and pharmacists who have experience prescribing cannabis-based medication.

In the deal announced this week, ECS said it will supply 24 million Australian dollars ($15 million) of pharmaceutical-grade cannabis flower over five years to Perth-based medical cannabis company MediCann.

The arrangement starts in January 2024 and involves more than 4 tonnes (4.4 U.S. tons) of dried cannabis flower, according to a news release.

The companies both expect the offtake volumes to exceed the minimum contracted amounts.

“We are excited to announce the expansion of our partnership with MediCann through this newly extended, long-term supply agreement,” ECS Managing Director Nan-Maree Schoerie said in a statement.

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