Wholly owned subsidiary of Privateer Holdings, Tilray, has signed an LOI to supply medical cannabis to Pharmasave, a pharmacy chain in Canada of more than 650 independently owned pharmacies. A number of different companies are attempting to jostle for position ahead of the planned legalization in Canada this year.
Other pharmacies such as Shoppers Drug Mart have signed similar deals with public companies like Aphria (TSX: APH), MedReleaf (TSX: LEAF), and Aurora Cannabis (TSX: ACB). Pharmacies look to play a huge role in the distribution of medical cannabis once legalization in Canada.
The news of this signed LOI comes amidst an important vote in the Canadian Senate, where the marijuana legalization bill passed 44 to 29. The bill now will move on to the Senate Social Affairs, Science and Technology committee for the final vote which is expected to happen on or before June 7, 2018.