Corporation () announced Tuesday it has signed an agreement with Active Therapeutics Ltd to distribute InnoCan's CBD-based Derma Cosmetic products in the UK and Ireland.
Active Therapeutics has vast experience in pharmaceuticals and healthcare, including the brand portfolios of Merck & Co Inc () and PLC (NYSE:AZN), Israel-based InnoCan said in a statement.
“This experience has enabled Active Therapeutics to view the market with a long-term vision and introduce innovative and technologically advanced CBD-based products to the growing demands of the UK and Ireland markets,” InnoCan said.
READ: InnoCan Pharma's injectable CBD research project with Hebrew University advances
The CBD skincare market is projected to bring in US$959 million in sales by 2024, according to the leading cannabis market intelligence and strategic consultancy firm, Prohibition Partners. The largest CBD markets in Europe today are the UK and Austria, each of which made up an early US$80 million market in 2018. The UK is expected to remain a market leader over the medium-term.
"We are excited to present our first distribution agreement in the large, sophisticated UK and Irish market,” said InnoCan CEO Iris Bincovich.
“Active Therapeutics is an exceptional distributor that will ensure that our products attain maximum visibility. With manufacturing agreements in the US and Europe and this first distribution agreement in a key market, InnoCan is rigorously executing its business plan for full commercialization in 2020.”
Zahid Atcha, co-founder of Active Therapeutics, added: "We are very excited to be working with 's world-class team and truly believe that customers will benefit from this relationship as we aim to introduce and educate consumers of the advanced scientific approach of InnoCan Pharma's CBD portfolio."
InnoCan’s stock recently traded 14% higher to $C0.12 a share.
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