BOD Australia (ASCX: BDA) recently announced the execution of a Letter of Intent (LOI) with Belgium based natural medicine manufacturer Tilman S.A. to distribute medicinal cannabis products in Belgium and Luxemburg.
Tilman will take advantage of its established network of pharmacies and retailers to distribute two of BOD’s products – NutraCabilis and Medicabilis, manufactured by Linnea in Switzerland.
The agreement also expands BOD’s distribution rights of Tilman’s product in Australia, New Zealand and China. The range adds Nasafytol, Antemetil and Tensifytol to BOD’s current range – Enterofytol, for the treatment of Irritable Bowel Syndrome (IBS) and SediStress, for the treatment of stress and anxiety.
BOD CEO Jo Patterson said, “This agreement with Tilman marks the beginning of BOD’s rapid expansion into Europe.”
The Belgium market may be lucrative for BOD, as the country has favourable medicinal cannabis and pharmaceutical regulations, and the country spends around AUD $70 billion on healthcare and $2.7 billion on total beauty and wellbeing, annually.
Jo Patterson continued, “Tilman and BOD have a longstanding relationship and the Company is pleased to be able to progress this, in what could be a very positive agreement for both parties. Tilman will provide BOD with an established distribution network and the expertise to drive product uptake and increase sales across Belgium and Luxemburg initially.
“BOD has also progressed discussed with other significant counterparts in the region to drive distribution and expansion. Board and management look forward to updating shareholders as additional agreements are secured.”