NOTTINGHAM, England, April 26, 2019 /PRNewswire/ -- The Cannabis Oil Company (TCOC) - which produces and retails cannabidiol (CBD) wellbeing products - and IPS Specials have formed a joint venture to grow share of the UK CBD market, initially making product available through 5,500 pharmacies, and then every pharmacy in the country.
The JV pairs sector-leading IPS' pharmaceutical expertise with TCOC's commercial capability, providing pharma-standard CBD to vitamins, minerals and supplements (VMS) markets, and specific pharmaceutical applications in the UK & Europe.
"The 'wild west' nature of the CBD market needs reining in, self-regulating, and then centrally-regulated, in preparation for increasing demand for CBD which is forecast to exceed £1.5 billion in value in the UK by 2020," said Freddie Reid of TCOC.
"IPS Specials supplies 20,000 product lines to high street pharmacies, GPs and hospitals, across the UK. It was founded by pharmacists with decades of experience.
"Their knowledge, processes and infrastructure means IPS can source pharmaceutical-quality products globally, and has the price-negotiating ability only 18 years of relationship building can deliver - vital to the likes of the NHS, for whom IPS has a proven delivery record.
"The JV business will engage in over-the-counter (OTC) and retail sales progressively encapsulating all likely consumers of CBD.
"Ongoing, TCOC will fund trials as part of continuous product and quality evolution."
IPS's Ashok Patel said: "IPS was formed by pharmacists, including myself, with more than 20 years experience, but who saw the desperate need for reliable access to specials across UK health and pharmaceutical sectors in.
"This is a great opportunity to build on that foundation at a key juncture in the development of CBD and its extended availability."
Established in 2001, inspected and approved by the MHRA (the Medicines and Healthcare products Regulatory Agency), IPS is a member of the Association of Pharmaceutical Specials Manufacturers (APSM) which represents Specials as an important sector of the pharmaceutical industry.
TCOC was co-founded by fintech entrepreneur Freddie Reid, and an ownership and management team with extensive business experience. It has appointed specialist clinicians to an advisory team, is focussing on ethical production plans, will be highly self-regulated in anticipation of future industry regulation, and is a member of the leading industry advisory body, the Centre for Medicinal Cannabis.