Althea Group Holdings Limited announced that the Company's medical cannabis subsidiary, Althea Company Pty Ltd. (Althea), has signed a non-binding memorandum of understanding (MoU) with Nimbus Health GMBH (Nimbus Health), a wholly-owned, medical cannabis focussed step-down subsidiary of Dr. Reddy's Laboratories Ltd. Subject to execution of a formal agreement, Althea to engage Nimbus Health as its co-promotion partner to import, distribute, market, promote and sell Althea branded finished products in the United Kingdom, Poland, Spain, Denmark and France, and any other jurisdictions as agreed between the parties. Nimbus Health and Althea will equally share in the net profit of all Althea Products sold by Nimbus Health. Subject to the execution of a formal agreement, Nimbus Health to engage Althea exclusively as its co-promotion partner to import, market, promote and sell Nimbus Health branded finished or unregistered products in the United Kingdom, Australia, and any other jurisdictions to be agreed between the parties (Althea Jurisdictions).

Nimbus Health's products will be complementary to (and will not conflict with) Althea's products and would be suitable for the relevant Althea Jurisdictions. Nimbus Health will also evaluate the takeover of AGH's MyAccess Clinics business in Europe. Subject to shareholder and regulatory approval, this would include the current UK operation and would extend to planned EU expansion countries.