- MediPharm Labs Corp. (LABS) has exported its first shipment of cannabis oil products to Germany
- Patients in Germany are now able to access GMP-certified quality medical cannabis through MediPharm Labs German distribution partners
- MediPharm will work on expanding supply to other European countries
- Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates
- MediPharm Labs Corp. (LABS) is up 2.13 per cent, trading at C$0.48 per share at 1:30 pm ET
MediPharm Labs (LABS) has exported its first shipment of cannabis oil products, approved by the Australian TGA, to Germany.
As a result, patients in Germany are now able to access GMP-certified quality medical cannabis through MediPharm Labs German distribution partners.
Only companies that have received Good Manufacturing Practices (GMP) certification are permitted to export cannabis products into the German market.
Only a handful of companies have been successful in their attempts to export cannabis oils into the country. This achievement by MediPharm Labs demonstrates Australia’s pharmaceutical excellence and positions Australia as a global leader in the production of cannabis medicines.
“As this first shipment and first sales to Germany mark MediPharm Labs’ entry into the international pharmaceutical industry within a major European market, we are excited by the opportunities that lie ahead as we employ all of our value-added capabilities,” said Warren Everitt, CEO, MediPharm Labs Australia.
MediPharm Labs expects white label product shipments to its German customers to continue throughout 2021 and beyond. Once fully launched, MediPharm will work on innovating their offering for the German market and expanding supply to other European countries where regulations allow.
Keith Strachan, President and Interim Chief Executive Officer commented,
“I am proud of MediPharm Australia’s progress in licensing and operationalizing this unique GMP platform. This Australian hub allows us to strengthen our focus of diversified revenue with multiple products in multiple jurisdictions.”
With over 83 million inhabitants benefitting from broad access to healthcare services, Germany currently represents an estimated 75% of the current EU medical cannabis market.
The Medical Cannabis Network reports the medical cannabis market in Germany is currently valued at between €150m and €175m, despite the fact that only around 10 per cent of the 20,000 pharmacies in Germany are selling medical cannabis products today.
With greater awareness and education, the Medical Cannabis Network estimates that Germany’s dominance in the European cannabis market could expand to €1.5bn by 2025.
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms.