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Medicinal cannabis oil exported to Germany
THE biggest Australian commercial shipment of locally-grown and good manufacturing practice-manufactured medicinal cannabis oils has been exported into the lucrative German market by WA-based Little Green Pharma (LGP).
The shipment was made to CC Pharma, a leading German importer and distributor of pharmaceuticals and included an initial 2400 units of LGP-branded medicinal cannabis oils valued at more than $600,000.
The shipment was anticipated to clear customs in Germany during the course of this week, following which LGP expects the shipment to be batch-tested and released for sale to the German market.
Delivery of the shipment will complete an extensive 22-month process of negotiation, quality inspection and audit and procurement of German and Australian narcotic licences and permits - reflecting the high regulatory barriers to the export of medicinal cannabis products to the European Union.
LGP managing director Fleta Solomon said supplying CC Pharma was a significant achievement.
"It aligns with our commercial strategy to establish LGP as a key exporter of medicinal cannabis oils into Europe," Ms Solomon said.
"The demand for LGP products signifies not only a vote of confidence in LGP, but also in the ability of Australia's home-grown medicinal cannabis industry to compete with major international medicinal cannabis companies to supply the German market.
"With our expanded cultivation and manufacturing facility, LGP is well-placed to ensure consistent supply to both Australia and offshore markets in the future."
Germany is the third largest medicinal cannabis market globally behind the United States and Canada, and the largest medicinal cannabis market in Europe.
Based on research by investment bank Bryan Garnier & Co, the German market is worth between $243 million and $283m and is estimated to grow to $2.4 billion by 2025.
That growth has been driven by increased education of doctors and patients, products with greater efficacy and greater patient access to products.
Patients in Germany are also covered by private health insurance for medicinal cannabis products which is expected to drive significant market growth.
LGP has also entered into a three-year agreement with Berlin-based DEMECAN for the sale and export of up to 1000 kilograms of dried flower or 48,000 units of medicinal cannabis oil product per annum.
© 420 Intel
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