RE:Vivo will get sold because of EU-GMP cert ! Did you know?1hot-techwoman wrote: 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.
The Growing German Market
Cannabis has been permitted for therapeutic use in Germany since 2017 and may be prescribed by a doctor in the event of serious illnesses. 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. In 2020, more than 320,000 cannabis prescriptions approved in Germany, based on average from January -- September extrapolated to 12 months.
The Medical Cannabis Network reports the medical cannabis market in Germany is currently valued at between EUR150m and EUR175m, despite only around 10% of the 20,000 pharmacies in Germany 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 EUR1.5bn by 2025.((1)
The sale of Vivo will transpire before Q3 of 2021 $$$$ :)
VIVO Announces EU-GMP Certification
Thursday, March 11, 2021, 7:22 AM ET
NAPANEE, ON, March 11, 2021 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") today announced that its Vanluven facility in Napanee Ontario has received EU-GMP (European Union Good Manufacturing Practices) certification from Germany's Brandenburg health authority, the Landesamt fr Arbeitsschutz, Verbraucherschutz und Gesundheit ("LAVG"). The certification takes effect immediately and enables VIVO, through its ABcann Medicinals subsidiary, to export product for sale into European and other markets requiring products to be manufactured under the rigorous GMP standards.
At the same time VIVO's German subsidiary Beacon Medical Germany GmbH received an import licence from the authority to import medical cannabis flowers from Napanee to Germany and the EU.
VIVO's President of European Operations, Andreas Sander said, "We are very excited about VIVO's receipt of GMP certification from the German health authority of the state of Brandenburg. This is a major step forward in VIVO's commitment to expand our medical cannabis business. It will allow us to start to provide patients, physicians and pharmacists with high quality medical cannabis flowers in Germany, the rest of Europe and beyond. It is a significant achievement that will help differentiate VIVO from many of its peers."
VIVO wants to thank the dedication of its GMP team for bringing this multi-year project to this successful milestone. GMP certification requires significant resources to achieve and to maintain. EU-GMP certification will likely provide VIVO the opportunity to pursue distribution opportunities not only in Germany but across the EU and in other global markets in which EU-GMP certification is required for market access. The Company is now working to achieve the first European sales of its Beacon Medical(TM) products, expected by Q3.