MediPharm Labs Provides Update on German Cannabis Legalization
PR Newswire
TORONTO, March 25, 2024
-- German federal states have voted to decriminalize the personal cultivation and use of cannabis. -- The new legislation that takes patients. effect April 1, 2024, also removes medical
cannabis from the German narcotic list, removing access barriers for
TORONTO, March 25, 2024 /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids, is pleased to provide an update on German cannabis legalization.
Germany's upper house, the Bundesrat (made up of federal state delegates), passed legislation to partially legalize cannabis
starting April 1, 2024. The new law will allow adults to cultivate, possess and store cannabis for their personal consumption. The law also removes medical cannabis from Germany's narcotic list, a change that is expected to remove barriers to patient access. This historic change is a significant positive step in removing the stigma related to medical cannabis. The removal of cannabis from narcotic status will open the opportunity for more physicians, pharmacies, and patients to participate in the current German medical cannabis market.
MediPharm sees this having a positive impact on its already robust German business.
Summary of MediPharm Labs Business Operations in Germany
Beacon Medical GMBH
-- Beacon Medical is a wholly owned subsidiary of MediPharm Labs. Located in Potsdam, the business holds a suite of German GMP medical cannabis licenses to import, wholesale and distribute GMP cannabis products. -- Beacon Medical is a medical product brand with distribution via German partners Adrex Pharma, Cansativa and Medical Pharma Resource. -- Thus far in 2024, MediPharm has increased the German product approvals under the Beacon Medical brand from 5 to 14.
Turnkey Medical Cannabis Supply
-- Partnered with STADA, a large global consumer health and pharmaceutical company, as their exclusive medical cannabis supplier. MediPharm manufactures and distributes medical cannabis products to STADA customer pharmacies. -- STADA currently holds the number two market share in medical cannabis oil sales.
Business to Business Supply
-- Starting with our first contract in 2019 with long-term partner Adrex Pharma, MediPharm supplies API and end products to various German-based companies. -- This business line also includes GMP services, where MPL assists domestic and international companies in making their products compliant in our GMP facilities for the German export market. -- The recent launch of our D9 THC isolate supply business (a monographed pharmaceutical commonly referred to as Dronabinol) has expanded 2024 sales, unlocking new distribution channels in Germany.
All of these German medical cannabis activities are supported by the Company's manufacturing sites in Barrie and Napanee, Ontario, which each maintain GMP licensing permitting export to Germany and other international jurisdictions. Thank you to the cannabis advocates and Federal Government in Germany for leading this triumphant charge. Herzlichen Glckwunsch.