Little Green Pharma Ltd. said it has become the first Australian company to export medicinal cannabis oil to Germany.
The West Perth-based medical cannabis company said it exported the first commercial shipment of locally grown and GMP-manufactured medicinal cannabis oil to CC Pharma GmbH, a German importer and distributor of pharmaceuticals.
CC Pharma, a wholly-owned German subsidiary of Canadian cannabis company Aphria Inc., is a distributor of pharmaceutical products to more than 13,000 pharmacies in Germany.
Little Green Pharma or LGP made an initial shipment of 2,400 units of cannabis oil valued at more than A$600,000. The company expects the shipment to clear customs in Germany next week, following which the shipment will be batch-tested and released for sale into the German market.
LGP noted that it is now the third global cannabis company to deliver full plant extract oils into Germany, behind Canadian medical cannabis companies Tilray Inc. and Aurora Cannabis Inc.
"Supplying CC Pharma, a leading medicinal cannabis distributer in Germany, is a significant achievement and aligns with our commercial strategy to establish LGP as a key exporter of medicinal cannabis oils into Europe," said LGP Managing Director Fleta Solomon.
In addition to its deal with CC Pharma, LGP signed a three-year agreement with Berlin-based medical marijuana distributor DEMECAN in February this year for the sale and export of up to 1,000 kilograms of dried flower, or 48,000 units of medicinal cannabis oil product per annum.
LGP said it is finalizing the regulatory pathway and expects to make its first commercial shipment to DEMECAN in the first quarter of calendar year 2021.
Germany is the third largest medicinal cannabis market globally behind the U.S. and Canada, and also the largest market for medicinal cannabis in Europe. While Germany currently has no material domestic production currently, it expects a material increase in patient demand.
Research by investment bank Bryan Garnier & Co. estimates the German medical cannabis market, which is currently worth between 150 million euros and 175 million euros, to grow to 1.5 billion euros by 2025.
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