The German cannabis private manufacturer Avextra AG has expanded its European presence after starting to send its cannabis-based products to two Swiss pharmaceuticals and one Austrian pharmaceutical.
The company announced the long-term deals on Thursday, where it will supply its purified active pharmaceutical ingredient(API) Dronabinol as well as standardized cannabis extracts manufactured in its GMP facility in Germany to both Switzerland and Austria.
These are the third and fourth exports into the European Union by Avextra this year. The company has established business in Germany and Portugal combined with growing export activities into the UK and Italy.
Dronabinol is a synthetic pharmaceutical medication that contains THC. It is typically prescribed for medical purposes and is used to treat various conditions, including nausea and vomiting associated with chemotherapy, as well as to stimulate appetite in people with AIDS-related wasting syndrome.
“We are delighted to have signed these distribution agreements with some of the most respected importers in two of the fastest-growing medical markets in Europe,” said Dr. Bernhard Babel, CEO of Avextra.
“Switzerland and Austria are important markets for our European expansion given that regulations in both countries continue to expand access for patients and new pharmaceutical distributors begin importing,” Babel added.
“Switzerland offers a unique opportunity for us to gather important insights, understand patient needs and engage with leading clinicians and regulatory bodies. Austria’s focus on licensed medicines and dronabinol falls squarely within Avextra’s expertise of providing evidence-based cannabis extracts and APIs.”
Avextra is a leading vertically integrated medical cannabis company in Europe. It focuses on developing regulator-approved cannabis-based medicines and selling precisely formulated products in federally regulated cannabis access programs across the continent.
Founded in 2019, Avextra controls the entire value chain, from cultivation in Portugal to EU-GMP-certified extraction and manufacturing in Germany, and boasts a world-class clinical development program. The company operates throughout continental Europe via an expansive distribution network and strategically positioned assets in key markets.
Last March, the company announced the closing of 17 million capital raise with support from existing investors, management team and additional European investors.
Switzerland making strides for legalization
In Austria, cannabis products are under strict regulations and are legal for scientific and medical usage but it’s not allowed recreationally. Similar laws are applied in Switzerland, however, in the latest years, the country has shown interest in changing regulations.
This year, Switzerland launched a new pilot program aimed at assessing the health effects of regulating cannabis in four Swiss cities Basel, Zurich, Geneva and Lausanne.
Around 400 participants aged 18 to 76 have been selected among thousands of applicants for the first trial in Basel. The participants can now purchase cannabis in nine pharmacies taking part in the two-year pilot.