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Monday, Dec 5, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

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Materia strikes cannabis extracts deal with Eurox Pharma

The partnership will allow Materia to meet the rapidly growing demand for medical extracts in Germany, company says

Materia strikes cannabis extracts deal with Eurox Pharma - Adler Apotheke
A pharmacy in Leipzig, Germany. Photo by Geisler Martin via Wikimedia Commons

With a new distribution partnership, international cannabis producer Materia will expand its medical cannabis portfolio to deliver extract products to Germany’s expanding patient base.

On Tuesday, the company, which is set to combine with medical vaporizer maker Kanabo Group Plc (LSE: KNB), said its subsidiary Materia Deutschland GmbH struck a distribution deal with vertically integrated German medical cannabis manufacturer Eurox Pharma.

Read more: How to build Europe’s largest medical cannabis company: Kanabo CEO Q&A

Read more: Materia secures EU GMP licence for largest certified facility in Malta

“The agreement represents a new line of products for Materia Deutschland’s curated portfolio and complements its sales team’s focus on expanding its national pharmacy network, including all pharmacies who currently dispense medical cannabis extracts,” reads a statement.

Extracts are the fastest growing format in Germany’s medical cannabis market, Materia notes, showing quarterly growth of 62 per cent at the beginning of the year. At the end of 2020, the firm says cannabis extracts had been distributed across almost 20 per cent of public German pharmacies.

“We know many pharmacies are asking for high quality extracts, so this supports our goal of rapidly broadening our customer base,” Materia Deutschland director Sebastian Blöte said in the statement.

Venture capital firm Seed Innovations Limited (LSE: SEED), formerly Fast Forward Innovations, also said Tuesday that Eurox had just launched its own brand of “made in Germany” full-spectrum cannabis-based medicinal products ahead of its original plan.

According to a statement, Eurox’s first launch of extracts have a balanced THC and CBD content. The company will continue to work on the development and manufacturing of new products, with high-THC full-spectrum extracts as well as pure dronabinol — a specific form of THC approved by the U.S. FDA for certain conditions — expected to be launched within the next months.

“Eurox is in a unique position being one of a handful of companies offering German-made value-added medical cannabis products, we expect this to offer a significant differential advantage,” says Alfredo Pascual, Seed VP of investment analysis and former MJBizDaily journalist.

“Seed is hopeful that this will also contribute towards growing confidence from the German medical community in the use of cannabinoid therapies, expanding both the market and patients’ access.”

Seed has an 8.85 per cent shareholding in Eurox.

 

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