Portugal’s SOMAÍ Pharmaceuticals has received European Union-Good Manufacturing Practices (EU-GMP) certification for its extraction facility in Lisbon and can now produce and sell cannabis products throughout the globe from the location.
The company announced the accomplishment on Friday following the Portuguese Health Authority INFRAMED providing it with the designation. SOMAÍ also announced that it had raised €5 million to fund its activities.
The relatively new private company plans on establishing its own distribution channels in Australia and Germany and aims to secure supply agreements in eight other countries while it develops a portfolio of medical cannabis products. The Lisbon facility is SOMAÍ’s flagship operation and the company claims it is the most advanced in Europe.
“Our focus pivots from development to full commercialization and growth by servicing all the current major markets and preparing smaller and new markets to open to medical cannabis,” said the company’s Managing Director Anton Nakhodkin.
“Management hit and exceeded all targets and unlocked another 5 million euros of new investment to build out an international sales and distribution force.”
SOMAÍ’s CEO Michael Sassano — who also founded the Nevada cannabis cultivator Solaris Farms — says the company started building the facility at the end of 2021, commenced manufacturing a year later after an initial inspection and has now proven that it is possible to enter the pharmaceutical products market in under two years after achieving EU-GMP status.
The company says the achievement marks a significant step toward revenue generation from the site and it aims to be able to cater to any and all needs of doctors and patients with its extract formulations.
Workers at the Lisbon facility. Photo via SOMAÍ Pharmaceuticals
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At the end of 2021, SOMAÍ received a €2.7 million grant from the Portugal 2020 Committtee — a partnership between the EU and Portugal aimed at funding initiatives that are beneficial to Europe.
Cannabinoid formulations the company is developing include oral sprays, gel caps, transdermal patches and sublingual strips absorbed under the tongue. The company says the European cannabis market is estimated to be worth €3.2 billion by 2025.
Portugal decriminalized cannabis in 2001 and although the country has a medical market an adult-use landscape is yet to be established.
rowan@mugglehead.com
