Zenabis Enters European Pharmaceutical Cannabis Market
Zenabis Global Inc have announced a significant expansion of its supply opportunity through its entrance into the European pharmaceutical cannabis market
Zenabis has entered into a Letter of Intent (“LOI”) towards a definitive supply arrangement with Farmako GmbH, a research-based pharmaceutical company headquartered in Frankfurt, Germany.
Pursuant to the LOI, Farmako has committed to an initial purchase of CBD isolate. Farmako and Zenabis will each pursue all relevant regulatory permits and licenses in order to complete the initial transaction. The Letter of Intent also contemplates an expansion of the supply arrangement to include other Zenabis products as permitted under applicable laws.
“We are thrilled to enter the European market alongside such an innovative and ambitious industry leader as Farmako,” said Andrew Grieve, Chief Executive Officer of Zenabis. “The market for pharmaceutical cannabis in Europe is estimated to reach €55 billion by 2028, and this strategic relationship helps position our company to seize the opportunity this represents. Farmako’s significant growth ambitions align with our own. With a shared commitment to product innovation and R&D, we look forward to leveraging this relationship to expand our opportunities in the future.”
Farmako founder and Chief Executive Officer, Niklas Kouparanis, said, “Farmako has the explicit goal to be the gateway to Europe for pharmaceutical cannabis. We are delighted that Zenabis and Farmako are beginning to cooperate, and that the first shipment of CBD isolate was initiated today. We are pursuing operations in every market that provides the necessary legal basis, and we believe that Zenabis with its expanding high-capacity growing facilities will be of significant benefit to the pursuit of our objectives.”
With an overall population of over 740 million, Europe will be the largest pharmaceutical cannabis market worldwide. The two largest European economies, Germany and the United Kingdom, passed legislation allowing the prescription of pharmaceutical cannabis in March 2017 and November 2018 respectively.
Apr 4, 2019
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