Dr. Dedi Segal, CEO of Panaxia Israel: “We are proud to reap the rewards and start the first sales in Germany of our innovative and leading product, inhaled cannabis extracts, and realize our strategy together with our partner, Neuraxpharm. “Inhaled cannabis in Germany, with the goal of reaching as wide a clientele as possible. At the same time, we continue to work to make our aspiration extracts accessible to patients in other countries on the continent and to register them with the appropriate regulatory routes.”
Dr. JÖRG-THOMAS DIERKS, CEO of Neuraxpharm, reported:
“The first sales of inhaled medical cannabis extracts in Germany, are another milestone in our successful partnership with Panaxia. In the future, we will expand our product portfolio together with Panaxia not only in Germany but also in other European countries. Above all, I am glad we can now offer patients We in Germany have a variety of treatment options that are even more tailored to medical cannabis. “
Dr. Bernard Grunberg, pharmacist and owner of one of the largest pharmacies in Munich in the field of medical cannabis, Apotheke Forum Schwanthalerhöhe, message: “We are very pleased to sell the new inhaled medical cannabis extracts at our pharmacy in Munich, Abersberg and Erding. This inhaled medical cannabis technology will provide our patients with a safer alternative compared to smoking. “Faster and more efficient absorption through the lungs directly into the bloodstream and a more accurate and consistent dosage form, which allows for safer medical cannabis treatment.”
Panaxia Israel Laboratories Ltd. (“Panaxia Israel”, Tel Aviv: PNAX) A global pharma company that develops, manufactures and markets advanced medical cannabis products of pharmaceutical quality, and Neuraxpharm, a leading European pharma company for the distribution of drugs in the field of the central nervous system (CNS), announced retail sales today The first medical inhalation of medical cannabis extracts in Germany, marketed under the joint brand Naxiva-Panaxol, thus becoming the first and only companies in the world to market inhaled medical cannabis extracts in Europe.
Sales of the products began after successfully passing rigorous laboratory tests upon arrival in Germany, and were approved for distribution and sale in accordance with the regulatory permit for marketing the products granted in the destination country. The extracts are manufactured by EU-GMP standard Panaxia to strict pharmaceutical standards according to the company’s clinical knowledge and methods, and are marketed in Germany by Neuraxpharm to physicians qualified to issue patients with branded prescriptions for medical cannabis products for a wide range of medical indications and available in medical clinics.
The first sales come following the companies’ announcement regarding the receipt of a marketing permit for the inhaled cannabis extracts in Germany, the first and only permit of its kind, and the first shipment that left Israel for Germany about three weeks ago. They are also the first and only companies in Europe to have a regulatory permit for the distribution of medical cannabis tablets in France under the government program of the French Medicines Authority, ANSM.
Market potential:
According to publications and market research, the total market share of inhaled cannabis extracts in North America was 27% in 2020 compared to about 20% in 2018. This is compared to a decrease in the market share of inflorescences in these periods. Sales volume of inhaled cannabis extracts in the 9 major countries that allow cannabis use in the U.S. and Canada stood at over half a billion dollars in the first quarter of 2021, reflecting an annual sales rate of over $ 2 billion, with growth of tens and hundreds of percent over 2020 This is due to the significant advantage of inhaled cannabis extracts as a cleaner cannabis product containing only active ingredients, without wax and chlorophyll present in smoking inflorescences. Of harmful substances formed in the combustion processes.
As part of the strategic cooperation between the companies, applications will later be submitted for the registration and marketing of other advanced products developed by Panaxia, including sub-linguistic tablets and other products.
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