The Israeli firm is the first to be a part of the unique group of worldwide firms awarded the prestigious certification from a European company, which opens the doorways to Europe for Israeli medical hashish growers as properly.
Panaxia (TASE: PNAX), expects to start gross sales of its manufacturers in Germany, the largest European hashish market, and in Denmark later this 12 months.
TEL AVIV, Israel, June 11, 2020 /PRNewswire/ — Dr. Dadi Segal, CEO of Panaxia Global, stated, “Receiving EU-GMP certification is a defining moment for us and for the medical cannabis industry in Israel as a whole. We are proud to be the first and only medical cannabis company in Israel to have broad EU-GMP certification from a European agency, which enables commercial export of raw materials as well as oils and additional products to Europe. It is a certification with tremendous strategic importance that moves Panaxia and the State of Israel another step forward towards exporting medical cannabis. EU-GMP certification enables us to accelerate completion of the process for regulatory registration of Panaxia products and brands in Germany, Denmark and other target countries in the European Union and brings us closer than ever to commercialization and sales jointly with our strategic partners who are the leaders in these markets, Neuraxpharm in Germany and STENOCARE in Denmark. Furthermore, the certification makes Panaxia the sole gateway to Europe today for Israeli cannabis growers who want to export their cannabis brands.”
Pharmaceutical firm, Panaxia Labs Israel Ltd. (“Panaxia Israel”) (TASE: PNAX), Israel’s largest producer of medical hashish merchandise, in the present day introduced that it has obtained official EU-GMP certification. This certification is critical for the manufacture, export, and advertising and marketing of prescription drugs inside the European Union (EU), and it applies to medical hashish merchandise, that are outlined in the EU as pharmaceutical merchandise requiring a prescription. Panaxia is the first and solely medical hashish firm in Israel to have been awarded EU-GMP certification from a European well being authority, making the business manufacture, export and sale of a range of oils and medical hashish extracts attainable. As a outcome, Panaxia is becoming a member of the prime tier of a choose few worldwide medical hashish firms which have been acknowledged with this prestigious certification.
Receipt of the certification allows Panaxia to transfer to the subsequent stage needed to export and promote in Europe – completion of the regulatory registration course of for its medical hashish oils and manufacturers in Germany, the largest and quickest rising medical hashish market in Europe, in addition to in Denmark, the most strictly regulated market in Europe and different goal international locations inside the EU. Panaxia, which is in the midst of the registration course of in these international locations, has already obtained these advertising and marketing approvals, and the first gross sales of the merchandise are anticipated later this 12 months. This shall be performed by its strategic companions and topic to receipt of an export allow from the Israeli Ministry of Health.
Additionally, certification opens the doorways of Europe to Israeli medical hashish growers, as Panaxia is presently the solely producer licensed to manufacture their hashish manufacturers for them. To this finish, they have to be licensed by Panaxia and their merchandise have to be produced at the Panaxia facility, which has been awarded EU-GMP certification.
The advertising and marketing and gross sales of Panaxia’s premium merchandise below the Panaxia model in Germany shall be performed by an unique advertising and marketing and distribution settlement with German pharmaceutical firm, Neuraxpharm, the largest producer of merchandise for the central nervous system (CNS) in Europe. As half of the partnership, Neuraxpharm shall be accountable for branding, penetration and commercialization of the merchandise with physicians and all of the pharmacies authorised for this function in Germany, as half of its intensive portfolio of merchandise. The settlement features a mutual choice to take into account increasing the collaboration to different EU international locations.
In Denmark, advertising and marketing and gross sales shall be carried out below a strategic distribution settlement with STENOCARE, the largest distributor of medical hashish merchandise in Denmark, which focuses on distribution of medical hashish to roughly 70% of the Danish market. STENOCARE will market the Panaxia medical hashish merchandise to physicians and authorised pharmacies in Denmark.
To date, Panaxia has authorised and licensed its companions in Israel: Seach, Better, Together, Canndoc and IMC to develop uncooked supplies in accordance with the European normal and, subsequently, with Panaxia’s receipt of the European certification, merchandise produced from uncooked supplies which might be grown on one of the above-mentioned farms and produced at Panaxia’s facility could also be exported topic to completion of regulation of exports by the Israeli Ministry of Health. To date, by its collaboration with Seach, Panaxia has an quantity of uncooked materials that complies with European laws and is adequate for manufacturing of oils below EU-GMP for the first months of gross sales in Germany.
About Panaxia Labs Israel
Panaxia Labs Israel, Ltd., a publicly traded firm on the TASE (PNAX) is presently the largest Israeli producer and home-delivery distributor of medical hashish merchandise, and the first to have obtained the approval of the Israeli Ministry of Health for the manufacturing of medicinal cannabis-based prescription drugs (below the IMC-GMP directive) and European manufacturing normal, EU-GMP, which is required for the manufacture and business export of medical hashish and medical hashish merchandise to Europe. Panaxia has been authorised to present manufacturing and distribution companies for medical hashish merchandise in Israel, and it manufactures over 30 hemp-based medicinal merchandise and has amassed a broad basis of medical expertise primarily based on tens of hundreds of sufferers.
Panaxia is an element of the Segal Pharma Group, owned by the Segal household and based over forty years in the past. The firm manufactures over 600 totally different pharmaceutical merchandise which might be distributed in over 40 international locations worldwide. Panaxia Labs Israel is a subsidiary of Panaxia Pharmaceutical Industries, co-founded by Dr. Dadi Segal, Dr. Eran Goldberg, and Assi Rotbart, Adv. as the hashish division of the Segal Pharma Group. A sister subsidiary, Panaxia US, manufactures in North America over 60 hemp-based medicinal merchandise, together with sublingual tablets, lozenges, oils, and inhalators aimed for the remedy of circumstances comparable to PTSD, most cancers, persistent ache, epilepsy, anorexia, burns, and many different illnesses. Panaxia Group has over 150 workers, and all medical trials are performed by its members.
The Segal Pharma Group moreover owns Luminera Derm, producer of injectable dermal fillers, and Tree of Life Pharma, producer of over-the-counter medicine. For extra data, go to the Panaxia web site at: https://panaxia.co.il/
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