The projected revenues for the second quarter replicate the continued progress of the corporate’s operations with a 350%-increase of revenues within the second quarter of 2019, which totaled 3.1 million. Compared with the revenues of Q1 2020 of 12.2 million, the projected revenues for Q2 2020 replicate a rise of over 15%.

Based on these projections, the corporate’s revenues within the first half of 2020 are anticipated to whole at the least 26.2 million, a rise of 357% in contrast with the revenues within the first half of 2019, which totaled 5.7 million.

Dr. Dadi Segal, CEO of Panaxia Global, stated, “We are happy to end another quarter of record revenue, which complete 11 consecutive quarters of increased revenues. The consistent growth reflects the expansion of our operations in the Israeli market, as well as a strong vote of confidence on behalf of our patients. Concurrently, we prepare to start selling in Europe in the second half of 2020 as the first Israel medical cannabis company that is certified with EU-GMP standard for production and export of both raw materials and finished products. The EU-GMP, strategic marketing and distribution agreements entered in Europe, progress made towards completion of the production facility in Malta, and the expected receipt of regulatory marketing approvals in Germany, position Panaxia as the company that opened the door to Europe for the Israeli cannabis industry.

“We look forward to achieving this important goal concurrently with continued growth in Israel.”

The income figures for the second quarter of 2020 are based mostly on the administration’s estimates at this stage and haven’t been audited or reviewed.

About Panaxia Israel 

Panaxia Labs Israel, Ltd. is a publicly-traded firm at TASE (PNAX). It is the most important Israeli producer and home-delivery distributor of medical hashish merchandise, and the primary to have obtained the approval of the Israeli Ministry of Health for the manufacturing of medicinal cannabis-based prescription drugs (underneath the IMC-GMP directive) in addition to EU-GMP commonplace certification required for industrial manufacturing and export of medical hashish and its merchandise to Europe. The firm manufactures over 30 hemp-based medicinal merchandise and has gathered a broad basis of medical expertise based mostly on tens of hundreds of sufferers.

Panaxia is a subsidiary of the Segal Pharma Group, owned by the Segal household and based over forty years in the past. The firm manufactures over 600 completely different pharmaceutical merchandise which can 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 Adv. Assi Rotbart because 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 designed for treating situations resembling PTSD, most cancers, persistent ache, epilepsy, anorexia, burns, and lots of different illnesses. Panaxia Group has over 150 staff, who additionally conduct all of its medical trials.

The Segal Pharma Group moreover owns Luminera Derm, producer of injectable dermal fillers, and Tree of Life Pharma, producer of over-the-counter medication. For extra data, go to the Panaxia web site at https://panaxia.co.il/

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