The Australian pharmaceutical company completes its first export of medicinal cannabis oil products to UK-based Grow Pharma.
Althea Group Holdings Limited (ASX:AGH) has completed the export of its first commercial shipment to Grow Pharma Group (‘Grow Pharma’), a UK-based medicinal cannabis distributor, the company announced today.
Last year, the two parties signed a medicinal cannabis supply agreement, giving Grow Pharma the rights to distribute Althea products in the UK.
Since then, Althea has expanded the agreement to include two further self-governing jurisdictions, including the Isle of Man and Guernsey.
“The Althea manufacturing team have been consummate professionals throughout the quality and regulatory process required to import their products into the UK,” said Grow Pharma CEO Pierre van Weperen.
“…we look forward to servicing patients with their high-quality and affordable medicines,” he added.
Commenting on the successful shipment, Althea CEO Joshua Fegan said: “Whilst the Althea brand has been in the UK for some time now and is experiencing early success, we are very proud to work with local distributors like Grow Pharma to help accelerate industry growth and ultimately service more patients.
In terms of patient access, regulatory affairs, and product sales, Europe is a leading global hub for medicinal cannabis.
The European medicinal cannabis market is expected to reach nearly US $37 billion by 2027, a report says.
Althea debuted its medicinal cannabis products in Germany yesterday after a successful first shipment.
“With operations in the UK and Germany, Althea is at the forefront of this next frontier,” said Fegan.