Israel’s largest manufacturer and home supplier of medical cannabis products, Panaxia Labs Israel Ltd., and his German partner Neuraxpharm received the green light to market and distribute medicinal cannabis extracts for inhalation, making it the first company to exclusively sell this type of product in Europe.
The marketing permit granted by the German authorities enables Panaxia’s strategic partner, Neuraxpharm, to import products, sell them to pharmacies and market them to doctors.
Dr. Panaxia Israel founder and CEO Dadi Segal said Monday that they are thrilled to be the “first and exclusive” company in Europe to receive marketing authorization.
“This is an unprecedented commercial and regulatory achievement and important news for patients in Germany who can now consume a clean product for the first time,” said Segal.
“The cannabis-based extracts contain only active ingredients, with no by-products and harmful combustion products that accompany smoking medical cannabis products with or without tobacco. It’s similar to other mature markets like the US and Canada where inhaled extracts market segment currently accounts for over 50 percent of the market and is expanding, “added Segal.
As the most requested and consumed medical cannabis products, inhaled medical cannabis extracts have a market share of more than 50% of the US medical cannabis market, according to market research.
Under the joint brand Naxiva-Panaxol, the inhalation extract from Panaxia is produced in accordance with EU GMP standards and will be available in Germany this year.
According to the companies that partnered last year to bring cannabis products to Germany, they also have government approval to distribute medicinal cannabis tablets in France and medicinal cannabis oils in both France and Germany.
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