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Medical cannabis producer Panaxia Labs Israel Ltd. (TASE: PNAX), a subsidiary of Panaxia Global (TASE: PNAX) and Neuraxpharm, a European company that specializes in the central nervous system have launched sales of medical cannabis extracts under the joint Brand: Naxiva-Panaxol in Germany.
Product sales, which kicked off after successfully passing rigorous lab tests upon arrival in Germany, were approved for distribution and sales in accordance with the regulatory permit for marketing the products granted in the country, both companies confirmed Wednesday.
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The companies, which teamed up earlier this year to begin marketing medical cannabis products, also say that they are the first and only to market medical cannabis extracts that may be used for vaporization in Europe.
In addition, both companies are the first and only companies in Europe to have a regulatory permit to distribute medical cannabis tablets in France under a government program with the French Medicines Authority, ANSM.
Medical cannabis extracts for vaporization are a strong growth and profitability engine, the companies said, adding that they anticipate the product will capture significant market share in Germany in the future.
"We are looking forward to the next ventures and the benefits of our collaborations as the first and only company licensed to sell medical cannabis extracts for vaporization in Germany, with a goal of reaching as wide a clientele as possible," Dr. Dadi Segal, CEO of Panaxia said. "At the same time, we will keep on expanding our business all over Europe, registering our products in appropriate regulatory routes."
The collaboration is expected to result in the registration and marketing of other advanced products developed by Panaxia, including sublingual tablets and other products.
Dr. Jörg-Thomas Dierks, CEO of Neuraxpharm added that the company will "continue to expand our product portfolio together with Panaxia, not only in Germany but also in other European countries."
Photo: Courtesy of Dagmara Dombrovska from Pexels
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.