Cannabis company AltoVerde announced this week two new partnerships as part of its market expansion across Europe.
A&J Green House
On the one hand, AltoVerde acquired a 38% stake in North Macedonia-based medical cannabis producer A&J Green House.
Under the deal, A&J Green House will implement AltoVerde’s cannabis grow room design, genetic breeding program and grow techniques across a 2,500m2 facility.
“Compliance procedures will be managed by the clinical team in the UK to ensure successful importation and supply to the UK and the rest of Europe,” a company representative explained.
North Macedonia approved legislation to legalize the use of medical cannabis in 2016. Ever since, it has set its sights on European expansion – cultivating a cannabis industry of its own, open to investors, entrepreneurs and multinationals.
“Businesses and the Government alike are realizing that the medical cannabis industry has an exciting future ahead, however, it must be based on conclusive research. Partnering with AltoVerde has opened up a brilliant opportunity to further scientific research and innovation across the sector and, by producing high-quality cannabis-based medicinal products, the venture is set to be a transformative one for the facility,” an A&J Green House executive said in an email to Benzinga.
On the other hand, AltoVerde closed a supply agreement with North Macedonia-based Marijupharma D.O.O.
The company will implement AltoVerde’s grow room design and choice of hydroponic systems across 15,000m2.
In conversation with Benzinga, Mitesh Makwana, founder and chairman of AltoVerde, added, “North Macedonia remains one of the few countries in the world with the legal right to grow and export medical cannabis, and the free-market approach is making North Macedonia very attractive.”
It was recognizing this potential that led AltoVerde to pursue these deals “to develop a world-class genetic breeding program and deliver high-quality standardized products to market with a good price point for patients.”
A Marijupharma D.O.O. executive concluded, “With a market of over 742 million people and a total healthcare spend of €2.3 trillion, Europe is set to be the largest medical cannabis market in the world. As the market demand accelerates, so too will the need for high-quality standardized products, which consumers can trust.”
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