Cannabis Co. Receives $3M 'Innovative Products' Grant From Government, EU In Portugal

Cannabis Co. Receives $3M 'Innovative Products' Grant From Government, EU In Portugal

SOMAÍ Pharmaceuticals Unipessoal LDA, or SOMAÍ, recently received an “innovative products” grant of 2.7 million euros ($3.07 million). Provided by the Portugal 2020 committee, the grant will help Somaí continue its mission of developing high-quality and efficacious cannabis pharmaceuticals for the European market. 

Receiving this award validates Somaí’s vision and dedication to investing resources to build and equip an advanced Portuguese manufacturing company, which hires and supports local communities.

Portugal 2020

Portugal 2020 is a partnership agreement between Portugal and the European Commission. It was created to fund programming that helps meet national and continental economic, social and territorial policy goals that align with sustainability and inclusivity.

The 2.7 million euro grant will continue to help Somaí’s physical expansion, which will, in turn, lead to participation in studies and trials for innovative formulations of highly purified and separated cannabinoids, as well as herbal medicine applications.

Michael Sassano, CEO and chairman of the Somaí board, told Benzinga, "We are extremely excited to receive this grant for two particular reasons. The first, perhaps obviously, is that the generous funds will help us to propel forward on our mission to produce GMP-approved cannabinoid-based pharmaceuticals that are effective and consistent across markets. The second reason is that receiving this grant is validation of the incredible work that the team at SOMAÍ has put into laying the groundwork for what will grow to be a major cannabis biotech company in the European Union".

Somaí Pharmaceuticals is an international company focused on the extraction of the cannabis plant and manufacturing its pharmaceutical formulations for the EU market. The company invests in extraction, formulation, research, development and distribution of GMP-pharmaceutical certified cannabinoid products with advanced biotech capabilities.

The company, headquartered in Ireland, started its first facility, a large former pharmaceutical manufacturing plant, in Lisbon, Portugal in 2021. This plant has the potential to grow to over 12,000 square meters of pharmaceutical manufacturing space, making the facility one of the largest cannabinoid formulation facilities in Europe.

Más contenido sobre cannabis en Español en El Planteo.

Photo by Luís Feliciano on Unsplash

Posted In: SOMAÍCannabisNewsMarkets

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