From Manufacturing To Market: How This EU Pharma Co. Fast-Tracked Cannabis Production

European pharmaceutical cannabis product manufacturer SOMAÍ Pharmaceuticals Unipessoal LDA received authorization for its facility in Lisbon, Portugal, from the Portuguese Health Authority INFRAMED.

Get Started

Earn 7.2% — No Matter What the Fed Does

Markets expect rate cuts — but your earnings don’t have to suffer. Lock in 7.2% until 2028 from ten individual bonds.

Get Started

Why It Matters

This authorization allows the company to produce, import, and export medicinal cannabis products to numerous global markets.

It awards SOMAÍ a GMP Certificate Part I and Part II, enabling it to execute its plan to own distribution channels in Australia and Germany and to establish distribution partnerships in another eight countries while developing a comprehensive brand of medical cannabis products.

The company also announced that it has successfully raised €5 million of new capital to fund its growth plans.

How It All Started

Michael Sassano, SOMAÍ’s founder and CEO said that it all started in 2021.

“We began manufacturing after an initial inspection 12 months later,” he continued. ”Now, after receiving full GMP Part I and Part II, we have proven that it is possible to be in the market with pharmaceutical products in under two years.”

What’s Next

SOMAÍ’s goal is to be a singular brand that services all doctors’ and patients’ needs through multiple delivery systems and novel formulations.

“Our focus pivots from development to full commercialization and growth by servicing all the current major markets and preparing smaller and new markets to open to medical cannabis,” Anton Nakhodkin, board member and managing director said. “Management hit and exceeded all targets and unlocked another €5 million euros of new investment to build out an international sales and distribution force.”

To learn more about cannabis trends on a global level, come join us at the upcoming Benzinga event in Chicago.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Related News

• Clever Leaves Teams Up With SOMAÍ Pharma., Completes First CBD Extract Shipments To Portugal
• Cannabis Co. Receives $3M 'Innovative Products' Grant From Government, EU In Portugal
• SOMAÍ Pharmaceuticals Opens Medical Cannabis Manufacturing Facility In Portugal

Photo: Courtesy of Kimzy Nanney on Unsplash