Major milestone reached: STENOCARE receives approval to sell a new medical cannabis oil product in Denmark
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on February 26, 2024
STENOCARE A/S (“Stenocare”) hereby announces that it has received approval from The Danish Medicines Agency to sell a new THC/CBD medical cannabis oil product to Danish patients. With this, Stenocare has regained the position as the exclusive (only) provider of all three essential oil products under the Danish Pilot Programme; THC oil, CBD oil, and now also the new THC/CBD oil. This is considered an important milestone for the company towards doubling sales and achieving break-even in 2024.
Dedicated to supplying prescription-based medical cannabis products for patient treatment, Stenocare is the only European company with a proven track record in delivering such products across Denmark, Norway, Sweden, the UK, Australia, and Germany. With the new THC/CBD medical cannabis oil product, Stenocare solidifies its position as the pioneer and leading supplier for the Danish Pilot Programme.
The new product is called “THC/CBD Olie STENOCARE” and contains 15 mg/mL THC and 24 mg/mL CBD. The new product has been examined by The Danish Medicines Agency for compliance with the Danish Pilot Programme and its strict quality standards. After a very thorough process, the product has now been accepted into the Danish Pilot programme and will be available soon as prescription-based medicine for patients in Denmark pending international import/export certificates and logistics.
The three approved Stenocare products are addressing critical therapeutic needs. When looking at data from the Danish Health Data Authority (see graph), there is a strong correlation between number of patients and availability of Stenocare oil products. With the new THC/CBD oil introduction, the company is now – once again – able to offer a full product line of medical cannabis oil products, equal to that of 2018-2019. Based on the historic insight it is expected that the number of patients will grow further in the coming year(s). Stenocare has guided that sales may double in 2024 and that break-even is within reach by the end of the year. Having the full product line is a key assumption behind this guidance.
Thomas Skovlund Schnegelsberg, CEO of STENOCARE is commenting:
We are pleased with and proud about our continued leadership role in the Danish Pilot Programme. As the sole provider of three different full spectrum medical cannabis oils, ranging from high-THC to high-CBD and now a mixed THC-CBD, we demonstrate our regulatory capabilities and commitment to meeting the strict quality standards from the Danish Medicines Agency. We remain optimistic that this achievement will lead to strong sales growth in 2024 and pave the way for reaching break-even by year-end.”