STENOCARE ready to ship medical cannabis to German patients
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
STENOCARE A/S (“Stenocare”) announced in June that a Stenocare branded medical cannabis oil product has been approved for sales in Germany, and now the product is ready for sales to German patients.
Stenocare is a leading supplier of prescription-based medical cannabis oil products in several markets. The company is constantly reviewing existing and new market opportunities as the young cannabis industry is evolving around the world. Stenocare has a strong track record of entering new markets and working with local health agencies to have products approved for sales.
The first Stenocare branded product is now ready for shipment and sales to German patients. The new Stenocare medical cannabis oil product is called “AD 10-10 STENOCARE Extrakt”, which contains 10 mg/mL THC and 10 mg/mL CBD. This completes a thorough approval process with the Federal Institute for Drugs and Medical Devices (BfArM) and logistical planning together with the German partner, ADREXPharma. The first shipment to pharmacies is planned for the week of October 30.
Product reimbursement for patients: Germany is the most mature market for medical cannabis in Europe with its large ecosystem of products, suppliers and distributors that serve the approx. 18.000 pharmacies and approx. 230.000 patients. However, only some of the products in the German market are covered by insurance. The new Stenocare product will be eligible for reimbursement by the insurance companies which allows more affordable access to treatment with the new Stenocare product.
About the German cannabis market: The medical cannabis industry in Germany includes +230.000 patients (out of 87 mill citizens) and projected sales of Euro 1 billion in 2027 – according to industry analysts. Germany is also a leader in liberalization of recreational cannabis which is expected to further increase the acceptance of the cannabis plant and its use in medical treatment. Germany expects to launch a five-year Pilot Programme that allow people to cultivate cannabis at home or in social clubs and also allow pilot shops to sell recreational cannabis. Stenocare believe this five-year Pilot Programme will have a positive impact on the growth of the medical cannabis business in Germany and other European countries – as it is likely to reduce existing stigmatic mindset from authorities and the society.
Staying competitive with high quality products: Stenocare is entering Germany with a product that target the largest group of medical patients. The 10-10 oil product category is the most prescribed oil in Germany for medical treatment, and Stenocare now begin its learning about the important market dynamics. Short term, the 10-10 oil product is considered the “door opener” to an attractive market, and longer term Stenocare will evolve the product pipeline with innovative products to stay competitive and grow market share.
CEO of Stenocare, Thomas Skovlund Schnegelsberg comments: “We have prepared for our German entry for a long time. Now we are ready to ship the first medical cannabis oil products to German patients with our local partner. This is a huge milestone for the company. Germany has grown significantly since the legalization in 2017, and it feels like jumping onto a train in full motion. We are humbled by its size and momentum, but we have a solid strategy to help us onboard and to enjoy the ride.”
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