Seed Innovations (SEED ) said its portfolio company Eurox Group ("Eurox"), a German-based, European vertically integrated medical cannabis company, has launched its own brand of "made in Germany" full-spectrum cannabis-based medicinal products ahead of schedule.
The AIM-listed investment firm, which is focused on businesses operating within the medical cannabis, health and wellness space, has held a 8.85% interest in Eurox since July.
Last month, Seed Innovations, formerly FastForward Innovations, invested €3 million in Eurox a firm which it said is ‘well positioned’ in Germany and the broader European medical cannabis sector and which holds operations in Germany, Portugal and the United Kingdom.
At the time of Seed’s investment, Eurox highlighted that it had anticipated its own brand launch to occur ‘within the coming months.’ Today, Eurox informed investors that it had reached its milestone ahead of schedule after successfully launching the new brand.
Eurox’s new brand consists of "made in Germany" full-spectrum medical cannabis extracts and following its launch, products will now be available for German pharmacies to order. The Company outlined that its first launch of extracts have a balanced THC and CBD content.
Eurox described the successful launch of the new brand as the first launch in what the company hopes will be “a much wider range of medicinal cannabis products in the future."
Eurox’s objective with its launch is to ‘guarantee to medical cannabis patients in Europe the highest European pharmaceutical quality standards and reduce patients' dependency on long-distance international shipments and burdensome import-export permits,’ it explained.
Looking ahead, Eurox said it will work on new products with high-THC full-spectrum extracts as well as pure dronabinol which it said is expected to be launched within the next months.
Shares in Seed Innovations, formerly Fast Forward Innovations, have increased by 2.4% in value over the past month. The stock was trading 1.67% lower during late morning trading.
Bernhard Babel, co-Managing Director of Eurox, commented: "Our goal has always been to deliver a high quality product to the German market and so I am very proud to announce that we have successfully launched Eurox's first branded medicinal cannabis extract.”
Babel explained to investors that all Eurox-branded medicinal products are produced in a “state-of-the-art German facility and adhere to the highest EU and German standards.”
In addition, Babel said Eurox provides “the highest quality product whilst maintaining uncompromising safety standards to ensure a stable supply and full control of our entire supply chain - from selecting the plant material to manufacturing and distribution.”
Ed McDermott, CEO of SEED, commented: "I am encouraged to share that Eurox has made this material progress in a short period of time since our investment. It is a huge achievement to have developed, manufactured and to be selling its own-branded, unique, 'made in Germany', EU GMP medical cannabis extracts ahead of their projected timetable.”
Alfredo Pascual, VP of Investment Analysis of SEED, said: "Eurox is in a unique position being one of a handful of companies offering German-made value-added medical cannabis products, we expect this to offer a significant differential advantage. SEED is hopeful that this will also contribute towards growing confidence from the German medical community in the use of cannabinoid therapies, expanding both the market and patients' access."
To date, Eurox holds an exclusive, long-term contract and manufacturing agreement for cannabis products with Dr. Reckeweg & Co., a EU GMP certified German pharmaceutical firm with over 75 years of experience manufacturing plant-based medicinal products.
Eurox, which holds fully owned German subsidiaries, has already been generating revenue pre-product launch, mainly by selling imported medical cannabis flower in Germany.
SEED Innovations is an AIM quoted investment firm focused primarily on disruptive high growth life sciences and technology businesses particularly in the medical cannabis arena.
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