CANNOVUM AG (Düsseldorf, Munich, Hamburg, Berlin stock exchanges, gettex: ISIN DE000A2LQU21) has started its European cannabis expansion with its subsidiary Cannovum Health eG.
The first step was to found Cannovum Iberia LDA, a joint venture between Cannovum and Portuguese entrepreneurs in the cannabis industry. Cannovum Iberia will initially distribute cannabis medicines to pharmacies in Portugal.
The Portuguese pharmaceutical cannabis market is still in its early stages. It wasn’t until March 2021 that the first medicinal cannabis, a flower variety, was approved for the Portuguese market.
The cultivation of pharmaceutical cannabis has been legal in Portugal since 2019, but only as an export product. Now, for the first time, Portuguese patients have access to cannabis-based medicines. The prescribing guidelines are similar to German guidelines.
The German standards for medical cannabis regulations are recognized throughout the EU and offer the opportunity to expand to Portugal as well as other European countries. Cannovum Iberia LDA is headquartered in Venda do Pinheiro.
“We have reached the first milestone and successfully completed the founding process of Cannovum Iberia LDA. It is important to us to work with experts on the local market and to improve the care of Portuguese patients together, because every patient deserves the best therapy,” says Pia Marten, CEO of Cannovum AG.