Materia (the “Company”), a leading producer and distributor of medical cannabis in Europe, announces that its wholly-owned subsidiary Materia Malta Operating Ltd. (“Materia Malta“) has completed its first export of commercial medical cannabis from its EU GMP manufacturing site.
This represents the launch of Materia’s own brand and manufactured products into Germany, Europe’s largest medical cannabis market. The Company’s German distribution subsidiary, Materia Deutschland GmbH, which took delivery of the shipment, has commenced sales to pharmacies, with a number of pre-orders already received.
Materia becomes the first Malta-based manufacturer of medical cannabis to export product for commercial sale in another country. Previous exports have only been approved for R&D or lab testing purposes.
“Our products are already helping patients in Malta improve their quality of life, and now we can support the needs of patients in Germany too,” said Nick Pateras, Managing Director, Europe of Materia.
“We believe Malta will play an important role in the global cannabis supply chain, as it has done within the broader pharmaceuticals sector for decades. We are proud to be the company establishing new frontiers for Malta’s and Europe’s cannabis industry.”
Update on Kanabo Transaction
The Company also informs that further to the announcements made on 26 July, 2021 and 4 November, 2021 regarding its proposed transaction with Kanabo Group Plc (“Kanabo”), discussions have developed such that both parties believe the relationship is best consummated through a contract manufacturing agreement, as opposed to the previously proposed transaction.
The Company is seeking new strategic partners while it continues its organic growth and execution of its business plan. Discussions with potential partners are oriented around accelerating the Company’s penetration of key end markets and further bolstering its supply chain.
