European pharmaceutical company STADA has signed an exclusive supply agreement with medical cannabis company MediPharm for distribution in Germany along with manufacturing, logistics, and regulator support.
In 2018, STADA was Germany’s fifth-largest pharmaceutical company by sales, with more than 12,000 employees and reporting $2.4 billion in revenues, according to ePharma Insider. The company estimates Germany’s medical cannabis market to be worth $1.77 billion by 2025, it currently represents an estimated three-quarters of the European Union‘s medical cannabis market.
Pat McCutcheon, CEO of MediPharm Labs, called the partnership “exactly the type of business [the company] has been pursuing since its inception and a validation of [its] strategy to deliver [Good Manufacturing Practice]-certified cannabis products that can be used in multiple new products in multiple markets around the world.”
“This mandate has meaningful revenue potential for MediPharm Labs and we couldn’t be more excited to partner with a company that has the reputation and resources that STADA commands. As a powerhouse in sales and distribution of pharmaceuticals and non-prescription consumer health products, STADA has the ability to become a transformative force in European medical cannabis markets and we are thrilled to be their exclusive partner.” – McCutcheon in a press release
According to the Medical Cannabis Network, about 10 percent of Germany’s 20,000 pharmacies sell medical cannabis. They value the industry between $176.6 million and $206 million.
STADA CEO Peter Goldschmidt said the partnership “demonstrates STADA’s ambition to be the go-to-partner for generics, consumer health and specialty products.”
“With MediPharm,” Goldschmidt said, “we are collaborating with a very strong partner in the medical cannabis field.”
Note: All figures in US dollars.
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