Cannovum AG starts European cannabis expansion with founding of Cannovum Iberia LDA
DGAP-News: Cannovum AG
/ Key word(s): Joint Venture
Cannovum AG (stock exchanges Düsseldorf, Munich, Hamburg, Berlin, gettex: ISIN DE000A2LQU21) has started its European cannabis expansion with its subsidiary, Cannovum Health eG. The first step for this was founding Cannovum Iberia LDA, a joint venture between Cannovum and Portuguese entrepreneurs from the cannabis industry. Cannovum Iberia will initially distribute cannabis pharmaceuticals to pharmacies in Portugal.
The Portuguese pharmaceutical cannabis market is in its early stages. It was not until March 2021 that the first cannabis pharmaceutical, a flower variety, was approved for the Portuguese market. Pharmaceutical cannabis cultivation 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 prescription guidelines are similar to German specifications. The German standards for medical cannabis regulations are recognized EU-wide, offering the opportunity to expand into 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's important for us to work with connoisseurs of 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.
Linda Rasch, IR & PR, Cannovum AG
For more information, visit www.cannovum.com
06.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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