- Australian pharmaceutical company Althea Group (AGH) can now sell and distribute its products in Germany after receiving the key approvals from the country's health department
- An initial order of 2000 products will be delivered to the company's distributing partner, Nimbus Health, next month
- The approvals will see Althea become the first commercial supplier of Australian-made medicinal cannabis products sold in Germany
- The German medicinal cannabis market is expected to be worth €1.5 billion (approximately A$2.4 billion) by 2025
- On the market this morning, Althea is up 3.19 per cent, trading for 48.5 cents per share
Althea Group (AGH) can now sell and distribute its products in Germany after receiving all necessary approvals.
The greenlight came from Germany’s Federal Institute for Drugs and Medical Devices (also known as Bundesinstitut für Arzneimittel und Medizinprodukte).
This is a significant milestone for Althe,a as it will become the first commercial supplier of Australian-made medicinal cannabis products to be sold in Germany.
Next month, an initial order of 2000 Althea products is expected to be delivered to the company's distributing partner, Nimbus Health, which will use the same distribution strategy Althea adopted in Australia and the U.K.
Germany has a population of around 83 million and expects its medicinal cannabis market to be worth €1.5 billion (approximately A$2.4 billion) by 2025. Notably, the country's public health insurers typically cover the entire cost of medicinal cannabis.
The Australian pharmaceutical company believes it is well-positioned to become the market-leading medicinal cannabis brand in Germany.
"This will now allow Althea to focus on the sale and distribution of our products in the German market through Nimbus," Althea CEO Joshua Fegan commented on the news.
"We expect to see rapid uptake given Althea’s reputation and Nimbus’ established market presence in Germany," he added.
Nimbus Founder and CEO Linus Maximilian Weber is pleased with how the two businesses have worked together to achieve this milestone.
"It has been amazing to see how Althea and our team have worked closely together to achieve this milestone," he said.
"We are very pleased that Nimbus is the first distributor bringing Australian made extracts to patients in Germany and will further increase the value of cannabis-based medicines in the country," he added.
On the market this morning, Althea is up 3.19 per cent, trading for 48.5 cents per share at 10:31 am AEDT.