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NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation.
The information was provided by the contact person below for publication on May 25, 2023.
The new Stenocare medical cannabis oil product has received approval from the Federal Institute for Drugs and Medical Devices (BfArM) for prescription-based sales to German patients. With this, Stenocare is now entering Germany, the by far largest European market for medical cannabis. The new product will be available for patients in Germany as soon as possible, expected during August 2023.
Strong German partner in place and product approved and ready: Stenocare now expands into Germany with a local partner, ADREX Pharma, that specializes in development, production and marketing of medical cannabis products. The two companies have worked together intensively since 2022 to have a product approved for sales by the Federal Institute for Drugs and Medical Devices (BfArM). The new Stenocare medical cannabis oil product is called "AD 10-10 STENOCARE Extrakt". The 30 mL product contains 10 mg/mL THC and 10 mg/mL CBD. It is expected that the product will be produced and made available ready for patients during August 2023.
Largest market in Europe and reimbursement: Germany is the most mature market for medical cannabis in Europe with its large ecosystem of products, suppliers and distributors that serve the approx. 20.000 pharmacies and approx. 200.000 patients. However, only some of these products are covered by insurance. The new Stenocare product will be reimbursed by the insurance companies which allows more patients to have access to treatment with the new Stenocare product. As much as entry into Europe's by far largest market is considered a major achievement, it is Stenocare policy to not publish market specific sales forecasts for competitive reasons.
CEO of Stenocare, Thomas Skovlund Schnegelsberg comments: "Germany is our 6[th] market, and the by far biggest market in Europe. Being able to announce our imminent market entry and our ability to begin sales to patients is a big milestone for the entire Stenocare team. ADREX Pharma is a strong partner, that has proven expertise within pharma and medical cannabis. Together, we have managed to receive product approval and the product will be reimbursed which we consider to be a clear competitive advantage".
About the German cannabis market: The medical cannabis industry in Germany includes +200.000 patients (out of 87 mill citizens) and projected sales of Euro 1 billion in 2027. Germany is also a leader in liberalization of recreational cannabis which is expected to further increase the acceptance of the cannabis plant and its use in medical treatment. During 2023, Germany expects to launch a five-year Pilot Programme that allow people to cultivate cannabis at home or in social clubs and also allow pilot shops to sell recreational cannabis. Stenocare believe this five-year Pilot Programme will have a positive impact on the growth of the medical cannabis business in Germany and other European countries - as it is likely to reduce existing stigmatic mindset from authorities and the society.