November 23, 2020 | BENZINGA
Israel medical cannabis producer Panaxia Labs Israel (TASE:PNAX) and European pharmaceutical company Neuraxpharm are planning to reach the French market.
The two companies have agreed to a production, marketing, and delivery partnership to distributePanaxia’s medical cannabis products across France.
The new deal is similar to the one the companies made for Germany. This means Panaxia will be in charge of the product production, while Neuraxpharm will take over commercialization, branding, delivery, and sales.
Per the arrangement, the companies will first propose a joint response to the tender issued by the French government and the French National Agency for Medicines and Health Products Safety (ANSM) for a pilot to organize the medical cannabis industry in France.
It is projected for the pilot to start in the upcoming months and last for around two years, during which few companies will be chosen to deliver its medical cannabis products for free to 3,000 patients who fall under specified criteria.
Once the pilot is completed, it will be up to the French government to make a final call on the further use and sale of medical cannabis products in the country.
If the French government says yes to the cannabis medical industry, Panaxia plans to apply for regulatory authorization for the commercialization and distribution of the products in France. Panaxia reminded it the only Israeli company EU-GMP certified by a European agency for manufacture and export of medical cannabis.
“We are delighted to expand our strategic collaboration with Panaxia,” Neuraxpharm CEO Jörg-Thomas Dierks said. “As part of our commitment to finding new solutions to respond to the needs of patients, we are very excited to be pioneers in the emerging medical cannabis sector in France and to expand our CNS product portfolio for our patients. We believe that in the coming years, France will also join the accelerated trend in Europe and embrace the use of medical cannabis for patients who meet the criteria for the various indications.”
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