Neuraxpharm Partners With Panaxia To Bring Medical Cannabis To Germany

April 01, 2020 | Benzinga

European pharmaceutical company Neuraxpharm has teamed up with Israel medical cannabis producer Panaxia Labs Israel (TASE: PNAX) to begin marketing medical cannabis products.

Neuraxpharm focuses on pharmaceutical products for the central nervous system, covering 12 European countries, or more than 80% of the European CNS drug market. It is often regarded as the leading European CNS Specialist, having annual revenues of approximately €480 million ($524.6 million).

With Germany being considered one of the biggest and fastest-growing medical cannabis markets in Europe, the two companies expect to set their focus there, projecting they will reach other markets in the future.

The deal contains a mutual option to examine extending partnership to other countries in Europe.

Under the partnership agreement, Panaxia will be in charge of producing the products under EU-GMP standards, while Neuraxpharm will take over branding, and distribution to certified pharmacies in Germany.

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