Medical Cannabis Company
Panaxia Israel
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Reports that it has reached first sales of products. The company began selling the products in Germany. At the same time, the company reports that the government of Cyprus has approved it to supply medical cannabis to patients in the country.
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Together with the European pharma company Neuraxpharm, it will sell the Naxiva-Panaxol product, after the European company has been working in recent months to get doctors to know its product through acceptable propaganda measures in front of doctors.
While in Israel the attending physician prescribes a medical cannabis prescription to the patient that includes the recommended dose and percentage of active ingredient, and the client can choose at the pharmacy any product that contains the specific compound of his choice, in Germany the patient can purchase only the specific product. According to the company, “the marketing of the products among the doctors qualified to issue prescriptions for medical cannabis products to patients is a threshold condition for success in the country.”
The medical cannabis market in Germany is considered to be the largest and fastest growing in the world outside the US, numbering about 120,000 patients. There are several companies in the market and it is expected to grow and constitute about 1% -2% of the population (800,000 patients) within 4 years.
The average monthly expenditure of a medical cannabis patient in Germany is about 400-500 euros per month (about 1600-2000 shekels per month), compared to an average monthly expenditure of about 500-800 shekels per patient in Israel and about 60% of patients receive full insurance coverage for the purchase. Medical cannabis products.
It is estimated that sales of medical cannabis products to patients with public health insurance in Germany in the first half of 2020 amounted to about 75 million euros, not including sales paid by patients with private health insurance. It is expected that within a few years the scope of the medical cannabis market in Germany will stand at several billion euros. These estimates cause the entire cannabis industry in Israel and around the world to turn a blind eye to Germany, as a market with the greatest profit potential, while today it is based solely on imports.
For the company, the first sales are the Completion of the second milestone in accordance with the outline of the merger transaction With the stock market rhodium from 2019. Under the agreement, shareholders who were in Panaxia on the eve of the merger will now be able to receive additional shares in the company.
The company will be able to supply cannabis in Cyprus
At the same time, the company reported that the Cypriot government had approved it to supply oils under the Panaxir brand for cannabis patients in the country, following the company’s announcement last week of the approval for the sale of its products in France, by the Pharmaceutical Authority. Under the agreement, Panaxia will export two types of medical cannabis oils in different concentrations and later expand the range of products.
The Cypriot government allowed the use of cannabis for medical purposes in 2019 and the state decided that patients could purchase medical cannabis products directly from the pharmacy upon presentation of a doctor’s prescription and subject to Ministry of Health approval, with the government selecting and importing the products and fully subsidizing them.
Panaxia is an exporter, manufacturer and operator of in-house distribution of medical cannabis products. The company holds the approval of the Ministry of Health for the production of medical cannabis-based drugs (GMP-IMC standard) and the European EU-GMP production standard from the European Health Authority. The company has about 30 medical cannabis-based pharmaceutical products.
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