SEED Innovations Ltd (AIM:SEED, OTC:FFRIF) has highlighted news from its portfolio company, Avextra AG, a German-based, European vertically integrated medical cannabis producer, which said it has successfully exported oil-based cannabis medicines to the UK.
The AIM-quoted company, which invests in fast-growing and industry-leading businesses with a focus on the medical cannabis, health and wellness space, has around a 7.48% holding in Avextra on a fully diluted basis.
Avextra said the export is a significant milestone that validates the regulatory pathway for the UK market and provides patients with access to the company's EU-GMP-certified cannabis-based medicines.
The UK is the world's largest exporter of Cannabis-based medicines and therefore one of the strictest jurisdictions in the world for their import.
Avextra said it will continue to work with its partners to serve patients across the UK and across Continental Europe.
The company retains an ownership stake in Integro Medical Clinics in London, as a strategic asset in the UK market. This clinic provides Avextra with the opportunity to better understand unmet patient need and gather valuable insights to develop safe and effective cannabis-based medicines of the highest quality to address it.
"We are thrilled to be able to expand our reach and bring our products to patients in the UK," said Bernhard Babel, co-CEO of Avextra in a statement. "Regulations are developing in a positive direction across Europe as governments and the medical community continue to recognise the benefits of medical cannabis and its potential to improve patients' quality of life".
In addition, he said: "Having a stake in Integro Medical Clinics allows us to aggregate data and glean valuable insights into the needs of patients in the UK, as we continue to innovate and improve our products to meet those needs."