SEED Innovations Ltd (AIM:SEED) said Eurox Group, in which it has an 8.85% stake, has launched its own brand of "made in Germany" full-spectrum medical cannabis extracts.
SEED said the launch took place ahead of schedule and represents a milestone for Eurox.
Eurox's objective with this new launch is to guarantee to medical cannabis patients in Europe the highest European pharmaceutical quality standards and reduce patients' dependency on long-distance international shipments and burdensome import-export permits, SEED revealed.
Eurox's first launch of extracts have a balanced tetrahydrocannabinol (THC) and cannabidiol (CBD) content; THC is the psychoactive element of cannabis. Eurox continues to work on the development and manufacturing of new products, with high-THC full-spectrum extracts as well as pure dronabinol expected to be launched within the next months.
Ed McDermott, the chief executive officer of SEED, said it was a huge achievement for Eurox to launch its own brand ahead of its projected timetable.
Alfredo Pascual, the vice-president of investment analysis of SEED, said Eurox is one of a handful of companies offering German-made value-added medical cannabis products.
“We expect this to offer a significant differential advantage. SEED is hopeful that this will also contribute towards growing confidence from the German medical community in the use of cannabinoid therapies, expanding both the market and patients' access."
Bernhard Babel, the co-managing director of Eurox, said all of the company’s branded medicinal products are produced in a state-of-the-art German facility and adhere to the highest EU and German standards.
“Eurox provide the highest quality product whilst maintaining uncompromising safety standards to ensure a stable supply and full control of our entire supply chain – from selecting the plant material to manufacturing and distribution.
"This is the first launch in what Eurox hopes will be a much wider range of medicinal cannabis products in the future,” Babel said.