In May 2020, Australian pharmaceutical company Althea Group Holdings Limited (ASX:AGH) signed a supply and distribution agreement with distribution partner Nimbus Health GmbH and has announced last week that Germany’s Federal Institute for Drugs and Medical Devices (Bundesinstitut für Arzneimittel und Medizinprodukte) has now granted all necessary licenses required for the sale and distribution of Althea products in Germany.
Althea is the first commercial supplier of Australian-made medicinal cannabis extract products sold and distributed in the German market to date. Nimbus will adopt the same Althea sales strategy that has been successfully implemented in Australia and the UK in support of the products’ launch in Germany, including a high performance in-field sales team used in conjunction with a localised version of its signature Althea Concierge™ platform. Althea will retain ownership of all real-world anonymised patient data collected through Althea Concierge™.
With a population of approximately 83 million and a reported estimated medicinal cannabis market of €1.5 billion by 2021*, the German market represents a significant opportunity for Althea. In conjunction with Nimbus’ strong market presence and local expertise, Althea believes that it is ideally positioned to become the market leading medicinal cannabis brand in Germany.
Althea CEO, Joshua Fegan, commented: “We are very pleased that all relevant licenses have been granted. This will now allow Althea to focus on the sale and distribution of our products in the German market through Nimbus. We expect to see rapid uptake given Althea’s reputation and Nimbus’ established market presence in Germany.”
Nimbus Founder and CEO, Linus Maximilian Weber, commented: “It has been amazing to see how Althea and our team have worked closely together to achieve this milestone. We are very pleased that Nimbus is the first distributor bringing Australian made extracts to patients in Germany and will further increase the value of cannabis-based medicines in country.”
For information about medical cannabis, click here.
*https://www.healtheuropa.eu/exploring-growth-in-the-european-medical-cannabis-market/100849/
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