Israel, the largest manufacturer of medical cannabis products, announced today that it has been selected by the Cypriot government to supply high quality oils that it has developed under the name Panaxir for patients with medical cannabis in the country.
Dr. Dadi Segal, CEO of Panaxia Global, said: “We are proud to work with our neighbor, the Government of Cyprus, which has chosen us to provide medical cannabis products to patients across the country. This is a great achievement for us, because it is a real expression of confidence from a European government that chooses Panaxia products to treat its citizens. The goodwill we gain from offers of this type will open doors to other countries and facilitate the penetration of additional markets.
According to a company announcement in recent months, talks between the Cypriot government and Panaxia had continued, and yesterday the company received the final approval for import licenses for the products. Under the agreement, Panaxia will initially export two types of medical cannabis oil in different concentrations from the premium range, which are produced in accordance with EU-GMP requirements and in accordance with strict pharmaceutical standards. In the future, the option of expanding the product range will be considered.
The medical cannabis market in Cyprus
The regulations on drugs and psychotropic substances (medical cannabis) were approved in Cyprus on March 6, 2019, but have not yet been implemented. Since 2016 and in accordance with current legislation, the Government of Cyprus has authorized the use of cannabis for medical purposes and has allowed patients to purchase medical cannabis products directly from pharmacies, subject to the presentation of a prescription, after approval by the Minister of Health. The main indication for which medical cannabis is prescribed in Cyprus is cancer.
About Panaxia
Panaxia Labs Israel Ltd. is a public company in TASE). It is the largest Israeli manufacturer and distributor of domestic cannabis products and the first to receive the approval of the Israeli Ministry of Health for the manufacture of cannabis-based medicinal products (according to the IMC-GMP directive) and requires EU-GMP standard certification for commercial production and export of medical cannabis and its products in Europe. The company manufactures over 30 cannabis-based medicines and has accumulated a broad base of clinical experience based on tens of thousands of patients.
Panaxia is a subsidiary of the Segal Pharma Group, owned by the Segal family and founded forty years ago. The company manufactures over 600 different pharmaceutical products distributed in more than 40 countries worldwide.
Philenews / Bloomberg / Prnewswire
