24 April 2019
Little Green Pharma’s Managing Director, Fleta Solomon is just back from Europe where she presented at both the International Cannabis Business Conferences (ICBC) in Berlin and Paris. These are Europe’s premier B2B events in the medicinal cannabis industry and allowed Little Green Pharma to meet with regulators and industry leaders in Germany and France, to discuss opportunities within the newly enacted laws and landscape.
Having succeeded in Australia as the first as the only producer of locally grown medicinal-grade cannabis products, Little Green Pharma now has its sights set on the German and other European cannabis markets. This is for several reasons. First, Little Green Pharma medicinal cannabis is not irradiated, the plants are grown without the use of pesticides and the manufacturing process is performed within an EU recognised Good Manufacturing Practice (GMP) facility, putting it in the position of being able to supply medicinal cannabis manufactured outside Europe to EU patients.
Secondly, other international competitors are subject to certain regulatory and market disadvantages when considering Europe, including:
1) The requirement for all medicinal cannabis products sold in the EU to be produced within an EU GMP-certified facility
2) Federal regulations prohibiting the production or exportation of medicinal cannabis products even if it can be legally prescribed locally
3) An inability to meet domestic recreational cannabis commitments, resulting in an undersupply of medicinal cannabis for patients
4) Non-compliance with the Single Convention on Narcotic Drugs 1961, which is anticipated to become a key differentiating factor for EU importing countries in the future as global production evolves.
Industry experts forecast the global imbalance between supply and demand of medicinal cannabis products will continue for the next five years. This is being driven by the limited supply side options, the time required to ramp-up production as well as the number of new countries legalising medicinal cannabis, not to mention the countries legalising recreational cannabis.
This has meant the ability of many of the international (and local) cannabis producers to service the EU market remains uncertain, and in turn presents a very large market opportunity.
Little Green Pharma’s goal is to bring Australian-produced medicinal cannabis to patients around the world whilst continuing to supply the Australian market.Back to news