Med-Tech World to host Medical Technology in Small States Conference
Eve & Co Incorporated, founded in 2014, sells and produces cannabis based products like cannabis plants and cannabis oil to its customers in Canada. The Company’s main focus is on the Biotech and Pharmaceutical industries, however ‘Specialty Pharma’ is a sub-industry of the firm. Eve & Co also received its European Union certificate of Good Manufacturing Practice (EU-GMP).
AMP German Cannabis Group Incorporated, founded in 1997, holds a license to sell and import EU-GMP medical grade cannabis.
Since its legalisation in 2017, Germany has become the third largest market for medical cannabis, falling behind America and Canada. The country holds 80% of the deals within Europe. While the German market is still in its infancy, the Health Europa estimates that the “Western European medical cannabis market is currently (as of 2019) worth between €230m and €280m at retail prices, of which between €150m and €175m is in Germany”.
Moreover, AMP reports that by 2023, Europe is expected to become the leader in the global cannabis market. To find out more on the topic, follow our post here.
Consequently, this expansion project aims to bridge ties between the two countries in reaction to the growing medical cannabis industry; particularly the increased demand in Germany.
Health Europa argues that Europe has seen a warmer acceptance rate for legalising medical cannabis. In Germany, “about half of the population considers medical cannabis as a good alternative to traditional medicines and is likely to take medical cannabis as a treatment” the publication reports.
Labiotech reports staggering figures showing that German imports have doubled between 2018 to 2019 (sitting at 6.7 tonnes) in accordance to the growing demand. Furthermore, the International Narcotics Control Board (INCB) heightens this argument by estimating maximum demand to reach 16 tonnes in 2020.
Naturally, an increase in demand calls for supply to follow suit. However, AMP reports fear that “Demand will outstrip supply for the next five years in Germany” and are hence adopting a unique import model to meet both EU-GMP and supply requirements.
Bloomberg captures Eve & Co CEO Melinda Rombouts’ excitement towards the agreement stating: “We are among a small number of Canadian cannabis licence holders able to export to Germany and the EU. We are committed to servicing the European market with cannabis for medical purposes and have been ramping up our cultivation capacity in our greenhouse. Our agreement with AMP is another milestone in being a cannabis supplier for the EU, and we are looking forward to a fruitful collaboration.”
Dr. Stefan Feuerstein, Director and President of AMP, shares insight into executing the deal during the COVID-19 pandemic sharing to Bloomberg that “We are qualifying additional Canadian suppliers under the Covid-19 travel restrictions to prepare for higher demand from German patients in 2021 as doctors and pharmacists become more informed about the medical benefits of cannabis”.
According to Business Insider, the first major export will take place “before the end of 2020 with 50 to 100 kilograms and monthly imports of up to 100 kilograms to begin 2021”. This agreement will reach 13,00 pharmacies in Germany for monthly shipments beginning the second half of 2020.