Filenews 3 February 2021
Israel's largest manufacturer of medical cannabis products announced today that it has been selected by the Government of Cyprus to supply high quality oils it has developed under the brand name Panaxir for medical cannabis patients in the country.
Dr Dadi Segal, CEO of Panaxia Global, said: "We are proud to be working with our neighbour, the Government of Cyprus, which has chosen us to provide medical cannabis products for patients across the country. This is an extraordinary achievement for us, because it is a real expression of confidence from a European government that chooses Panaxia products for the treatment of 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 the company's announcement in recent months, talks between the Cypriot government and Panaxia had continued, and yesterday the company received final approval for import licences for the products. Under the agreement, Panaxia will initially export two types of medical cannabis oil at different concentrations from the premium range, which are produced in accordance with EU-GMP requirements and strict pharmaceutical standards. In the future, consideration will be given to the option of expanding the range of products.
The medical cannabis market in Cyprus
The regulations on drugs and psychotropic substances (medicinal cannabis) were adopted in Cyprus on 6 March 2019, but have not yet been implemented. Since 2016 and in accordance with current legislation, the Government of Cyprus has allowed 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 medicinal products based on hemp (in accordance with the IMC-GMP Directive) as well as Standard EU-GMP certification is required for the commercial production and export of medical cannabis and its products to Europe. The company manufactures over 30 medicinal products based on cannabis and has accumulated a broad base of clinical experience based on tens of thousands of patients.
Panaxia is a subsidiary of 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
