(Sharecast News) - Medical cannabis investment company Seed Innovations updated the market on its portfolio company Eurox, a Germany-based, European-focussed vertically-integrated medical cannabis company, on Tuesday.
The AIM-traded firm said that when it made its investment in July, Eurox was expecting to launch its own brand within "months".
Seed confirmed on Tuesday that Eurox had successfully launched its own "unique" brand of 'made in Germany' full-spectrum medical cannabis extracts, representing a milestone for the company, with products now available for German pharmacies to order.
Seed has an 8.85% shareholding in Eurox.
It said Eurox's objective with the new launch was to guarantee medical cannabis patients in Europe the "highest European pharmaceutical quality standards", and to reduce the dependency of patients on long-distance international shipments and "burdensome" import-export permits.
Eurox's first launch of extracts had a balanced tetrahydrocannabinol (THC) and cannabidiol (CBD) content.
Seed said Eurox was continuing to work on the development and manufacturing of new products, with high-THC full-spectrum extracts, as well as pure dronabinol, expected to be launched in the coming months.
"I am encouraged to share that Eurox has made this material progress in a short period of time since our investment," said Seed chief executive officer Ed McDermott.
"It is a huge achievement to have developed, manufactured and to be selling its own-branded, unique, 'made in Germany', EU GMP medical cannabis extracts ahead of their projected timetable.
"We are very excited to see Eurox continue to expand the availability and range of their medical cannabis range and look forward to further commercial and financial updates from them as product uptake matures."
At 1133 BST, shares in Seed Innovations were up 0.48% at 8.34p.
Seed Innov (SEED)18 Apr 2024 14:12