AgraFlora Organics has announced that Farmako GmbH through its wholly owned subsidiary Farmako Limited has received its Home Office Controlled Drug License.
"Farmako was awarded the License less than one month following the successful completion of its inspection by the UK Home Office in December 2019," the team with the company explains. "Having obtained the License Farmako Limited intends to commence wholesaling medical cannabis in the UK by mid-year 2020 including the importation of Bedrocan products from the Netherlands to the UK for patient distribution."
“The UK medicinal cannabis market has been estimated to reach US$1.3 billion by 2024 with up to 1% of the UK’s population expected to be eligible to receive medicinal cannabis prescriptions by 2028[1]” said Katrin Eckmans CEO of Farmako. “Obtaining the License is a key milestone for our European business positioning Farmako Limited as an early leader in the rapidly developing UK medicinal cannabis market.”
The UK cannabis market is still in its early stages with recent legislative changes allowing specialist physicians to prescribe medical fulfilled through a pharmacy model. In addition UK medical cannabis patients benefit from broad insurance coverage for medical cannabis provided by the UK’s National Health Service. Management believes access to broadly available insurance coverage for medicinal cannabis is one of the attractive features of the UK medicinal cannabis market. Farmako Limited’s management believes pending regulatory changes in the UK may create a more permissive environment for the importation and warehousing of Schedule 2 Controlled Drugs including medicinal cannabis. Should this regulatory change occur management believes it will further strengthen Farmako Limited’s position by creating synergies with the Company’s operations outside of the UK.
"The License was issued by the UK Home Office in accordance with the Misuse of Drugs Act 1971 and its associated Misuse of Drugs Regulations. Farmako Limited is now fully licensed to pursue pharmaceutical/medical cannabis trading in the UK having previously obtained its certification for compliance with Good Distribution Practice (“GDP”) and having previously been granted the authorization for wholesale distribution of medicinal products including medical cannabis from the UK’s Medicines and Healthcare Products Regulatory Agency.
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AgraFlora Organics
agraflora.com