IM Cannabis has announced that Adjupharm GmbH ("Adjupharm"), its EU-GMP licensed distribution subsidiary in Germany, has been approved to import 4,000kg of medical cannabis into Germany from additional foreign suppliers pursuant to a license extension granted by the German medical regulatory authority, the Bundesinstitut für Arzneimittel und Medizinprodukte, ("BfArM"). All future imports of medical cannabis will be made under this License, which allows for the import of either bulk product or end-products. Dry flower, dronabinol and extract products are permitted to be imported under the License.
Through Adjupharm, the Company has now signed binding purchase commitments with three medical cannabis distributors in Germany for the sale of 825kg of IMC-branded products over the next year. Consequently, this License will allow the Company to fulfill German market demand with products cultivated abroad, which includes the Netherlands, Spain, Portugal and Canada. As the export licensing process advances in Israel, Adjupharm can amend its License to include importation products from additional countries, including from Israel.
Oren Shuster, Chief Executive Officer of IMC said, "Adjupharm is lead by a seasoned leadership team and they continue to execute on our plan for leadership in the German market. Adjupharm has now reached a strategically sound position whereby it has many options to import medical cannabis from EU-GMP licensed cultivators abroad. It has secured licenses to cover future sales commitments with multiple distribution partners in Germany. As demand for medical cannabis continues to increase in Germany and the EU, I am more confident than ever that we have built that foundation for excellence."
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