Celadon Pharmaceuticals PLC (AIM:CEL) has become the first company registered to produce high-THC medicinal cannabis in the UK.
Celadon Pharmaceuticals has obtained a Good Manufacturing Practise (GMP) registration from the UK Medicines and Healthcare products Regulatory Agency (MRHA), allowing its Midlands facility to produce medical cannabis.
Medicinal cannabis, which was legalized in 2018, is currently “reliant on imported product, often facing lengthy delays and high costs,” the company said in its latest statement.
The UK cannabis market is expected to reach a value of £1bln in 2026, while the US industry is currently worth US$9bln, according to research from Prohibition Partners and Global Market Insights.
“The directors believe Celadon has now become one of a limited number of companies globally with the approvals in place to cultivate and manufacture EU-GMP grade high-THC medicinal cannabis,” the British pharmaceutical company added.
Read more at proactiveinvestors.co.uk