Celadon shares rise on second UK contract win for cannabis product

Celadon Pharmaceuticals PLC on Tuesday, September 5, said that it has entered a new sales contract with a second pharmaceutical company in the UK, as demand for its product continues to grow.

The London-based pharmaceutical company, which is focused on the research, cultivation, manufacturing, and sale of breakthrough cannabis-based medicines, said the contract could generate up to GBP1.2 million in revenue.

Shipments of Celadon's cannabis product are expected to begin in the final quarter of this year. The contract will run over a three-year term, with both parties retaining the option to extend for a further two years, subject to mutual agreement. This contract follows the first, which was signed in May. Under the terms of that contract, Celadon will supply a minimum of GBP3 million worth of products over the next three years.

These contract wins show that UK production has a "significant advantage" over imported products, the firm said. "We are very happy to have signed a second sales contract with a new customer so soon after the first. Demand for our product continues to grow, and converting this interest into commercial sales remains our top priority," said Chief Executive Officer James Short.

Read more at lse.co.uk

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