"The legal European cannabis industry is still young compared to its North American counterparts, but it's developing and expanding progressively. The latest projections indicate that the market is expected to reach €3.2 billion by 2025. European countries are experiencing transformation in the regulations controlling cannabis products," explains Vako Togonidze, CEO of Pharmin.
"At Pharmin, we strive to lead the way in product innovation and development in order to respond and participate fully in any potential market growth," Vako says. "We are developing and testing more than 100 genetics with different characteristics, from THC levels to terpene profiles."
Uruguay
Pharmin is proud to be one of the few Uruguayan companies to hold all the necessary licenses to export to the European medical cannabis market. "This will accelerate our growth potential even further over the next few years. Despite facing challenges, Uruguay has been working to expand its medical cannabis export sector following legalization. The multi-million-dollar investment in Pharmin's medical cannabis production facility presents a promising chance to transform the South American nation into a worldwide provider of pharmaceutical ingredients," Vako says. "Uruguay has a very stable regulatory framework and a good track record as a pharmaceutical hub in the region."
With its 2-hectare facility, Pharmin can produce various genetics simultaneously to handle diverse market demands. "Operating in a free trade zone makes our products cost-effective. At Pharmin, we also understand the importance of standardization. Once you become the supplier of a specific ingredient, you are also the warrantor and provider of reliable treatments for patients."
The European market
At the moment, Pharmin exports its products to Germany and Australia and will soon start exporting to Israel and the UK. The company is also working with pharmaceutical companies in the Czech Republic and Poland to supply its products in the near future. "The European medical cannabis market is rising steadily, and new countries are following soon with legalization, such as Spain and Ukraine. Even though it is a complicated and highly regulated industry, we have a very positive outlook on the future and will be scaling up our production accordingly."
Moreover, the company is developing a cannabis extraction facility in order to expand its product variety. "At the moment, the demand for flowers is higher, but extracts are better suited for pharmaceutical products, and we believe that at some point, extracts will be a big part of the medical market," Vako says.
For more information:
Pharmin 
www.pharmin.com