- Avextra has successfully exported EU-GMP standardised cannabis extracts manufactured at its German facility to its distribution partner in Italy
- Avextra extracts are the first Made in Germany products to serve significant unmet patient needs for oil-based cannabis medicines in Italy
- Italy is one of Europe’s largest and fastest growing markets for extract-based cannabinoid therapy. Avextra has a significant advantage with its focus on EU-GMP standardised extracts
- Exports into Italy increases Avextra’s European footprint and validates the company’s extract focused business strategy
BENSHEIM, Germany, May 17, 2023 (GLOBE NEWSWIRE) -- Avextra AG (“Avextra” or the “Company”), a leading vertically-integrated manufacturer of cannabis-based medicines located in Germany, is pleased to announce the successful export of its standardised cannabis extracts to Italy. This is a significant achievement for the company as it continues to expand into new high-growth medical markets and demonstrates continued execution capability across its European distribution platform.
Italy is a key market for Avextra, with the second-largest patient population for cannabis-based medicines in the European Union (“EU”). The successful export of Avextra's products to Italy is a testament to the quality and effectiveness of its cannabis-based medicines, and the company's commitment to meeting the needs of patients and healthcare professionals across Europe.
Avextra is one of only three companies approved to import cannabis medicines into the country. In Italy over 70% of the market for cannabis-based medicines are extracts and Avextra is the first medical cannabis/pharmaceutical company to register and launch a balanced extract in Italy, by far the most sought-after potency for domestic patients.
Avextra’s Co-CEO Dr. Bernhard Babel comments, "We have had extensive discussions with Italian doctors and pharmacies and see a clear need for standardised extracts in Italy. Our Italian team have regularly participated in scientific conferences and built relationships with leading researchers and clinicians and see strong potential for medical cannabis therapies to grow and develop in Italy."
Avextra's state-of-the-art manufacturing facility in Germany adheres to strict European Union regulations, ensuring that all products meet the standards for quality and safety that EU regulators have set. This commitment to excellence has enabled the company to establish itself as a trusted European manufacturer, with a solid reputation for producing innovative, effective, and proprietary cannabinoid-based medicines. This latest export to Italy opens up another significant market and demonstrates continued success of the Company's European distribution strategy.
About Avextra AG
Avextra is one of Europe’s leading vertically integrated suppliers of high-quality cannabis-based medicines. Founded in 2019 and based out of Germany, the company focuses on the production of precisely formulated cannabis-based medicines. Avextra controls the entire value chain – from cultivation in Portugal to EU-GMP certified extraction and manufacturing in Germany. Avextra operates across continental Europe through an expansive distribution network of multiple channels and assets strategically developed for these key markets.
Learn more at avextra.com and stay up to date at LinkedIn: LinkedIn.com/company/avextra-ag/
Avextra Investor Relations:
For further information, please contact our Investor Relations Team:
Email: investors@avextra.com
Avextra Media Enquiries:
For media enquiries or to set up an interview please contact:
Email: press@avextra.com
Phone: +49 30 408174037
Forward-Looking Statement:
This news release contains certain "forward-looking information" within the meaning of applicable securities law. A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information in this release including, but not limited to the risk that: synergies and expected collaboration from the event may not be fully realised or may take longer to realise than expected; consumer demand for cannabis products globally falls short of expectations; Avextra's subsidiaries and partners are able to obtain and maintain the necessary regulatory authorizations to conduct business; and general economic, financial market, legislative, regulatory, competitive and political conditions in which Avextra and its subsidiaries and partners operate will remain the same.
The forward-looking information in this release is based on information currently available and what management believes are reasonable assumptions. The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release.
