Panaxia Global (TASE: PNAX), which owns medical cannabis company Panaxia Labs Israel Ltd., has obtained official authorization from the EU Health Authority for the EU-GMP standard for its production facility in Malta.
This standard, which is binding and essential for the production, export and marketing of medical cannabis products in EU countries, was adopted shortly after obtaining a marketing permit for cannabis extracts for vaporization in Germany. On receiving this permit, Panaxia Israel will become the first and only company to export and market medical cannabis extracts for vaporization in Germany in particular and to in Europe in general.
“The EU-GMP Standard granted to our facility in Malta is a significant regulatory achievement and a result of an in-depth and lengthy audit process by the European Health Authority,” Dr. Dadi Segal, CEO of Panaxia said. “It will enable us to export our products to markets that Israel can not export to, due to regulatory restrictions. At the same time, we will continue to regularly manufacture and export our medical cannabis products to Germany, France and Cyprus from our facility in Israel, the only one in the country with EU-GMP standard.”
Currently, Panaxia owns two facilities with the European standard that will enable it to export its products to various countries. Thus, the company became the first and only medical cannabis company in Israel to have a facility located in the territory of the European Union with an EU-GMP standard from a European authority.
In addition, Panaxia is the only company in Europe to have a regulatory permit for the distribution of medical cannabis tablets in France, as part of the French National Agency for Medicines and Health Products Safety (ANSM).
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