Australian bio-pharmaceutical company, Zelda Therapeutics Ltd. has reportedly announced a collaboration with the German medicinal cannabis group HAPA Medical. As per trusted reports, the collaboration would offer HAPA first rights for manufacturing and distributing Zelda’s clinically validated formulations in the expanding Germany market.
An official press release by Zelda claims that HAPA is an early mover to the Germany medical cannabis market and is reportedly developing a vertically integrated business including pharmaceutical manufacturing, medical outreach, cultivation, patient education and distribution to medical clinics and pharmacies across Germany.
Dr. Richard Hopkins, MD at Zelda Therapeutics was reportedly quoted stating that the collaboration would effectively extend the global reach of Zelda’s relationships and would further demonstrate its focus on commercializing the company’s clinically validated formulations.
The move is crucial as Germany with a population of 83 million, is predicted to be the largest single medical cannabis market in the world, Hopkins added.
As per Ricardo Pendón, HAPA’s Managing Director, the firm is pleased with the collaboration with Zelda as it is recognized as one of the world’s leading science-driven medical cannabis companies. Attaining access to Zelda’s unique product portfolio would play a significant role in HAPA’s success in the future, claims Pendón.
Reportedly, Germany is an a rather lucrative ground for Zelda given that the regional government passed a legislation in March 2017, enabling clinicians to prescribe cannabis in certain circumstances. However, self-cultivation and recreational use of cannabis is still sternly prohibited in Germany, cite sources.
As per an official statement under the German regulatory framework, patients that are registered with their insurer will reportedly be offered full reimbursement on the cost of cannabis related medicines.
Sources on this matter also claim that the legally subsidized nature of the cannabis medicine industry in Germany has led to a catalyzed growth in the number of patients with figures that have far exceeded the initial predictions.