Althea has announced two export shipments to Europe in two days.
On Wednesday, the company told the ASX it had completed its first shipment of medicinal cannabis products to Germany, sending 2,000 units valued at approximately A$1 million to Europe’s biggest cannabis market.
Althea has partnered with leading pharmaceutical wholesaler of cannabis-based medicines, Nimbus Health GmbH, to launch the brand exclusively in Germany.
Under the agreement, Althea will receive payment for products supplied to Nimbus, along with 50% of net profit.
The German medicinal cannabis market is the largest in Europe with health insurers typically covering the entire cost of treatment.
On Thursday, the company followed up with news that it had completed its first export of products to UK-based medicinal cannabis distributor Grow Pharma.
Signed in 2020, the supply agreement allows Grow Pharma to distribute Althea products in the UK, alongside Althea’s own sales channel.
Althea recently expanded its agreement with Grow Pharma to include the Isle of Man and Guernsey.
Althea CEO Joshua Fegan said: “Europe is fast becoming a global hub for medicinal cannabis, and is leading the world in patient access, regulatory affairs, and product sales. With operations in the UK and Germany, Althea is at the forefront of this next frontier.”