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Zenabis Global Inc. (TSX:ZENA)("Zenabis" or the "Company") announces today that its Maltese joint venture, ZenPharm Limited ("ZenPharm"), has received its Licence for the Production of Cannabis for Medicinal and Research Purposes ("Medicinal Cannabis License") issued by the Malta Medicines Authority, as afforded under Chapter 578 of the laws of Malta.
The receipt of the Medicinal Cannabis License follows on the earlier European Union Good Manufacturing Practices ("EU GMP") certification issued by Malta Medicines Authority in January 2021.
The Medicinal Cannabis License is the final license requirement under Malta's regulatory framework allowing for commercial bulk imports into Malta from Zenabis' facility in Atholville and subsequent exports of finished medicinal cannabis products to countries of the European Union and United Kingdom. After closing of the Arrangement plan, HEXO (TSX:HEXO) (NYSE:HEXO) and Zenabis' combined product portfolio are expected to gain access to the European market.
The Medicinal Cannabis License allows ZenPharm to commence commercial shipments to the European Union, where Germany is ZenPharm's most prominent target market. ZenPharm has an executed supply agreement with a German-based customer to supply a minimum volume of 500 kg per year. To that end, ZenPharm will be accepting shipments of up to 300kg from Zenabis Atholville through the end of this calendar year.
ZenPharm will also be launching finished cannabis products under its own brand for distribution within the Maltese medicinal cannabis market, with similar entry into the Polish Market expected in the Q1 2022.
"This license is a milestone that marks the beginning of a new chapter for Zenabis and ZenPharm in securing access to the European market. It builds on the dedicated hard work of our Zenabis employees and of our partners at ZenPharm in achieving EU-GMP certification – a journey that we as a company embarked upon solely in anticipation of this moment. I would like to congratulate ZenPharm management and employees for achieving this incredible milestone" stated Shai Altman, Chief Executive Officer of Zenabis.
Angele Azzopardi, Chief Executive Officer of ZenPharm, said "Whilst ZenPharm GMP Certificate solidified ZenPharm's position within Zenabis' strategy for global outreach, the achievement of the Medicinal Cannabis License is instrumental for the joint venture's vision by way of effective implementation. We are incredibly proud of the Team's relentless efforts and dedication. The attainment of this License continues to showcase Malta's regulatory gold standard in assuring the highest quality in medicinal cannabis products".
