Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) (“Clever Leaves Holdings” or the “Company”), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, today announced the importation of its first German high-quality standards compliant commercial extracts that will soon be available for distribution by its partner in Germany Ethypharm GmbH (“Ethypharm”), a European specialty pharmaceutical company.
We are one of the first to successfully complete a commercial shipment of Colombian-manufactured high-CBD pharmaceutical product to Germany available for patients in pharmacies under prescription.
Following a March 2021 supply agreement signed by the two companies providing Ethypharm access to Clever Leaves Holdings EU GMP certified cannabis extracts, the shipment includes two products: a 100 mg CBD with 3 mg THC per gram formulation and a 200 mg CBD with 6 mg THC per gram formulation. Partnering with an established pharmaceutical company like Ethypharm allows Clever Leaves Holdings to enter the German pharmaceutical market more broadly, which may accelerate the Company’s expansion into the gradually expanding European cannabis market.
“As the largest medical cannabis market in Europe and one of the most demanding from a pharma-quality perspective, Germany has become one of the most important markets to us. This importation illustrates the ability of the Clever Leaves Holding team to manufacture EU-GMP and German Pharmacopoeia compliant products and provide pharmaceutical clients with an asset-light path to market. In addition, this reflects our increasing know-how to comply with complex and sophisticated regulatory and quality frameworks. This is especially relevant in an environment of constantly changing cannabis legislation across different countries,” explained Andrés Fajardo, President of Clever Leaves Holdings. “Partnering with a pharmaceutical leader like Ethypharm enhances our distribution by aligning with an organization which specializes and excels at the marketing and distribution of prescribed pharmaceutical products in Germany”, he added.
“Ethypharm aspires to work closely with doctors and pharmacists to improve patients’ lives. The medicinal cannabis extracts we are now launching in Germany address patients’ needs, especially those of patients for whom standard therapies are ineffective and who can clearly benefit from medical cannabis treatment,” added Jean Monin, Ethypharm’s Chief Commercial Operations Officer. “Partnership with Clever Leaves Holdings expands the range of products we offer to German patients and prescribers to treat Central Nervous System (CNS) diseases. We look forward to the next launches planned with Clever Leaves Holdings in the months to come to further enlarge this offering.”
Clever Leaves Holdings is one of the few, fully integrated cannabis companies to be granted European Union Good Manufacturing Practices (EU GMP) certification, a requirement to commercialize medical cannabis products in the EU, which reinforces the Company’s ability to serve international markets.