- Business collaboration signed with Panaxia Labs, Israel’s largest cannabis manufacturer, to market and distribute medical cannabis products
- Collaboration to start in Germany, Europe’s largest cannabis market, and expected to expand to additional countries
Düsseldorf and Tel Aviv, April 1, 2020 – Neuraxpharm, a leading European specialty pharmaceutical company, together with Panaxia Labs Israel, Israel’s largest medical cannabis manufacturer, today announced it is starting to market medical cannabis products, becoming the first European pharmaceutical company to include medical cannabis products in its portfolio. Neuraxpharm, which specializes in pharmaceutical products for the central nervous system (CNS), chose Panaxia Labs Israel (“Panaxia Israel,” TASE: PNAX), Israel’s largest medical cannabis manufacturer, as its partner in a business collaboration for the manufacture, commercialization and distribution of advanced medical cannabis products in Germany, Europe’s largest and fastest-growing medical cannabis market.
The breakthrough agreement inked by the two companies positions them as dominant players in the international cannabis market. The agreement is expected to cover more markets in the future. To date, collaborations between large pharmaceutical and medical cannabis companies were limited to research and development partnerships or local-scale distribution. The establishment of the business collaboration reflects Neuraxpharm’s and Panaxia’s strategy to become a European leader in the commercialization of medical cannabis products.