Panaxia Global, the controlling shareholder of Panaxia Labs Israel Ltd. (TASE: PNAX), a global pharmaceutical company that develops, manufactures, and markets progressive cannabis-based products of pharmaceutical quality, announced today that the EU Health Authority has given its production facility in Malta official approval for the EU-GMP standard. In accordance with the requirements recognized under the European Directive for the manufacture of medical cannabis-based goods, this standard is binding and important for the production, export, and marketing of medical cannabis products in EU nations.
Panaxia now has two facilities that meet the rare and highly sought-after European standard, allowing it to export its goods to a larger range of countries. As a result, the company became Israel’s first and only medical cannabis company to have a facility in the European Union’s territory, with an EU-GMP standard from a European authority.
The Panaxia Group now has a significant power multiplier for export capacity, both in terms of output and destinations to which it can export, thanks to the adoption of the EU-GMP standard for a facility in Malta. The permit allows for export and marketing to all countries that require the registration of the final product in the country of origin, such as Poland, Greece, Portugal, and Brazil. Panaxia currently has marketing permissions in Germany, Europe’s largest and fastest-growing cannabis market, and Cyprus, where product registration is not required in the country of origin. Panaxia manufactures and ships its goods to these nations on a regular basis from its facility in Israel, which is the only one in the country that meets EU-GMP standards.
Shortly after acquiring a marketing permit for cannabis extracts for vaporization in Germany, the EU-GMP standard for a production facility in Malta was implemented. Panaxia Israel has become the first and only company to export and offer medicinal cannabis extracts for vaping in Germany, and Europe in general, as a result of this permit. Panaxia is also the only firm in Europe with regulatory approval from the French National Agency for Medicines and Health Products Safety (ANSM) to distribute medical cannabis tablets.