Epidiolex Counterpart Debuts In Brazil's Cannabis Market As Its Maker Eyes TSX IPO

Verdemed, a pharmaceutical company known for producing cannabis-derived products, has received five fresh approvals from the Brazilian Health Regulatory Agency (Agência Nacional de Vigilância Sanitária, Anvisa) in July. This accomplishment catapults the firm to a dominant position in the sector, boasting the most extensive portfolio of authorized cannabis-based medications in Brazil, with seven health authorizations.

Coming into the limelight five years after its entry into the Brazilian market, Verdemed now offers products such as Canabidiol Verdemed in concentrations ranging from 20 mg/ml to 200 mg/ml in 30 ml bottles. Remarkably, the 100 mg/ml concentration in a 100 ml bottle —a counterpart to Jazz Pharmaceuticals PLC JAZZ's Epidiolex, primarily used to treat refractory pediatric epilepsy— marks the introduction of a product that is already registered by the FDA in both the US and Europe but was previously unavailable in Brazil.

The milestone achieved by Verdemed is noteworthy against the backdrop of a growing demand for cannabis-based medicinal alternatives in a market grappling with scarcity. Anvisa data reveals a 93% surge in the import of such products via RDC 600/2022 over the past year. Pharmacy sales have skyrocketed, surpassing BRL 100 million ($20.6 million), with an increasing demand emanating from public sectors, including states and municipalities.

"We've dedicated immense effort to meet all regulatory requirements, ensuring exceptional quality products for physicians and patients leveraging our cannabis-derived offerings," stated José Bacellar, Verdemed's CEO. "The five health authorizations granted this July epitomize the affirmation of our sustained endeavors and accentuate our unwavering dedication to enhancing the treatment spectrum and life quality of Brazilians."

With an aggressive roadmap ahead, Verdemed is set to channel investments into research and development to broaden its product range, aiming to cater to unmet medical needs within the medicinal cannabis realm. The company's ambitious target is to 10x its product sales by the end of 2024. Bacellar confidently asserts the company's prospects, "We anticipate approval for an additional three products by Anvisa within this year. By 2024, our projection is to introduce seven more products from our catalog to Brazil."

Strength In The Numbers

On the financial front, Verdemed has reportedly reached BRL 1 million ($206,062) in sales within Brazil and projects a tenfold increase by 2024. In alignment with its expansion plans, the firm has initiated a new investment round to raise $3 million to bolster its production, distribution and sales capabilities in Brazil. Further amplifying its global footprint, Verdemed aspires to undertake an IPO in Canada, eyeing a prominent listing on the Toronto Stock Exchange (TSX), which would make it the first Brazilian pharmaceutical entity to achieve this feat.

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In a strategic move to strengthen its Brazilian workforce, Verdemed has onboarded Dr. Paula Vinha as its Medical Director and Dr. José Almeida, the former CEO of NuNature and Pele Nova, as Director of Medical Marketing and Sales. Moreover, as a testament to its commitment to cutting-edge research, Verdemed has successfully imported Cannabidiol 100mg/ml for the pioneering Phase 2 study, Cannabic. This global study, involving 110 randomized patients and integrating a double-blind methodology with the use of placebo, will evaluate the effectiveness of Cannabidiol Verdemed in treating CHF - Conjunctival Heart Failure. The study will be spearheaded by INCOR/FMUSP under the stewardship of Dr. Bruno Biselli, a PhD candidate, and Prof. Dr. Edimar Bocchi.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.