AgraFlora Organics International Inc. AGRA AGFAF disclosed Thursday that Farmako GmbH via its subsidiary Farmako Limited has obtained its Home Office Controlled Drug License.
Farmako Limited received the license in less than one month after the examination by the UK Home Office in December was successfully finalized.
With the new license, Farmako Limited plans to start wholesaling medical cannabis in the UK by the middle of 2020, counting on the imports of Bedrocan products from the Netherlands.
“The UK medicinal cannabis market has been estimated to reach US$1.3 billion by 2024, with up to 1% of the UK’s population expected to be eligible to receive medicinal cannabis prescriptions by 20281,” Katrin Eckmans, CEO of Farmako, said in a statement.
“Obtaining the License is a key milestone for our European business, positioning Farmako Limited as an early leader in the rapidly developing UK medicinal cannabis market.”
AgraFlora expects for the license coupled with broad National Health Service insurance coverage to be the crucial strategic component of its global cannabis revenue-generating trading platform.
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