Althea products approved for sale in Germany
- Germany’s health department (BfArM) has now granted all necessary licenses for the sale and distribution of Althea products in Germany
- An initial order of 2,000 Althea products is expected to be delivered to Althea’s German distribution partner, Nimbus Health GmbH, in December 2020
- Althea will become the first commercial supplier of Australian made medicinal cannabis extract products sold and distributed in the German market to date
- Public health insurers typically cover the entire cost of medicinal cannabis in Germany
18 November 2020: Australian pharmaceutical company Althea Group Holdings Limited (ASX:AGH) (‘Althea’ or ‘the Company’) is pleased to announce the following update regarding its German market entry with distribution partner Nimbus Health GmbH (‘Nimbus’).
German Sales and Distribution
Further to the Company’s announcement of 1 May 2020 regarding the supply and distribution agreement executed with Nimbus, Althea is pleased to announce that Germany’s Federal Institute for Drugs and Medical Devices (Bundesinstitut für Arzneimittel und Medizinprodukte) (‘BfArM’) has now granted all necessary licenses required for the sale and distribution of Althea products in Germany.
This significant milestone will see Althea become the first commercial supplier of Australian made medicinal cannabis extract products sold and distributed in the German market to date. With the licenses granted, Nimbus and Althea will now expedite the application of the required import and export permits.
Althea expects the first shipment of 2,000 products to take place in December 2020 and will receive payment for products supplied to Nimbus, along with 50% of the net profit on sales.
Nimbus will adopt the same Althea sales strategy that has been successfully implemented in Australia and the UK in support of the products’ launch in Germany, including a high performance in-field sales team used in conjunction with a localised version of its signature Althea Concierge™ platform. Althea will retain ownership of all real-world anonymised patient data collected through Althea Concierge™.
Significant Market Potential
With a population of approximately 83 million and a reported estimated medicinal cannabis market of €1.5 billion by 20251 , the German market represents a significant opportunity for Althea. In conjunction with Nimbus’ strong market presence and local expertise, Althea believes that it is ideally positioned to become the market leading medicinal cannabis brand in Germany.
Althea CEO, Joshua Fegan,/Public Release.