The Israeli company is the first to join the exclusive team of international companies awarded the prestigious certification from a European agency, which opens the doors to Europe for Israeli medical cannabis growers as well.
Panaxia (TASE: PNAX), expects to begin sales of its brands in Germany, the largest European cannabis market, and in Denmark later this year.
TEL AVIV, Israel, June 11, 2020 /PRNewswire/ — Dr. Dadi Segal, CEO of Panaxia Global, said, “Receiving EU-GMP certification is a defining moment for us and for the medical cannabis industry in Israel as a whole. We are proud to be the first and only medical cannabis company in Israel to have broad EU-GMP certification from a European agency, which enables commercial export of raw materials as well as oils and additional products to Europe. It is a certification with tremendous strategic importance that moves Panaxia and the State of Israel another step forward towards exporting medical cannabis. EU-GMP certification enables us to accelerate completion of the process for regulatory registration of Panaxia products and brands in Germany, Denmark and other target countries in the European Union and brings us closer than ever to commercialization and sales jointly with our strategic partners who are the leaders in these markets, Neuraxpharm in Germany and STENOCARE in Denmark. Furthermore, the certification makes Panaxia the sole gateway to Europe today for Israeli cannabis growers who want to export their cannabis brands.”
Pharmaceutical company, Panaxia Labs Israel Ltd. (“Panaxia Israel”) (TASE: PNAX), Israel’s largest manufacturer of medical cannabis products, today announced that it has received official EU-GMP certification. This certification is necessary for the manufacture, export, and marketing of pharmaceuticals within the European Union (EU), and it applies to medical cannabis products, which are defined in the EU as pharmaceutical products requiring a prescription. Panaxia is the first and only medical cannabis company in Israel to have been awarded EU-GMP certification from a European health authority, making the commercial manufacture, export and sale of a variety of oils and medical cannabis extracts possible. As a result, Panaxia is joining the top tier of a select few international medical cannabis companies that have been recognized with this prestigious certification.
Receipt of the certification enables Panaxia to move to the next stage necessary to export and sell in Europe – completion of the regulatory registration process for its medical cannabis oils and brands in Germany, the largest and fastest growing medical cannabis market in Europe, as well as in Denmark, the most strictly regulated market in Europe and other target countries within the EU. Panaxia, which is in the midst of the registration process in these countries, has already received these marketing approvals, and the first sales of the products are expected later this year. This will be done through its strategic partners and subject to receipt of an export permit from the Israeli Ministry of Health.
Additionally, certification opens the doors of Europe to Israeli medical cannabis growers, as Panaxia is currently the only manufacturer certified to manufacture their cannabis brands for them. To this end, they must be certified by Panaxia and their products must be produced at the Panaxia facility, which has been awarded EU-GMP certification.
The marketing and sales of Panaxia’s premium products under the Panaxia brand in Germany will be done through an exclusive marketing and distribution agreement with German pharmaceutical company, Neuraxpharm, the largest producer of products for the central nervous system (CNS) in Europe. As part of the partnership, Neuraxpharm will be responsible for branding, penetration and commercialization of the products with physicians and all of the pharmacies approved for this purpose in Germany, as part of its extensive portfolio of products. The agreement includes a mutual option to consider expanding the collaboration to other EU countries.
In Denmark, marketing and sales will be performed under a strategic distribution agreement with STENOCARE, the largest distributor of medical cannabis products in Denmark, which specializes in distribution of medical cannabis to approximately 70% of the Danish market. STENOCARE will market the Panaxia medical cannabis products to physicians and approved pharmacies in Denmark.
To date, Panaxia has approved and certified its partners in Israel: Seach, Better, Together, Canndoc and IMC to grow raw materials in accordance with the European standard and, therefore, with Panaxia’s receipt of the European certification, products made from raw materials that are grown on one of the above-mentioned farms and produced at Panaxia’s facility may be exported subject to completion of regulation of exports by the Israeli Ministry of Health. To date, through its collaboration with Seach, Panaxia has an amount of raw material that complies with European regulations and is sufficient for production of oils under EU-GMP for the first months of sales in Germany.
About Panaxia Labs Israel
Panaxia Labs Israel, Ltd., a publicly traded company on the TASE (PNAX) is currently the largest Israeli manufacturer and home-delivery distributor of medical cannabis products, and the first to have received the approval of the Israeli Ministry of Health for the manufacturing of medicinal cannabis-based pharmaceuticals (under the IMC-GMP directive) and European manufacturing standard, EU-GMP, which is required for the manufacture and commercial export of medical cannabis and medical cannabis products to Europe. Panaxia has been approved to provide manufacturing and distribution services for medical cannabis products in Israel, and it manufactures over 30 hemp-based medicinal products and has accumulated a broad foundation of clinical experience based on tens of thousands of patients.
Panaxia is part of the Segal Pharma Group, owned by the Segal family and founded over forty years ago. The company manufactures over 600 different pharmaceutical products that are distributed in over 40 countries worldwide. Panaxia Labs Israel is a subsidiary of Panaxia Pharmaceutical Industries, co-founded by Dr. Dadi Segal, Dr. Eran Goldberg, and Assi Rotbart, Adv. as the cannabis division of the Segal Pharma Group. A sister subsidiary, Panaxia US, manufactures in North America over 60 hemp-based medicinal products, including sublingual tablets, lozenges, oils, and inhalators aimed for the treatment of conditions such as PTSD, cancer, chronic pain, epilepsy, anorexia, burns, and many other ailments. Panaxia Group has over 150 employees, and all clinical trials are conducted by its members.
The Segal Pharma Group additionally owns Luminera Derm, manufacturer of injectable dermal fillers, and Tree of Life Pharma, manufacturer of over-the-counter drugs. For more information, visit the Panaxia website at: https://panaxia.co.il/
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Report unveils largest donors to pro-legalization campaigns ahead of November 3 elections
A new report from Leafly released this week revealed the largest contributors to cannabis legalization campaigns in the United States ahead of the November 3 elections.
According to campaign finance records, initiatives fighting to bring legal weed to a number of states this year have seen a fair amount of funding, the bulk of which came from cannabis companies and entrepreneurs. Other donors include unions, reforms advocates, private individuals and dispensaries.
On the other hand, those financing anti-legalization efforts appear to be cash-strapped in comparison to donors contributing hundreds of thousands of dollars to support legal weed in Arizona, Montana, Mississippi, South Dakota and New Jersey, with significant contributions to the pro-psilocybin mushroom campaigns in Oregon and Washington D.C. as well.
Leafly reports the legalization campaign in Arizona has raised nearly $3.5 million so far. Two new polls revealed the state appears to be likely to legalize cannabis this November, which means Arizonans will be able to legally purchase up to an ounce of weed soon.
Cannabis companies were identified as the largest donors to Smart & Safe Arizona, the activists behind the initiative for legal pot in Arizona. These include Harvest, an Arizona-based medical marijuana company that has donated almost $1.5 million. Curaleaf and Cresco Labs have also donated several hundred thousand dollars to the campaign.
Out of all the states that will vote on cannabis measures next month, Montana has raised the largest sum so far at over $7 million. Again, polls indicate the state is likely to legalize weed on November 3, when Montana residents will vote on a pair of measures to allow sales of marijuana to adults aged 21 and over.
A PAC nonprofit organization from Washington D.C. dubbed The North Fund has been funneling millions into Montana’s legalization campaign. The money didn’t go unnoticed as anti-marijuana activists in Montana filed a complaint against the group recently, asking for The North Fund to disclose its donors. The North Fund donated $4,800,000 to New Approach Montana so far.
Another state which looks set to legalize marijuana on November 3 is New Jersey, where the top donor to the pro-legalization campaign has been The Scotts Company, a gardening and pest control company. Weedmaps donated $91,000 to the pro-legalization campaign, which enjoys support from New Jersey Governor Phil Murphy.
A legal weed market in New Jersey could shape up to be one of the most lucrative in the country as neighboring states with large populations such as New York and Pennsylvania haven’t legalized cannabis.
South Dakota will be the first state to vote on legalizing both medical and recreational sales in the same election. The state’s November ballot will feature both initiatives, which seem to be popular in Montana.
The campaigns have raised over $1 million in donations so far, with national legalization groups contributing the largest sums. A restaurant owner from Sioux Falls ranks third on the list of campaign contributions with a $25,000 donation to the efforts.
Voters in Mississippi are heading to the polls to weigh in on medical marijuana legalization this November as well. The group behind the campaign has amassed over $1 million in donations so far.
Joel Bomgar, who serves in the Mississippi House of Representatives, donated over half a million. The Republican politician and tech entrepreneur was a key sponsor of the effort to legalize cannabis for medicinal use in Mississippi.
Oregon and Washington D.C.
Along with voting in the presidential election, voters in Oregon could legalize the therapeutic use of psilocybin found in psychedelic mushrooms. If voters approve the measure, Oregon will become the first U.S. state to allow the legal use of psilocybin.
The New Approach PAC donated over $2.5 million to the effort, while other donors include entrepreneurs and a psychedelic therapy company.
In Washington D.C., where people will cast their ballots on decriminalizing so-called magic mushrooms, the New Approach PAC donated $585,500 to the Decriminalize Nature D.C. campaign.
Will Legal Synthetic Cannabinoids Take Over Cannabis Industry?
We live in a world of synthetics. Most of our clothing is no longer cotton, but a mix of plastics. Much of our food is made of chemicals that can barely be pronounced. And now cannabis, our favorite smokable medicine and recreational pastime, might be replaced soon with legal synthetic cannabinoids.
It’s a world of synthetics
My mother used to work with a guy that had a great hookup for getting Coach bags. For anyone unfamiliar with the brand, Coach produces high quality leather bags, that come with a nice high price tag. My mother was buying tons of them, passing them on as gifts, and using a different one herself every day. They weren’t real of course, although I don’t remember how she found this out. They were knock-offs. Products that looked almost exactly the same, that felt almost exactly the same, but were actually made of entirely different materials, and overall of lesser quality. My mother was very unhappy when she realized what was going on, and never spoke again to her workmate who had bamboozled her, but buying synthetic products is pretty standard, and a lot of the time, most people never know that what they have isn’t the real thing.
Aren’t synthetic cannabinoids already a big thing?
Yes! Massive! In fact, if you read around the internet, you might get a little confused. Every time you see words like ‘spice’ and ‘k2’ being spoken about in reference to cannabis, its referring to synthetic cannabinoids. So, what’s the difference between these synthetic cannabinoids, and the legal synthetic cannabinoids that biotech industries are rushing to create and put on the market? Good question. While large biotech firms have the money and ability to make different concoctions, they aren’t technically producing anything terribly far off from the illegal version that people are constantly being warned against with terror stories of a few people dead over years of time. In the article cited it should be noted that most of the deaths weren’t even attributed to the synthetic cannabis, but rather a rat poison contaminant. Of course, somehow, those stories are all forgotten, or pushed aside, when the synthetics being spoken about come from companies that can sell their products above board, and have them taxed by the government. Funny how that works, right? While I suppose one could make the argument that its regulated vs unregulated, and that one is more dangerous than the other, the lack of relevant deaths from the unregulated version (no matter how much the very few that occur are publicized, let’s remember what it really means to have an epidemic of overdoses), and the standard story of putting down the one that doesn’t make the government tax dollars, while promoting the one that does – and which brings billions to large biotech companies – isn’t an unfamiliar story at all. So no, synthetic cannabis is far from new. I was smoking Mr. Nice Guy in Tel Aviv 10 years ago, and word on the street back then is that it was all synthetics. Now, with a massive 180º, the very thing being warned against constantly, is now the new thing being pushed by large biotech corporations.
Majority of Montana voters support weed legalization ahead of November 3 vote
Voters in Montana appear to be set to legalize recreational cannabis in their state on November 3, the results of a new poll revealed this week.
The state ballot will ask about legalizing recreational marijuana in Montana.
“Will you vote to support or oppose legalization?” the survey asked likely voters in Montana. Among them, 49% said they will vote to legalize marijuana, while 39% responded they would oppose the measure. Ten percent of voters said they are still undecided on the matter, but their votes could decide the fate of legal weed in Montana.
Support for legal pot was higher among Democrats, as expected, with 70% of Democrat-voting respondents stating they would support legalization. On the other hand, only 27% of Montana Republicans said they are in favor of legal weed. Meanwhile, 59% of independent voters will vote to legalize marijuana.
According to the poll, the initiative to legalize cannabis in the Treasure State is more popular among younger voters, with a majority of people between the ages of 18 and 59 stating they favor the measure. Most of the voters above the age of 60 said they intend to vote against legalization.
The poll was conducted by Montana State University and gauged voter sentiment on a number of other elections that will take place on November 3, including the presidential race. As young voters interested in legalizing marijuana tend to vote for Democrats more often than for Republicans, having cannabis on the ballot could also affect the outcome of the Senate, House and presidential elections as well.
Should Montana legalize pot, adults aged 21 and over will be able to legally purchase weed, while a 20% sales tax would be added to marijuana products. Furthermore, people with low-level marijuana sentences will be eligible for resentencing or the expungement of their records.
Earlier this week, a poll from New Jersey revealed the Garden State is also likely to legalize cannabis on November 3. Additionally, Arizona and South Dakota will vote on their respective legalization measures, while Mississippi voters will decide whether to allow medical marijuana in the state.
Meanwhile, Oregon will decide on a measure that would legalize psychedelic mushrooms for therapeutic use as voters in Washington D.C. weigh in on decriminalizing so-called magic mushrooms.
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