Somaí Pharmaceuticals, a large European pharmaceutical cannabis product manufacturer, last week announced that it has received authorization for its facility located in Lisbon, Portugal from the Portuguese Health Authority, Infarmed.
This authorization permits Somaí to manufacture, import and export medicinal cannabis products to numerous global markets and represents a significant step for the company towards revenue generation. Somaí has also raised €5 million (about $5,362,050 USD) of new capital to fund its growth plans.
The Infarmed authorization awards the company a GMP Certificate Part I and Part II, enabling it to execute its plan to own distribution channels in Australia and Germany and to establish distribution partnerships in another eight countries while developing a comprehensive brand of medical cannabis products.
Somaí's goal is to be a singular brand that services all doctors’ and patients’ needs through multiple delivery systems and novel formulations.
"We started construction in November 2021. We began manufacturing after an initial inspection 12 months later. Now, after receiving full GMP Part I and Part II, we have proven that it is possible to be in the market with pharmaceutical products in under two years," says Michael Sassano, Somaí founder and CEO. "Furthermore, not only are products continually rolling out of stability from earlier this year, but we continue to create a full suite of next-generation products based on the future needs of patients."
According to the company, the market for finished dosage form medical cannabis products has enormous potential.
"Our focus pivots from development to full commercialization and growth by servicing all the current major markets and preparing smaller and new markets to open to medical cannabis," says Anton Nakhodkin, Somaí board member and managing director. "Management hit and exceeded all targets and unlocked another €5 million euros of new investment to build out an international sales and distribution force."
