Curaleaf International, one of Europe’s largest vertically integrated cannabis companies, said Medalchemy, the group’s Good Manufacturing Practice (GMP) certified manufacturing site in Alicante, Spain has received approval from the Spanish Health Authorities (AEMPS) to begin operating out of its newly built extract manufacturing site and microbiological testing laboratory.
This approval significantly increases Curaleaf International’s ability to manufacture medical cannabis, active pharmaceutical ingredients, and medical products for the growing European medical cannabis market. The latest forecasts, published on March 31, 2022 in the 7th Edition of European Cannabis Report by Prohibition Partners, suggests that €357 million ($377 million) worth of medical cannabis medicines will be sold in Europe in 2022, increasing to €2.3 billion ($2.4 billion) by 2026. The announcement marks another important milestone for Curaleaf International, following the recent registrations of some of its products in Malta and Italy.
This announcement coincides with the news that the sub-commission of the Spanish Congress in charge of cannabis has given the green light for the implementation of a domestic medical cannabis program, recommending doctors and patients be given access to cannabis-based extracts, oils and magistral preparations. This represents an important step for Spain where the cultivation, production and manufacturing of cannabis and cannabis products is currently allowed, but for exportation purposes only.
“This increased manufacturing capacity approved by the Spanish authorities allows the Group to increase supply to satisfy European patients’ demand; the news that Spain has now given the green light for the implementation of a domestic medical cannabis program is further evidence that the medical cannabis market in Europe is continuing to grow. Spain is one of the largest countries and markets in Europe and we expect the prescribing of medical cannabis to be widely adopted by doctors and welcomed by patients. With our enhanced local manufacturing capabilities, Curaleaf International is ideally placed to become a leader in the domestic market," said Antonio Costanzo, CEO of Curaleaf International.