The German Federal Institute for Drugs and Medical Devices will allow Wayland, through its German joint venture Demecan GmbH, to begin domestic production of medical cannabis for German patients, subject to a review period.
ICC International Cannabis has a stake in Wayland’s progress in Germany as it is wrapping up its acquisition of 49.9% of Wayland’s international assets and license portfolio.
The two companies expect the deal will drive revenues higher as they look to take advantage of economies of scale to improve production, distribution and branding campaigns and enter new cannabis and CBD markets.
“Wayland’s first mover advantage coupled with their surgical execution and best-in-class operations within the German cannabis market are further validated by this recent announcement,” said Eugene Beukman, CEO of ICC International Cannabis, in a statement.
“ICC enthusiastically applauds Wayland’s selection by the BfArM, through its German joint venture Demecan GmbH, to begin domestic production of medical cannabis,” Beukman added.
ICC International is developing an international platform for cannabis cultivation, extraction, formulation and distribution, with operations in the UK, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Serbia, Croatia, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
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