AMP German Cannabis Group Inc. (AMP) (CSE: XCX), has announced that the Thuringian State Office for Consumer Protection (TLV) has granted Alternative Medical Products GmbH (AMP Deutschland), a wholly-owned subsidiary of AMP, a license to import cannabis products for medical use in Germany in accordance with Section 72 of the German Medicines Act (AMG). The TLV is responsible for all fundamental matters of consumer protection and its guidelines in the Free State of Thuringia.
The hemp.im app offers opportunities for cannabis investors to keep up to date with the latest happenings in the cannabis sector. The app curates cannabis news from across the world and distills it to 400 characters or less, helping you remain informed no matter where you are or how much time you have.
Medical cannabis import
The import license offers AMP the possibility to import medical cannabis purchased outside the European Union into Germany. Immediately after importation to Germany, AMP sells cannabis flowers produced in accordance with EU Good Manufacturing Practice (EU GMP) for medical purposes to pharmaceutical wholesalers which then supply the German pharmacies.
AMP’s supply chain is currently undergoing EU GMP testing to ensure that the quality and integrity of medical cannabis are maintained during transport, storage, testing, and distribution. This audit should be successfully completed before the end of the year.
Agreement for purchase
AMP has signed corresponding supply agreements for the purchase of 2,400 kg of EU-GMP-certified medical cannabis annually with two manufacturers, which will come into effect as soon as the manufacturers issue a Health Canada sales license and EU-GMP certification by TLV. AMP has entered into a multi-year distribution agreement with a German pharmaceutical wholesaler for the annual sale of 1,200 kg of EU-GMP-certified medical cannabis. AMP expects to be able to sign further supply agreements and agreements for pharmaceutical distribution before the end of the year.
Dr. Stefan Feuerstein, Managing Director of AMP Germany, explains: “The fact that AMP has obtained its import license according to § 72 AMG (German Medicines Act) after a strict test procedure, a decisive step that ensures the unrestricted import of EU-GMP-certified medical cannabis into Germany.
Alex Blodgett, CEO of AMP, adds: “AMP has created all the conditions to be one of the first major importers of medical cannabis to Germany, which is not itself involved in cultivation. In the near future, we intend to conclude further supply agreements with international partners to supply the German growth market with EU-GMP-certified medical cannabis.
About AMP German Cannabis Group Inc.
Germany has permitted the use of medical cannabis since 2017. The medical cannabis programs and the state’s obligation to cover medical prescriptions are still being developed but will be among the most robust and will set the standards for Europe.
The AMP German Cannabis Group is the parent company of several European investment companies whose main focus is on the import of pharmaceutical quality cannabis (EU-GMP) to Germany. Through its AMP EU-GMP German Certification Protocol Program, AMP offers EU-GMP gap analyses and audits, logistics, transport, and other related services for the import of medical cannabis to Germany.
As a first mover, AMP will quickly establish market leadership in Germany due to its proven German and European management team, unique import model and the ability to meet supply requirements through multiple suppliers from different countries that meet the EU-GMP standard.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in boerse.de, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
New newspaper, Our(s), takes the Auvergne-Rhône-Alpes by storm
InterMédia, the regional newspaper created by Jacques Simonet, unfortunately, disappeared in 2019. The problem is that the newspaper did not...
Bitcoin and the CNBC Pump: Is BTC the new gold?
External factors have had an outsized impact on the price of Bitcoin. In particular social media metrics, such as the...
Claudio Costamagna and Andrea Morante sign agreements for the acquisition of FOPE’s majority stake
CoMo has signed a contract with Ines and Umberto Cazzola, heirs of the founder Umberto Cazzola, holders of 59.16% of...
3 specialized credit fintechs raise $2 million in Brazil
Distrito Ventures, the venture capital arm of the open innovation company Distrito, announced that three Brazilian fintechs had raised $2...
Cape Verde and UN sign $17.5 million cooperation program
The joint work plan was signed on February 20th between Cape Verde and the United Nations (UN), in order to...