Grow Biotech and IPS Specials agree to create a new company focused on import, distribution and market access services for cannabis based medicinal products in The UK and Europe
The new company will represent the only complete UK medicinal cannabis licensed market access proposition
Completion of the formation of the new company targeted before the end of April 2019
LONDON, April 1, 2019 /PRNewswire/ -- Grow Biotech and IPS Specials have agreed to form a joint venture, forming a new company to offer the only complete medicinal cannabis licensed market access proposition in the UK, in a bid to revolutionise medical cannabis access in The UK and Europe.
The Joint Venture will combine IPS Special's market leading capabilities as a licensed pharmaceutical importer with Grow Biotech's unparalleled medical cannabis expertise.
The new company will immediately benefit from IPS' infrastructure, in depth knowledge and complete set of licenses, including MHRA Specials Manufacturing, Home Office Controlled Drugs Schedule 2 and GPhC Registered Pharmacy; and Grow Biotech's unique offering of cannabis expert scientists, technologists, ABPI regulated pharmaceutical reps and business developers.
The result will be a new company focused on supporting and maximising patient access. The Directors are already in advanced discussions with a large number of the world's leading Licensed Producers (LP) with a view to ensuring health care professionals and, ultimately patients, have access to a broad selection of the very best cannabis based medicinal products.
Ben Langley, CEO of Grow Biotech explained that, "While regulations may have changed, patients continue to struggle to access the cannabis medicines they need. The joint venture we have agreed with IPS is focused first and foremost on positive patient outcomes. We feel we are perfectly placed to facilitate the growth in the UK medical cannabis industry with our deep cannabis knowledge and our track-record of raising and deploying capital."
The formation of the new company is expected to be completed - and named - by the end of April 2019. The first formal LP partnerships will also be announced in the coming weeks.
Ashok Patel, Founder and Executive Chairman of IPS Specials said, "This joint venture will allow us to lead the industry as it navigates a pathway for medical cannabis in the UK We can clearly see the increasing role cannabis medicine will play in improving the quality of life for patients often living with debilitating conditions. With our knowledge and expertise, the aim of the JV is to ensure we provide consistent , quality assured medicine that meets the critical needs of patients in the UK "
On 15th February 2019, IPS Specials and Grow Biotech worked together to successfully facilitate the first bulk import of medical cannabis to the UK from Europe, with three patients receiving their cannabis medicines within 24 hours of the cannabis entering the UK. This laid the foundation for this joint venture and proved that the two companies can provide an effective, compliant and timely solution for patients who need medicinal cannabis.
Both Grow Biotech and IPS Specials are confident that UK regulations can be successfully navigated, as proven by the first bulk import and the numerous prescriptions processed since February, and the new company is therefore expected to be a key part of the solution for UK patients who are best treated by cannabis based medicines.
Regulatory-compliant education of healthcare professionals around both cannabis medicines in general, as well as specific medicinal cannabis products, will remain a core focus of the new company, as will ongoing conversations with national public health organisations.
Going forward, the new company will target expansion in Europe later this year and a number of expansion options are already in progress.
About Grow Biotech
Grow Biotech is a British headquartered company developing revolutionary processes, practices, techniques, tools and formulations to bridge the gap between existing cannabis medicines and accepted pharmaceutical standards.
About IPS Specials
IPS Specials is a pharmaceutical importer, distributor and manufacturer with over 17 years' experience in unlicensed and licensed medicines.
SOURCE Grow Biotech PLC