LISBON, Portugal, April 4, 2019 /PRNewswire/ -- EDX Biomed (EDX) and Preze Unipessoal Lda (Preze) have announced a definitive partnership agreement to form PrezEDX. The group plans to fund a new 10-hectare facility capable of producing over 100 tonnes of GMP compliant medical cannabis annually.
Preze was the first Portuguese-based medical cannabis company with a licence to import, cultivate and export cannabis products. Limited licences have been allocated by INFARMED, the Portuguese pharmaceutical regulator, since medical cannabis was ratified by President Marcelo Rebelo de Sousa in July 2018.
PrezEDX has already established an extensive European distribution network with agreements to supply over 40,000 pharmacies across Germany and the UK. With domestic regulation pending, PrezEDX will be applying for a distribution licence in Portugal and will soon announce a partnership with an established local pharmaceutical distributor.
The proposed 10-hectare licensed greenhouse facility aims to provide the lowest cost per gram for cannabis production in Europe while achieving the highest standards of Pharmaceutical manufacturing through EU-GMP certification. Construction of the new facility will be conducted in three phases, with the first phase expected to be completed before the end of Q3 2019. Upon completion, the first phase of the facility is expected to have a production capacity of approximately 10 tonnes per annum, growing to 100 tonnes per annum upon completion of the third phase and the necessary expansion licensing in Q2 2021.
The facility will service the growing demand of the European market, initially focusing on the supply of pharmaceutical grade cannabis to German, British and Portuguese patients.
Led by highly-qualified health, pharmaceutical, biotech and wellness executives, the international team behind PrezEDX has extensive experience in building successful businesses across multiple sectors.
"Portugal is one of the most sought-after medical cannabis markets in Europe for cultivation purposes, offering 3000+ hours of sunshine per annum, favourable land and labour and an increasingly supportive government body," said Henrique Sardinha, Chief Executive Officer.
Commenting on the deal, he explained: "The merger allows us to utilise a great pool of resources, expertise and talent to push forward the Portuguese medical cannabis industry whilst producing high-quality pharmaceutical-grade cannabis at a larger scale. The move ultimately means that we can provide European patients with affordable, accessible and safe medical cannabis products."
Preze was the first 100% Portuguese company licensed to cultivate cannabis in Portugal.
PrezEDX formed after Preze and EDX Biomed merged in March 2019, combining leading expertise and resources across the pharmaceutical and medical cannabis industries.
Our aim is to provide high-quality, low-cost medical cannabis products in Portugal and across Europe. We are a team of experienced pharmaceutical, horticultural and biotechnology executives who will supply safe, reliable and GMP-certified cannabis to pharmacies across the continent, ensuring patients have access to the medicine they need.
PrezEDX will be one of the first companies in Europe to cultivate and export medical cannabis across Europe. PrezEDX has also established an R&D project with one of the leading universities in Portugal.