Panaxia Labs Israel Ltd. (“Panaxia Israel”) (TASE: PNAX), Israel’s largest manufacturer of medical cannabis products, today announced that it was selected by the government of Cyprus to supply premium oils it has developed under the Panaxir brand for medical cannabis patients in the country.
In recent months, talks between the government of Cyprus and Panaxia had been ongoing, and yesterday the company received final approval for an order and import permits for the products. As part of the agreement, Panaxia will initially export two types of medical cannabis oil in different concentrations from its premium line, which are produced according to EU-GMP requirements and according to strict pharmaceutical standards. In the future, the option of expanding the range of products will be examined.
The medical cannabis market in Cyprus
The Narcotic Drugs and Psychotropic Substances (Pharmaceutical Cannabis) Regulations were approved in Cyprus on 6 March 2019 but have not yet been implemented. Since 2016, and in accordance with the current legislation, the government of Cyprus has permitted the use of cannabis for medical purposes and has allowed patients to purchase medical cannabis products directly from pharmacies, subject to the presentation of a doctor’s prescription, following an approval by the Minister of Health. The main indication for which medicinal cannabis is prescribed in Cyprus is terminal cancer.