MMJ PhytoTech Limited (ASX: MMJ) (“MMJ” or “the Company”) is pleased to provide the following sales and operations update on its wholly-owned Switzerland-based subsidiary, Satipharm AG (“Satipharm”).
Satipharm has secured Pharmaceutical Central Numbers (PZN codes) for its 10mg and 50mg Gelpell-CBD Microgel Capsules, enabling both products to be sold in all pharmacies throughout Germany.
The Company’s online distribution partner, German Bodfeld Pharmacy, has commenced the shipping of Satipharm’s cannabidiol (“CBD”) extract products to regulated markets globally, further enhancing the Company’s capacity to rapidly scale up product sales. Importantly, German Bodfeld Pharmacy accepts all major payment methods, which solves a key payment gateway issue imposed on CBD producers globally due to the federal U.S. ban of cannabinoids.
In addition, Satipharm has signed a binding Letter of Intent (“LOI”) with a leading pharmaceutical distributor and retailer in Denmark for the marketing and distribution of Satipharm’s products throughout Scandinavia. The Company expects this partnership to provide direct access to hundreds of thousands of potential new customers, to be targeted through an extensive sales and marketing campaign.
MMJ PhytoTech’s Managing Director, Andreas Gedeon, commented:
“Satipharm’s continued expansion and penetration of key markets in Europe is a key focus for MMJ, and has the capacity to serve as a significant value catalyst for our shareholders in the near-term.
The availability of our Gelpell-CBD Microgel Capsules over the counter throughout all German pharmacies is a key milestone, and positions Satipharm as one of the leading CBD suppliers in Europe.
The focus is now on implementing an extensive sales and marketing campaign across key European markets including Denmark, Germany, Norway, Sweden and Finland, with the aim of significantly increasing sales over the next 6-12 months.”
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