NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
Legalisation of medical cannabis in Denmark has been passed by the Danish Parliament. The Pilot programme is extended with four years to allow all Danish doctors to prescribe medical cannabis for their patients and Danish cultivation and production of medical cannabis is now permanently legal.
Denmark has been among the first European countries to allow treatment with medical cannabis. This has been possible since January 2018 via the Danish Pilot Programme, that was initially planned for four years and ending by the end of this month. Today, the Parliament voted for a four year's extension of treatment with medical cannabis and for making Danish production permanently legal ("L44-A" and "L44-B").
This is positive news for both Danish patients and the medical cannabis industry. Subject to availability of regulatory approved products, patients are now able to continue their treatment and new patients can be allowed to be offered this treatment for the next four years. With the approval of the law, STENOCARE and the wider Danish medical cannabis industry also has clarity for their future.
Specifically, the extension of the Pilot Programme is a significant milestone to STENOCARE as it takes away a fundamental risk and paves the way for introduction of STENOCARE's new imported products to Danish patients as soon as approval from the Danish Medical Agency is in place. The new permanent legalization of cultivation is also very good timing in relation to STENOCARE's recent completion of its world-class indoor cultivation facility as it removes an all-important barrier to the planned European expansion.
Thomas Skovlund Schnegelsberg, CEO of STENOCARE is commenting:
"Today's news is an important milestone for Danish patients, for the Danish medical cannabis industry and for STENOCARE. With today's news, Denmark and STENOCARE is on track to become a leading producer of medical cannabis for patients in Europa and to become an important part of the hyper-growth expected within medical cannabis sector in the coming years".