Already last year, Dr. Reddy’s and MediCane started their cooperation. Under the current agreement, MediCane will sell the medicinal cannabis products from its EU-GMP certified facilities in Portugal to Dr. Supply Reddy’s and provide logistical and regulatory support. As the exclusive sales partner in Germany, Dr. Granting Reddy’s access to MediCane’s medicinal cannabis products under its own brand. The introduction is supported by a specialized field service, which can inform medical professionals about the use of the products and advise on reimbursement by health insurance companies.
The market launch represents MediCane’s entry into one of the most important European markets. Reddy’s launch represents a strengthening of its presence in Germany’s growing medical cannabis market after the company’s recent acquisition of Nimbus Health. The Frankfurt-based company specializes in the distribution, approval, sale and marketing of medical cannabis.
Thanks to well-developed regulations and the reimbursement of medical cannabis by health insurance companies, according to Dr. Reddy’s is an important market which – depending on how you look at it – already accounts for more than half of the market volume in the EU. Demand has grown in recent years, fueled by the German Bundestag’s legalization of medicinal cannabis in 2017.
Strong market growth
dr Reddy’s estimates the market volume at EUR 122 million with growth of around 25 percent in the past year and an average annual growth of around 55 percent since 2017. Around 150,000 German patients use medical cannabis for their medical needs, especially in the
