Medical Cannabis in Greece Will Be Sold Under Brand Name Panaxir
Medical cannabis made by Panaxia Labs Israel will be marketed and distributed in Greece by Leriva Group, under a recent agreement between the two companies and pending a marketing authorization in the country.
The product will be sold under the brand name Panaxir.
The companies expect to start selling the first Panaxir products in 2022 as a prescription medicine for a variety of indications, including spasticity — a condition in which muscles stiffen or tighten, making movement uncomfortable and even painful — caused by multiple sclerosis (MS).
Many people living with MS find cannabis helpful in easing pain and spasticity.
Other indications include neuropathic pain, which is caused by a lesion or disease of the sensory nerves, as well as pain caused by cancer, and nausea due to anti-cancer medications.
“We are proud to partner with Leriva Group, the leading Greek company in the marketing and distribution of medicines and medical technologies, which has chosen Panaxia as its exclusive supplier of premium medical cannabis products to patients in our neighboring Greece,” Dadi Segal, PhD, CEO of Panaxia, said in a press release.
“We are excited about the opportunity to take part in the development of the medical cannabis market in the country,” Segal said.
Under the deal, Panaxia — Israel’s largest manufacturer of medical cannabis — will be responsible for developing, manufacturing, and registering new and advanced products, while complying with the European Union (EU) standard requirements. Those include EU good manufacturing practice recommendations.
In turn, Leriva, whose clients include doctors, hospitals, and pharmacies, will market, sell, and distribute Panaxia’s cannabis-based products to patients.
The Greek government approved the market regulation of cannabis for medical use in May 2017. However, according to the companies, no cannabis-based product has been granted the necessary authorization to be marketed in the country.
The agreement will enter into effect upon registration of the first product in Greece.
“Our partnership with Panaxia, an acclaimed pioneer in the field, enables us to be at the forefront of this emerging market,” said George Joakimidis, CEO of Leriva.
“Working jointly with Panaxia, over the ensuing months we expect to file for and obtain the necessary regulatory approvals and once the marketing authorizations have been issued, be in a position to provide an array of medicinal cannabis products to patients and doctors in Greece,” Joakimidis said.
Panaxia has been manufacturing more than 600 various cannabis-based products over the past four decades in more than 40 countries. Marketing activities in Germany, France, and Cyprus began earlier in 2021.
In North America, a subsidiary of Panaxia manufactures more than 60 medical cannabis-based products in various forms, including under-the-tongue (sublingual) tablets, lozenges, premium oils, and inhalers.
“Medical cannabis is gaining traction across the world and is rapidly becoming more mainstream” Joakimidis said, adding, “The therapeutic benefits of medical cannabis and the treatment options it offers in addressing a wide range of diseases and symptoms are increasingly being embraced by the medical community.”