Cannabis med group secured major Euro contract

By Nicky Godding

17 November 2023

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Celadon Pharmaceuticals – the first UK cannabis-based medicine group to win the right to sell cannabis to the pharmaceutical industry – has secured a commercial sales contract with a European medicinal cannabis company, its third such commercial contract.

This contract has thepotential to generate revenue to Celadon of up to £26 million over the three-year term with the first delivery anticipated in second half of 2024.

There is an option to extend the contract by a further two years. At full value, including the extension options, this contract is more than 10 times the size of Celadon's two previous contracts.

Interest in medicinal cannabis across Europe continues to be strong and the number of available suppliers that meet stringent quality standards is limited.

Germany remains the highest-growth and highest-demand segment of the market, with limited domestic supply and high quality requirements.

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.