Investee Company Update: Eurox Group

RNS Number : 9361I

Seed Innovations Limited

17 August 2021

 

REACH

Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments

17th August 2021

SEED Innovations Limited ("SEED" or the "Company")

Investee Company Update: Eurox Group

SEED Innovations Limited, the AIM quoted company investing in fast growing and industry leading businesses with a focus on the medical cannabis, health and wellness space, is pleased to note the announcement involving its portfolio company, Eurox Group ("Eurox"), a German-based, European vertically integrated medical cannabis company in which it holds an 8.85% interest.

Eurox has entered into a distribution agreement with Materia Deutschland GmbH ("Materia"), a leading processor and distributor of medical cannabis and CBD wellness products across Europe, whe reby Materia will become one of Eurox's selected distribution partners for its medicinal cannabis extracts. 

Ed McDermott, Chief Executive Officer of SEED, commented: "We are very pleased to see Eurox-branded products, that are all locally produced in Germany, being utilised in a distribution agreement with Materia. Over the coming weeks and months, we expect to see a number of distribution avenues through pharmaceutical distributors and medical cannabis distributors for the 'made in Germany' Eurox-brand whilst they continue to grow their range of products. SEED Innovations looks forward to sharing further developments from Eurox."

The announcement by Materia is set out below without material changes or adjustments:

LONDON, August 17th, 2021 - Materia, a leading processor and distributor of medical cannabis and CBD wellness products across Europe, is pleased to announce that its wholly-owned subsidiary Materia Deutschland GmbH ("Materia Deutschland"), has entered into an agreement with German medical cannabis manufacturer Eurox Pharma GmbH ("Eurox Pharma"), becoming one of Eurox Pharma's selected distribution partners for its medical cannabis extracts.

The agreement represents a new line of products for Materia Deutschland's curated portfolio and complements its sales team's focus on expanding its national pharmacy network, including all pharmacies who currently dispense medical cannabis extracts.

Extracts are the fastest growing format in Germany's medical cannabis market, exhibiting approximately +62% sequential quarterly growth at the beginning of this year1. As at the end of 2020, medical cannabis extracts had been distributed across almost one-fifth of public German pharmacies2.

"We're proud to partner with a company as innovative as Eurox Pharma in advancing the German market. By pairing their extracts with our distribution expertise, we're confident this partnership will be a great success for both of us," said Sebastian Blöte, Managing Director, Germany of Materia Deutschland. "We know many pharmacies are asking for high quality extracts, so this supports our goal of rapidly broadening our customer base."

Dr. Bernhard Babel, CEO of Eurox Pharma, added, "All our Eurox-branded medicinal products are produced in a state-of-the-art German facility and adhere to the highest EU and German standards. Eurox provide the highest quality product whilst maintaining uncompromising safety standards to ensure a stable supply and full control of our entire supply chain - from selecting the plant material to manufacturing and distribution. To that end, we most carefully select our partners, and we are therefore very pleased to announce our distribution partnership with Materia."

About Materia

Materia is a leading independent processor and distributor of medical cannabis and CBD wellness products. Materia has developed a robust EU-GMP manufacturing and distribution ecosystem to grow the legal cannabinoid market across Europe. With its research-driven team and regulatory expertise, Materia focuses on the high-margin downstream activities of processing, formulation and distribution into markets wherever there is a patient in need of cannabis medicine or CBD consumers seeking innovative new products.

For more information on Materia, please visit  https://materia.global

About Eurox Pharma GmbH

Eurox has an exclusive, long-term contract and manufacturing agreement for medical cannabis products with Dr. Reckeweg & Co. GmbH ("Dr Reckeweg"), an EU GMP certified German pharmaceutical company with 75+ years of experience of manufacturing plant-based medicinal products. Eurox Group has fully owned German subsidiaries responsible for product development, holding IP and commercial relationships.

Outside Germany, Eurox Group holds the following assets:

· A fully-owned Portuguese subsidiary: Eurox Portugal is currently building its cultivation facility to secure vertical integration and long-term supply independence.

· A significant minority ownership of Integro Medical Clinics, a London Care Quality Commission (CQC) registered medical cannabis clinic.
 

For more information on Eurox, please visit  https://www.eurox-pharma.com

Fo r further information, please contact:

Deepak Anand, CEO

Email:  [e-mail]
Website:  http://www.materia.global/

 For further information on the Company please visit  www.seedinnovations.co  or contact:

-Ends -

Ed McDermott / Lance de Jersey	SEED Innovations Ltd	Email: [e-mail]
James Biddle / Roland Cornish	Beaumont Cornish Limited, Nomad	Tel: [phone]
Isabella Pierre / Damon Heath	Shard Capital Partners LLP	T: [phone]
Catherine Leftley / Isabel de Salis	St Brides Partners Ltd, Financial PR	Email: [e-mail]

Notes

SEED Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

 

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