Pharma firm’s shares up 30% after securing Home office approval for sale of medical cannabis

Celadon Pharma’s shares were up 30% following news that it has been granted Home Office approval to sell its Birmingham-grown medical cannabis commercially.

The company’s current Home Office licence has been updated to allow the commercial sale of its tetrahydrocannabinol (THC) product, following the company’s recent registration as a Good Manufacturing Practices (GMP) manufacturer by the UK Medicines and Healthcare products Regulatory Agency (MHRA).

The directors believe Celadon has now become one of a limited number of companies globally with the approvals in place to cultivate and manufacture EU-GMP grade high-THC medicinal cannabis and is understood to be the first for high-THC API in the UK since medicinal cannabis was legalised in 2018.

Within the UK, patients prescribed medicinal cannabis are reliant on imported product, often facing lengthy delays and high costs, and by becoming a UK-based producer, Celadon says it is in a prime position to alleviate the issues currently faced by patients.

James Short, chief executive, said: “Following our milestone GMP certification, our updated Home Office licence now gives Celadon the opportunity to pursue revenue through the sale of our medicines, and to becoming a partner of choice in the pharmaceutical cannabis sector.

“It has been a great start to 2023 for Celadon and we continue to work hard to get our products to market and, most importantly, to the patients that need our medicines most.”