String of contracts secured by cannabis-based medicine developer
Cannabis-based medicine developer Celadon Pharmaceuticals has secured another contract for the commercial supply of its pharmaceutical-grade cannabis product.
The deal with an undisclosed leading European medicinal cannabis company has the potential to generate revenue for Celadon of up to £26m of product (£8.7m annually) over the three-year term, with the first delivery anticipated in H2 2024.
Directors believe that Celadon is one of a limited number of companies globally with the approvals in place to cultivate and manufacture EU-GMP grade high-THC medicinal cannabis, as well as having a fully-controlled hydroponic cannabis cultivation, which has advantages over other forms of cultivation.
This latest sales contract follows the two previous UK contracts announced in May and September 2023.
James Short, Chief Executive Officer of Celadon, said: “This is our third sales contract in six months, and our most significant to date. It continues our strong momentum and path to meaningful revenue generation.
“Our customers continue to highlight the multiple challenges they face in securing high quality product, and this contract validates our strategy of manufacturing to the highest standards of pharmaceutical-grade cultivation and production.
“We are greatly encouraged by the growth we are seeing in UK and European end markets and are well-placed to secure additional contracts in the coming months.”
It will now treat up to 5,000 patients as part of the trial through LVL Health, its private pain clinic.
