Cannabis-based medicine developer secures first US contract | TheBusinessDesk.com

Cannabis-based medicines specialist Celadon Pharmaceuticals, has announced its first international shipment of medical cannabis to the United States.

The company has secured a sales contract with an American business that supplies various US Government departments.

Manufactured at Celadon’s 100,000 sq ft facility in Rugby, the initial sale could become a significant source of revenue.

This news comes after Celadon’s first European supply contract in November 2023, 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.

James Short, chief executive of Celadon, said: “We are delighted to have completed our first international commercial shipment, especially as it has been made to the United States, the world’s largest pharmaceutical market. Combined with our European sales contract, which we intend to begin supplying in H2 2024, this shows the strong international export potential of Celadon’s high-quality medical cannabis products, in addition to the significant domestic market opportunity.

“Our cannabis-based medicines consistently meet the highest standards of efficacy and safety, which is required by current and potential customers, and ultimately patients. This is a direct result of our rigorous manufacturing processes and stringent quality control measures, which have been shown to be industry-leading. As today’s announcement demonstrates, we are able to deliver pharmaceutical-grade medical cannabis successfully not only to the UK, but also to mainland Europe, the USA and beyond.”