STENOCARE enters the Irish market with its own subsidiary

Mon, Jul 01, 2019 08:13 CET

STENOCARE A/S (“STENOCARE”) today announces that the company is entering Ireland with its new wholly owned Irish subsidiary, STENOCARE Ireland Ltd. The company is currently supplying medical cannabis products to the Danish market and will now start the process of having its medical cannabis oil Drops and vegan medical cannabis capsules approved by the Irish Health Products Regulatory Authority (HPRA). The timetable for the approval process is not stated yet. With approved products STENOCARE will offer Irish patients access to products with THC, CBD and a mixture of THC/CBD with the vision of helping the patients to better quality of life.

On January 1st, 2018, the Danish parliament initiated a four-year pilot programme allowing all physicians in Denmark to prescribe medical cannabis. STENOCARE has supplied medical cannabis products to Danish patients since September 2018 and is currently a market leader in Denmark. Last week the Irish Minister for Health, Mr Simon Harris signed the bill for a five-year pilot program in Ireland making cannabis-based products available to patients with multiple sclerosis, epilepsy, and people suffering from nausea after treatment with chemotherapy. Currently, there are no medical cannabis products available in Ireland. The legislation means that commercial operators whose cannabis products meet the specified requirements will be able to supply products to the Irish market.

Work on the establishment of the Irish pilot programme was initiated two years ago, following an examination by the Health Products Regulatory Authority. STENOCARE has been following the progress with the Irish pilot programme since late 2018 and is excited to join the programme with its expertise and products that has the potential to give patients better quality of life through treatment with medical cannabis. Thus, STENOCARE has established its wholly owned Irish subsidiary, STENOCARE Ireland Ltd, which will be located in Dublin, Ireland. The Board of STENOCARE Ireland Ltd will consist of Thomas Skovlund Schnegelsberg (Chairman), Rolf Steno (CEO) and Peter Bugge Johansen (CFO). STENOCARE will now start the process of having its products, medical cannabis oil and vegan medical cannabis capsules approved for the Irish market by the Irish Health Products Regulatory Authority (HPRA). The timetable for the approval process is not stated yet. With approved products STENOCARE will offer Irish patients access to products with THC, CBD and a mixture of THC/CBD with the vision of helping the patients to better quality of life.

Thomas Skovlund Schnegelsberg, CEO of STENOCARE A/S comments:

”We have been following the debate of legalizing medical cannabis in Ireland, and find the five-year pilot programme has several similarities to the setup in our Danish home market. We are thrilled to be among the first suppliers to join the Irish pilot programme. We will work hard to hopefully soon be able to supply products that benefit the quality of life for Irish patients”.

With the establishment of STENOCARE Ireland Ltd – the company formally commence its international business strategy “Project Phoenix”. The IPO Memorandum describes that STENOCARE will seek to establish their business outside Denmark, and today’s announcement is an important milestone for this strategy.

Thomas Skovlund Schnegelsberg, CEO Phone: +45 31770060 E-mail: presse@stenocare.com

This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on July 1 2019.

About STENOCARE A/S

STENOCARE A/S was founded in 2017 with the purpose of being an active participant in the Danish medical cannabis pilot programme. The company was first to receive the Danish Medicines Agency's permission to import, distribute as well as cultivate and produce medical cannabis. The company offers medical cannabis products that comply with the strict Danish regulatory requirements. STENOCARE is also developing a separate production facility for the cultivation and production of medical cannabis at the company’s premises in Jutland, Denmark. STENOCARE Ireland Ltd it a wholly owned Irish subsidiary of STENOCARE A/S, which will be located in Dublin, Ireland.