Cannovum AG (stock exchanges Düsseldorf, Munich, Hamburg, Berlin, gettex: ISIN DE000A2LQU21) has started its European cannabis expansion with its subsidiary, Cannovum Health eG. The first step for this was founding Cannovum Iberia LDA, a joint venture between Cannovum and Portuguese entrepreneurs from the cannabis industry. Cannovum Iberia will initially distribute cannabis pharmaceuticals to pharmacies in Portugal.

The Portuguese pharmaceutical cannabis market is in its early stages. It was not until March 2021 that the first cannabis pharmaceutical, a flower variety, was approved for the Portuguese market. Pharmaceutical cannabis cultivation has been legal in Portugal since 2019, but only as an export product. Now, for the first time, Portuguese patients have access to cannabis-based medicines. The prescription guidelines are similar to German specifications. The German standards for medical cannabis regulations are recognized EU-wide, offering the opportunity to expand into Portugal as well as other European countries. Cannovum Iberia LDA is headquartered in Venda do Pinheiro.

"We have reached the first milestone and successfully completed the founding process of Cannovum Iberia LDA. It's important for us to work with connoisseurs of the local market and to improve the care of Portuguese patients together, because every patient deserves the best therapy," says Pia Marten, CEO of Cannovum AG.

Contact:

Linda Rasch, IR & PR, Cannovum AG
Phone +49 30 3982 163 62, linda.rasch@cannovum.com

Cannovum AG is the first German listed medical cannabis company. The shares are traded on the Düsseldorf, Munich, Berlin, Hamburg and gettex stock exchanges. Through its subsidiary Cannovum Health eG, Cannovum is a fully licensed pharmaceutical wholesaler, importer and manufacturer of high-quality medical cannabis products based in Berlin. The company focuses on the import of high-quality cannabinoid products, medical-scientific education and all-encompassing distribution for simplified and facilitated access to cannabis-based therapies.

For more information, visit www.cannovum.com