STENOCARE A/S NASDAQ FIRST NORTH GROWTH MARKET, DENMARK TICKER: STENO STENOCARE A/S (“STENOCARE”) to make medical cannabis oil products available for UK patients. With this STENOCARE is taking a major step towards its goal of becoming a European market leader. STENOCARE has been working extensively on the regulatory approval in the UK and considers the current timing to be good given that industry analysts have projected that the UK will become one of Europe’s largest markets in five years. Delivery of first products to the UK market is expected in 60-90 days.
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 below for publication on February 25, 2022.
Based in Denmark, STENOCARE is a supplier of prescription-based medical cannabis products for patients’ treatment. The company has experience delivering products to patients in Denmark and Sweden, and now enters the UK market with three medical cannabis oil products. The products are THC Drops (30 mg/mL), CBD Drops (20 mg/mL) and Balanced Drops (THC 15 mg/mL + CBD 22.5 mg/mL). All three products are originated from the STENOCARE supplier in Canada and have now been approved by the UK health authorities.
Medical cannabis was legalized in the UK in 2018, but relatively few patients have received treatment under the regulatory health scheme. According to The European Medical Cannabis Report there are approx. 3,000 patients having received treatment, while approx. 1.4 million are self-medicating with non-medical products. The Report estimates that the UK will become one of Europe’s largest markets in five years. The UK is the third largest economy in Europe with its 67 million people and the medical cannabis market has tremendous potential. Sales volume projections will not be reported in the near future. However, it is expected that the first products will be available for UK patients within 60-90 days pending international import and export certificates.
Thomas Skovlund Schnegelsberg, CEO of STENOCARE is commenting:
“Today is a big day for STENOCARE. From our very beginning in 2018, we set out to become a leading supplier and a leading European brand in high quality medical cannabis. STENOCARE now becomes one of few suppliers to UK patients. By adding the UK, including England, Scotland, Wales and Northern Ireland – the list of markets in which STENOCARE branded products are - or soon will be – available has grown to 6, including Denmark and Sweden, and more are in the pipeline for this year”.