Innovative New ASTRUM Product Officially Approved for Sale in Norway 

STENOCARE Celebrates Denmark’s Permanent Legalisation of Medical Cannabis 

STENOCARE is Shortlisted for European Cannabis Company of the Year 🏆

Stenocare is honored to be recognized as one of the leading European Cannabis Companies in the industry annual award.

Stenocare has been an active participant in the European medical cannabis industry since it was founded in 2017. The company has entered six different countries with prescription-based medical cannabis products and has been an active participant in developing these markets.

Now, Stenocare has been nominated and shortlisted in the annual industry awards as one of the best European Cannabis Companies of the Year. The European industry has hundreds of companies across the entire medical cannabis value chain, and a total of seven companies have been shortlisted for the prestigious award “European Cannabis Company of the Year.”

The Business of Cannabis Awards are dedicated to honoring excellence in various facets of the cannabis sector, showcasing innovations, leadership, and growth within this dynamic industry. This year's event promises to be a remarkable gathering of industry leaders, innovators, and influencers.

Comment from CEO, Thomas Skovlund Schnegelsberg: “We are both honoured and humbled by the recognition of being one of the best medical cannabis companies in Europe. We have a strategy of becoming a leading European brand within medical cannabis, and being shortlisted with a group of highly professional peers shows that we are on the right path toward that ambition.”

The winner of “European Cannabis Company of the Year” will be announced during the annual industry conference “Cannabis Europa” in London on June 25.

STENOCARE launch next generation medical cannabis oil product in Australia – six months ahead of schedule

Stenocare´s new innovative product-line is ready for the market – six months ahead of expectation. The new Astrum brand is an innovative cannabis oil product featuring a patented oil technology that enhances the bioavailability of its active ingredients. This breakthrough allows for higher uptake in the blood, and reduced dosage requirements. The first Astrum product will be launched for patients in Australia during Summer 2024.

Ahead of plan: Stenocare has since 2019 been investing with partners to develop and test next generation medical cannabis oil products, that can position Stenocare as a true leader within prescription-based medical cannabis. The new product-line is branded “Astrum”, and the company has worldwide exclusivity for this patented oil technology. The company is now ready to commercialize the first market during Summer 2024 in Australia. The first product is Astrum 10-10 oil Stenocare, with 10 mg/ml THC and 10 mg/ml CBD.

Innovative product: The Stenocare Astrum product is based on an innovative oil technology, that has the potential to increase the cannabinoid’s bioavailability in the patient’s blood. Thereby, the new product is addressing a well-known challenge with dosing medicine and securing consistent uptake of the active ingredients in the blood. With the Astrum product, Stenocare has completed a pharmacokinetic (PK) study in dogs that documented two important parameters in the lymphatic system that can improve the bioavailability:

Parameter 1 – uptake in the blood: According to the PK-study, Astrum improves uptake in the blood with a factor 2.6 – compared to a reference MCT-oil product in the market. Low and inconsistent uptake of the drug in the blood across patients is a well-known challenge in the pharma industry, that applies to most drugs. This also applies to medical cannabis. Today, when patients are administrating traditional MCT-oil based medical cannabis, the metabolism will reduce the uptake of cannabinoids in the body. This means that a highly variable and often little part of the active ingredients (ie. cannabinoids) are delivered inside the patient with a therapeutic effect. This is creating problems to prescribe a steady dosage of the drug to patients. Also, the uptake in the blood is very different for each individual due to biological differences between patients. The new Astrum product is mitigating these challenges and offering higher bioavailability.

Parameter 2 – time to max effect: According to the PK-study, the Stenocare Astrum product improves time from dosing to max effect from 2-4 hours to just 1 hour, and offer’s a more uniform experience. Predictability of uptake and time to max effect is important when doctors prescribe medical cannabis and when patients use it to treat their symptoms. The time to max effect is the duration of time it takes to reach maximum concentration of the drug in the blood after dosing the drug to the individual. Reaching the maximum as fast as possible is important to help patients manage their symptoms.

Commercializing the next generation product: The Stenocare Astrum product is the next generation product, that offers better predictability and uniformity for prescribers and for patients. The new product is protected with a patent and Stenocare is the first company to launch a prescription-based medical cannabis oil product with a lymphatic targeting technology. The commercial stage is now ready to begin, and Stenocare will work with their local partners in Australia to educate prescribers and collect feedback from the market.

Stenocare also has the ambition to launch the new product in several additional markets and hope the next commercial launch will happen during 2H 2024 – pending regulatory approvals from the local medicine agency.

 Thomas Skovlund Schnegelsberg, CEO of Stenocare comments: “In our opinion, the new Astrum product is truly groundbreaking for the entire industry of medical cannabis and for the patients globally. In short, our new oil technology address key challenges in the industry of medical cannabis: 1) It doubles the uptake of cannabinoid, 2) It delivers a uniform uptake in the blood across individuals, 3) the maximum concentration of the drug is reached in half the time, and, finally, 4) it can be delivered in the body with a higher uniformity regardless of food consumption. Even though bioavailability has been a key challenge for a long time in the medical cannabis industry, it is our experience that real data from a pharmacokinetic study regarding the topic has not been available with a commercially available product. This puts Stenocare in a very strong position to be a first-mover in the next generation of medical cannabis oil products”.

Path from development to market launch: The findings from the PK-study was announced on September 20, 2022 – which described the potential of the Astrum oil technology. Then Stenocare announced on June 2, 2023 – that an experienced manufacturer was found to produce the new Astrum products. It was expected that the first product would become commercially available during 2024. Since that announcement, the parties have been working hard to source the ingredients and testing production procedures for the new Astrum oil product. The process for having the product approved for sales has successfully been completed, and Stenocare is waiting for the last export certificate that will allow shipment of the new product into Australia. The market launch is expected during Summer 2024.

New STENOCARE THC/CBD medical cannabis oil product is available for sale in Denmark

STENOCARE has successfully imported the first batch of a new medical cannabis oil product into Denmark. The new product is a combination THC/CBD oil containing 15 mg/ml THC and 24 mg/ml CBD with dosing delivered via an oral syringe. The new product is available starting today April 18, 2024 via pharmacies and requires a prescription.

Strong product portfolio: Stenocare is the first and so far, only supplier of this THC/CBD oil product for the Danish Pilot Programme. With this, Stenocare now once again has the complete portfolio of three medical cannabis oil products (ie. THC30 oil, CBD20 oil and now the THC/CBD oil). With this new product, Stenocare is able to offer the complete range of oil products they successfully sold to patients during 2018 and 2019, that grew the company sales and allowed the Company to reach breakeven in Q1 2019. Therefore, having this complete product range for the Danish Pilot Programme is an important element in the 2024 ambitions to once again reach breakeven at the end of
the year.

Stenocare CEO Thomas Skovlund Schnegelsberg comments: “Today we make yet another medical cannabis oil product available for patients. We now offer three different oil products, that together are addressing therapeutic needs across several illnesses. There are significant investments in
regulatory work and documentation to have these products approved under the Danish Pilot Programme, and today’s milestone is another proof point for the unique skills and experiences of our regulatory team to meet the strict requirements of the Danish Medicines Agency. This fortifies Stenocare’s leading position in the Danish market.”

New Stenocare product ready for sale in Australia

Stenocare announced in November 2023 that the company and its partners had received approval for a new medical cannabis oil product in Australia, set to be available for patients in the first quarter of 2024. This week (March 12), the new product is officially released and made ready for sale to Australian patients.

The new product is a "Balanced 25-25 oil" in a 30 ml bottle which has the potential to address a larger target group of patients compared to the first 12.5-12.5 oil product Stenocare introduced for the Australian market.  

Australia is a major growth market: With a population of 26 million, the Australian medical cannabis market is anticipated to grow tenfold, reaching USD 540 million by 2030, according to Research and Markets. According to the National Drug Strategy Household Survey, the Australian medical cannabis market has grown to over 200,000 patients. This number of patients is similar to that of Germany (230,000 patients in a population of 87 million), which is by far the largest single European market, underscoring an additional opportunity for Stenocare and other suppliers of legal and regulated medical cannabis products in Australia.

CEO of Stenocare, Thomas Skovlund Schnegelsberg, comments: "In our highly regulated industry it is always extra special when a new product is approved by the health authorities and is made available for patients. The news today is particularly special because we are entering the market with a new product through our Australian partners and their Online Clinic. We expect this will both address more types of treatment and reach more patients in the year to come.”

STENOCARE approved to supply Danish patients with new THC/CBD medical cannabis oil product

Stenocare received approval from The Danish Medicines Agency to sell a new THC/CBD medical cannabis oil product to Danish patients. With this, Stenocare has regained the position as the exclusive (only) provider of all three essential oil products under the Danish Pilot Programme; THC oil, CBD oil, and now also the new THC/CBD oil. This is considered an important milestone for the company.

The new product is called “THC/CBD Olie STENOCARE” and contains 15 mg/mL THC and 24 mg/mL CBD. The new product has been examined by The Danish Medicines Agency for compliance with the Danish Pilot Programme and its strict quality standards. After a very thorough process, the product has now been accepted into the Danish Pilot programme and will be available soon as prescription-based medicine for patients in Denmark pending international import/export certificates and logistics.

The three approved Stenocare products are addressing critical therapeutic needs. When looking at data from the Danish Health Data Authority (see graph), there is a strong correlation between number of patients and availability of Stenocare oil products. With the new THC/CBD oil introduction, the company is now – once again – able to offer a full product line of medical cannabis oil products, equal to that of 2018-2019.

Thomas Skovlund Schnegelsberg, CEO of STENOCARE is commenting:

We are pleased with and proud about our continued leadership role in the Danish Pilot Programme. As the sole provider of three different full spectrum medical cannabis oils, ranging from high-THC to high-CBD and now a mixed THC-CBD, we demonstrate our regulatory capabilities and commitment to meeting the strict quality standards from the Danish Medicines Agency. We remain optimistic that this achievement will lead to strong sales growth in 2024 and pave the way for reaching break-even by year-end.”

STENOCARE TO1 Warrant Exercise subscribed to 76.7%

The Warrants were issued in connection with the executed unit rights issue in May/June 2023 and conversion of 5 mDKK debt in June 2023. Total number of outstanding Warrants were 1,712,999 whereas 1,167,612 were issued in connection with the unit rights issue and 545,387 were issued in connection with the debt conversion. In total 76,7% or 1,313,601 Warrants were exercised for subscription of 1,313,601 new shares, as one TO1 warrants gives the right to subscribe for one new share at a price of DKK 2.11 per share. Stenocare will receive approximately 2.8 mDKK in gross proceeds before transaction costs.

Australia due to become a major market for STENOCARE in 2024

Stenocare is experiencing stronger than expected sales (budgets vs. actual) performance in Australia and is now expanding its presence with a new medical cannabis oil product.

Off to a good start: Stenocare, a leading Danish supplier of prescription-based medical cannabis oil products in Europe and Australia, entered the Australian market in the second half of 2022 with the initial Stenocare-branded Balanced 12.5-12.5 oil product. The response from both doctors and patients has exceeded the expectations.

A new product: This positive market launch has prompted Stenocare to introduce its second medical cannabis oil product in Australia. Today, agreements have been signed that will make the new product, a "Balanced 25-25 oil", available to patients in the first quarter of 2024. With these two offerings, the company will expand its reach to doctors and patients and provide choices for both first-time medical cannabis users and experienced patients.

Australia is a major market: According to the National Drug Strategy Household Survey, the Australian medical cannabis market has grown to over 200,000 patients, with significant further growth projected. This volume is similar to Germany, which is by far the biggest single European market, underscoring an additional opportunity for Stenocare and other suppliers of legal and regulated medical cannabis products in Australia.

Record sales projected in 2023, all set for further growth in 2024: Stenocare witnessed major growth in the Danish home market in 2023, and important seeds were sown across Stenocare’s five international markets (Sweden, Norway, UK, Germany, and Australia). In fact, with the new second product coming online, Australia has real potential to become the second-best-performing market for Stenocare toward the 2024 sales target of 15 mDKK.

STENOCARE ready to ship medical cannabis to German patients

Stenocare announced in June that a Stenocare branded medical cannabis oil product has been approved for sales in Germany, and now the product is ready for sales to German patients.

Stenocare is a leading supplier of prescription-based medical cannabis oil products in several markets. The company is constantly reviewing existing and new market opportunities as the young cannabis industry is evolving around the world. Stenocare has a strong track record of entering new markets and working with local health agencies to have products approved for sales.

The first Stenocare branded product is now ready for shipment and sales to German patients. The new Stenocare medical cannabis oil product is called “AD 10-10 STENOCARE Extrakt”, which contains 10 mg/mL THC and 10 mg/mL CBD. This completes a thorough approval process with the Federal Institute for Drugs and Medical Devices (BfArM) and logistical planning together with the German partner, ADREXPharma. The first shipment to pharmacies is planned for the week of October 30.

Product reimbursement for patients: Germany is the most mature market for medical cannabis in Europe with its large ecosystem of products, suppliers and distributors that serve the approx. 18.000 pharmacies and approx. 230.000 patients.  However, only some of the products in the German market are covered by insurance. The new Stenocare product will be eligible for reimbursement by the insurance companies which allows more affordable access to treatment with the new Stenocare product.

About the German cannabis market: The medical cannabis industry in Germany includes +230.000 patients (out of 87 mill citizens) and projected sales of Euro 1 billion in 2027 – according to industry analysts. Germany is also a leader in liberalization of recreational cannabis which is expected to further increase the acceptance of the cannabis plant and its use in medical treatment. Germany expects to launch a five-year Pilot Programme that allow people to cultivate cannabis at home or in social clubs and also allow pilot shops to sell recreational cannabis. Stenocare believe this five-year Pilot Programme will have a positive impact on the growth of the medical cannabis business in Germany and other European countries – as it is likely to reduce existing stigmatic mindset from authorities and the society.

Staying competitive with high quality products: Stenocare is entering Germany with a product that target the largest group of medical patients. The 10-10 oil product category is the most prescribed oil in Germany for medical treatment, and Stenocare now begin its learning about the important market dynamics. Short term, the 10-10 oil product is considered the “door opener” to an attractive market, and longer term Stenocare will evolve the product pipeline with innovative products to stay competitive and grow market share.

STENOCARE Units Rights Issue subscribed to 127%

 The subscription period in the Initial Rights Issue of the Units Rights Issue of STENOCARE A/S ended on 8 June 2023. The Initial Rights Issue was subscribed to approximately 127% corresponding to total cash subscription of 13.6 DKK million relative to the proceeds from full (100%) cash subscription of 10,7 DKK million, which is the amount that Stenocare will receive before deduction of transaction related costs. As a result of the outcome, the guarantors will not be called, and a reduced allocation will apply to subscribers without rights.

STENOCARE launches groundbreaking IT-platform for Online Clinics

Stenocare takes prescribing of medical cannabis to the next level: Stenocare enables doctors to reach more patients. In short, the new and innovative IT platform enables prescribing doctors, wherever they are, to launch and operate online clinics. This increases a doctor's reach to patients across their geography and facilitates patients' access to trained and experienced doctors and specialists, regardless of where they live within their country.

The platform supports doctors in several ways:

• Administration: patient booking, video consultation, patient journal
• Knowledge: training, supervision by and ongoing access to the Stenocare medical consultant and specialists
• Ownership: Stenocare will transfer ownership to the doctors as the Online Clinic enters a more stable operation.
• Cost efficiency: The platform helps doctors manage total costs and may limit cost per prescription to patients.
• Compliance: The new IT-platform is GDPR compliant to protect the patient’s data.

Addressing a key barrier for growth in medical cannabis: Being able and allowed to sell regulatory approved medical cannabis oil products is a major challenge in itself, and with sales in place for 5 markets (Denmark, Sweden, Norway, UK and Australia) and last week’s announcement about entry to Germany, Stenocare has established itself as a market leader. It is also observed that millions of patients across Europe are struggling to enter treatment for their illnesses, where symptoms can potentially be managed with legal medical cannabis. A major reason why the combination of supply (from many vendors including Stenocare) and demand (from patients) does not lead to an immediate explosion in sales and adoption of medical cannabis, is that patients have limited access to prescribing doctors. In fact, only a few percent of all doctors actively prescribe medical cannabis due to a combination of stigma and limited access to knowledge about how to prescribe and why – as an example - medical cannabis can be a beneficial supplement or alternative to opioids.

Stenocare product approved by German health authorities, and are now entering Germany

The new Stenocare medical cannabis oil product has received approval from the Federal Institute for
Drugs and Medical Devices (BfArM) for prescription-based sales to German patients. With this,
Stenocare is now entering Germany, the by far largest European market for medical cannabis. The new product will be available for patients in Germany as soon as possible, expected during August 2023.

The first shipment of Stenocare medical cannabis oil products has arrived in Norway and the products are ready for patients.

STENOCARE and Apotek 1 have now completed the import of the new medical cannabis oil products into Norway.  The three products are: 1) THC Drops 30 mg/mL, 2) CBD Drops 20 mg/mL and 3) Balanced 15 mg/mL THC + 24 mg/mL CBD Drops. The patient’s dosing is delivered via an oral syringe. The new products are available via pharmacies and require a prescription from a doctor or medical specialists.

New STENOCARE CBD medical cannabis oil product is available in Denmark.

STENOCARE has completed the import of the new medical cannabis oil product into Denmark. The new product is a CBD oil containing 20 mg/mL with dosing delivered via an oral syringe. The new product is available via pharmacies and requires a prescription from a doctor.

Stenocare is the first and so far, only supplier of oil based medical cannabis products for the Danish Pilot Programme with a portfolio of two medical cannabis oil products (ie. THC30 oil and CBD20 oil).

STENOCARE enter Norway and now exclusively cover all Scandinavian countries

STENOCARE approved to supply Danish patients with new CBD medical cannabis oil product

Stenocare has received approval from The Danish Medicines Agency to sell a new CBD medical cannabis oil product to Danish patients.

With this, STENOCARE once again becomes the only supplier of both CBD and THC medical cannabis oil products under the Danish Pilot Programme.

The product is called “CBD Olie STENOCARE” and contains 20 mg/mL CBD.

Breakthrough results from our new medical cannabis oil study

Groundbreaking results from their study of a new medical cannabis oil formulation. The study shows that the new formulation dramatically enhances the bioavailability and thus uptake of cannabinoids, regardless of meal consumption and inter-individual biological differences. The findings may have the potential to formulate novel medical cannabis products with vastly improved characteristics in the treatment of chronical pain and a variety of indications and diseases.

THE PHARMACOKINETIC STUDY
The study announced today was a pharmacokinetic study completed at accredited pre-clinical contract research organizations in Scandinavia. The study revealed significant positive effects on dogs. The study administered two different product formulations of CBD 25 mg/mL oil by a single oral administration in a four-way cross-over design to dogs. Product A was CBD25 with MCT-oil, and product B was CBD25 with the new LTT-oil based upon Solural Pharma’s Lymphatic Targeting Technology (LTT). The CBD uptake was measured in the blood with these two different formulations in both a fasted and fed state. The MCT-oil (Medium-chain triglycerides) in Product A can be seen as a representative of the medical cannabis oil products on the European market today.

PAVING THE WAY TOWARDS PHARMA-GRADE MEDICAL CANNABIS
Generic medical cannabis products are available in several versions ranging from CBD (non-intoxicating), to THC and combinations of the two. These cannabinoids are mixed with standard oils like MCT-oil. Use of these standard oil products leads to unpredictable bioavailability which is ability of a drug or other substance to be absorbed and used by the body.

Challenge #1: Uptake
Low and inconsistent uptake of the drug in the blood across patients is a major and well-known challenge in the pharma industry, that applies to most drugs. This also applies to medical cannabis. Today, when patients are administrating traditional oil based medical cannabis, the metabolism will reduce the uptake of cannabinoids in the body. This means that a highly variable and often little part of the cannabinoids are actively delivered inside the patient with a therapeutic effect. This is creating problems to prescribe a steady dosage of the drug to patients. Also, the uptake in the blood is very different for each individual due to biological differences between patients.

What the study concludes:

• Improves uptake in the blood with a factor 2.6 (called “C-max”) comparing fed MCT to fed LTT oil ingestion
• Improves uptake in the blood with a factor 15 (called “C-max”) comparing fasted MCT to fasted LTT oil ingestion
• Improves uptake in the blood with a factor 34 when comparing fasted MCT-oil to fed LTT-oil ingestion
• Provides a lower inter-individual variation​ as LTT-oil is taken up more uniformly between individuals

Challenge #2: Onset of action
Onset of action is the duration of time it takes to reach maximum concentration of the drug in the blood after administration to the individual. Reaching the maximum (called “T-max”) as fast as possible is important to help patients manage their treatment. For medical cannabis oil products, T-max is typically reached within hours depending on whether patients are fed or fasting. Predictability of onset time is critical to planning the dosing, and therefore the T-max should be identical regardless of the patient’s food intake.

What the study concludes

• Fasted individuals with LTT-oil dosing reach maximum concentration faster (from 3,8 hours to 1,0 hour)
• Fed individuals with LTT-oil dosing reach maximum concentration faster (from 1,9 hours to 1,0 hour)
• Regardless of fed or fasted state, maximum concentration was reached in the same time with the LTT oil 

“In our opinion, the new LTT-oil is truly groundbreaking for the entire industry of medical cannabis and for the patients globally” says Thomas Skovlund Schnegelsberg, CEO of Stenocare and summarizes: “In short, our new oil formulation meets the key challenges in the industry of medical cannabis: 1) It increases the uptake of cannabinoid by a double digit figures, 2) It delivers a uniform uptake in the blood across individuals, 3) the maximum concentration of the drug is reached in half the time, and, finally, 4) it can be delivered in the body with a higher uniformity regardless of food consumption”.

STENOCARE TO TAKE MAXIMUM ADVANTAGE

Stenocare has worldwide exclusivity to leverage the patented LTT-oil for cannabis products.  This translates into a major opportunity to take the global medical cannabis market to the next level. Other vendors are - and will be - in the race for development and introduction of next generation medical cannabis products. Therefore, time-to-market is of essence. With the results from the study, the Company now plans to accelerate the work with its partners to further develop the new product formulations and commercial products using the LTT-oil.

PLAN AND PATHWAY

The ambition is to introduce the first product within the next 18-36 months – pending regulatory approval from the health authorities. There are several important steps towards a commercial product, that include stability testing of the new product formulations and standardization according to regulatory requirements that apply in the individual target markets.

SUCCESS THROUGH PARTNERING

Stenocare expects to both sell LTT-oil products under its own brand in its own markets and may also license the technology to other cannabis brands and vendors with strong distribution power in other markets. At this time, Stenocare is unable to predict or provide guidance on the expected commercial value relating to the LTT-oil.

“We have had early conversations with our partners regarding the benefits with the LTT-oil. With the results from the study, we can be more precise in planning and scoping the opportunity. Even though bioavailability has been a key challenge for a long time in the medical cannabis industry, it is our experience that real data from a pharmacokinetic study regarding the topic has not been available until now. This puts Stenocare in a very strong position to be a first-mover in the development and introduction of next generation of medical cannabis oil products”, comments Thomas Skovlund Schnegelsberg, CEO of Stenocare.

STENOCARE enters its 4th market starting sales in Australia in Q4 2022

Rolf Steno, Stenocare CCO and Rob Jenny, Cannvalate Business Development Manager closing the partnership agreement in Brisbane Australia

After securing market access and approvals in both Denmark, Sweden and UK, STENOCARE A/S (“Stenocare”) now takes a first and firm footstep into the southern hemisphere entering Australia. Partnering with the Australian medical cannabis company Cannvalate will help Stenocare embrace a hastily growing market from day one offering Stenocare products to 600 pharmacies and 3,000 doctors. A combined CBD-THC medical cannabis oil will be available for Australian patients already from fourth quarter 2022 with expected sales acceleration in the first half of 2023.

As a global early mover in the legalisation of the use of medical cannabis, Australian patients have enjoyed six years of legalised market development creating a market reaching USD 51 million in size by 2021. The Australian market is anticipated to grow tenfold to USD 540 mill by 2030 according to Research and Markets pointing at the continuous political support for further cannabis legalisation, a growing patient population, more government subsidies, and the widespread presence of local and foreign vendors as the main market boosters.

Stenocare is partnering with Australian Cannvalate to enter the Australian market with the new oil product CBD-THC 12.5:12.5 Balanced (THC 12.5mg/mL + CBD 12.5mg/mL) that will be available to patients during Q4 2022 with sales expected to accelerate in the first half of 2023 and onwards creating more relief for patients and also resulting in revenue for Stenocare.

Co-founder of Stenocare, CCO Rolf Steno, can now check one more box off and announce another country in the growing portfolio of medical cannabis markets where Stenocare has secured the position to sell and distribute prescription medical cannabis to patients. While already servicing the Danish and Swedish markets for prescription oils, Stenocare in the early Spring of 2022 entered the British market with a substantial network of established local partners and distributors.

Stenocare has thus successfully accessed three of the world’s highly regulated medical markets and is now applying their market entry know-how to expand to more markets globally. Now, the team has managed to enter another lucrative and fast-growing medical cannabis market “Down Under”, with growth opportunities for the coming years.

“Entering the Australian market opens a new and truly global chapter for our company, and with this expansion we are on track to follow our Stenocare 2.0 strategy aiming to enter up to 10 countries by 2025. With today’s announcement, we get a foothold in a new region of the world with high growth rates and we have managed to secure a highway and speedy access into the Australian market partnering up with one of the leading national distributors of legalised medical cannabis,“ says CCO Rolf Steno from Brisbane, where he has finalized the deal with the Cannvalate team.

With expertise within production, regulatory approval, market development and clinical research, Cannvalate has been a key player in the creation of the medical cannabis industry in Australia. Cannvalate manages both an efficient product supply chain and distribution network servicing 600 pharmacies and 3,000 doctors that offer patients treatment with prescription-based medical cannabis.

Cannvalate Business Development Manager, Rob Jenny, comments on the new partnership:

"We at Cannvalate are excited to enter this cooperation with Stenocare, as we see this as having strategic and long-term value to our company. Cannvalate is a B2B service provider and has been pivotal in the establishment of the medical cannabis industry in Australia. Stenocare has a strong position and focus on pharma values in their products and future formulations which will work well “down under”. Cannvalate has a strong network of over 3000 doctors and 600 pharmacies to bring forward the first Stenocare product to market during Q4 2022."

Ambitious expansion strategy

Stenocare aims to enter and be firmly present as a market competitor in 10 countries in 2025 as a part of Stenocare 2.0 strategy and has now commenced its fourth market expansion. From today, Stenocare becomes an active participant in the development of the Australian market in a country of 26 million people offering patients authority approved oil-based cannabis products to patients.

“With the first new Stenocare product approved for sales in Australia, we have reached an important regulatory and commercial milestone that will expand our international presence and footprint in a completely new region of the world and will support our path of growth. Our strategy to enter markets with full approval of health authorities and with significant partners puts us in a favorable position to sell medical cannabis all over the country,” says CCO Rolf Steno.

The oil product’s specific sales expectations and product line extension plans will not be disclosed for competitive reasons.

STENOCARE delivers first product batch to the Danish market

STENOCARE delivers the first product batch of their THC Oil to the Danish market. This means that the product is once again visible in  medicinpriser.dk and that all Danish pharmacies can sell the products starting today.

STENOCARE has been working intensely with its Canadian partner, AgMEDICA Bioscience, and with The Danish Medicines Agency to have the new medical cannabis oil product accepted into the Danish Pilot Programme for medicalcannabis. The license to sell was received in January this year and with today’s first delivery of STENOCARE’s new medical cannabis oil product to the market, medical cannabis oil products are once again available to Danish patients under the Danish Pilot Programme.

This important milestone marks the end of the suspension of sales on the Danish market that commenced in September 2019. Before then, STENOCARE was the first and only supplier of medical cannabis oil products during in the Pilot programme. With today’s delivery, STENOCARE is once again the only supplier of medical cannabis oil products to the Danish market under the Danish Pilot Programme.

Today’s delivery of the first batch represents sales value of around 0,5mDKK and is supplemented by already ongoing revenues relating to the Swedish market. This is part of the gradual building up of sales, that the company guided willreach a quarterly level of 4-5 mDKK by the end of Q4 2022.

CEO Thomas Skovlund Schnegelsberg elaborates: “Today is an extra special day. We have delivered the first product batch to the Danish market, and our sales can begin once again. It has been more than two years of hard work for our regulatory team to reach this fantastic milestone. The fact that no one else has managed to have a medical cannabis oil product approved during this period underscores the high barriers for approval that apply in the Danish market, and therefore our team can be extra proud with our delivery today”

Stenocare and their UK partners receive product approval of three medical cannabis oil products

Stenocare and their partners have been working extensively on the regulatory approval in the UK and are now ready to start import of three prescription-based oil products for patient’s 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. It is that the products will be available for patients with the next few months – pending export certificate from Health Canada.

Thomas Skovlund Schnegelsberg, CEO of Stenocare is commenting:
“Stenocare has successfully received product approvals in several markets, and we are pleased to also being able to offer our medical cannabis oil product to UK patients. During the last four years we have invested in building our Regulatory Assets, and todays announcement is another proof point of our regulatory capabilities. We are in a strong position to continue our international growth, and we have a good pipeline of new markets”

Stenocare enters the UK market to sell prescription-based medical cannabis oil products

Stenocare A/S 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 with their partners to establish the logistical setup to cover England, Scotland, Wales and Norther Ireland.

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”.

Stenocare announces positive outcome of feasibility study

Stenocare and Solural Pharma have reached milestone 1 in the research and development of a new medical cannabis oil formulation, that has the potential to improve the uptake of cannabinoids to be consistent in patients. The milestone is reached in a feasibility study and shows that the Solural Pharma’s Lymphatic Targeting Technology is compatible with full spectrum medical cannabis materials.

In December 2019, Stenocare and Solural announced their partnership to jointly develop and test new medical cannabis products that address important challenges with medical cannabis products, such as:

• Optimizing dosage delivery to patients: When patients are ingesting (eating or swallowing) medical cannabis, their uptake and metabolism will reduce the cannabinoid dose that is absorbed by the body. This mean that a highly variable and very little part the cannabinoids are actively delivered inside the patient for a therapeutic effect. Up to 85% is “lost”, which translates into a very low bioavailability for some patients.

• Eliminating food effect during dosage delivery: Prescribing the right dosage volume for patients at a given point in time is depending upon whether the drug is taken before or after intake of food. The body’s absorption will be different in these two scenarios. By eliminating the food effect, the patients can take the dose at any time of the day, with or without food, and still obtain the same consistency and effectiveness of the medicinal cannabis.

Conclusion for step 1: The important objective was to test and verify that the Lymphatic Targeting Technology is compatible with medical cannabis material. Solural has in their Lab tested their technology with different carrier oils and full spectrum cannabis flower batches from the Stenocare facility. The conclusion is that the technology is fully compatible with medical cannabis. This indicate that there is a very high likelihood to address the mentioned challenges, and Stenocare could leverage this in future products that are exclusive and patented for Stenocare all over the world.

Ready for step 2 study: The next step in the development process is to analyze and validate the effect of the new oil formulation to confirm the beneficial effects in vivo (i.e in living organisms). An external research company will be used to complete a pharmacokinetic study that should measure bioavailability in Fed and Fasted state. The study will be designed to compare the special formulation with a commercially available medical cannabis oil product. This will enable a benchmark for the potential and effectiveness of the new product formulation. The timeline for completing step 2 is during Q3 2022.

Longer-term perspectives: Stenocare has a pharma mindset to cultivation and production of medical cannabis products. An important element is to develop unique product formulations for patients’ treatment, that optimize the effectiveness of the drug. Provided that Step 2 is also concluded with success, Stenocare can begin building the application package for new products in Q4 2022. This includes real time stability studies with an external research company, lab analyses of multiple batches and pharmaceutical documentation of each individual compound in the product. Once the application package is complete, then the application is ready for the review and approval process with the medicines agency. The process is projected to take 18-36 months to complete from the time the approval package is ready.

Stenocare approved to supply Danish patients with medical cannabis oil products

Stenocare has received approval from The Danish Medicines Agency to sell a new medical cannabis oil product to Danish patients. With this, Stenocare once again becomes the only supplier of medical cannabis oil products under the Danish Pilot Programme. The source is AgMEDICA Bioscience from Canada.

The product is called “THC Olie STENOCARE” and contains 30 mg/mL THC. The new product has been examined by The Danish Medicines Agency for compliance with the Danish Pilot Programme and its strict quality standards. After a very thorough process, the product has now been accepted into the Danish program.

The new product from Stenocare becomes the first and only oil product available for patients under the Programme. It is expected that the new product will be available for patients during Q1 2022 pending international import and export certificates.

Stenocare Danish investments on solid ground: Legalisation of medical cannabis in Denmark has been passed by the Danish Parliament

The Pilot programme is extended with four years to allow all Danish doctors to prescribe medical cannabis for their patients and Danish cultivation and production of medical cannabis is now permanently legal.

Secure supply of premium products: Stenocare sign supply agreement with AgMedica Bioscience Inc

Stenocare A/S announce that the company has signed a new agreement to source medical cannabis products from the Canadian company AgMedica Bioscience Inc (“AgMedica”). Stenocare and AgMedica is already working with relevant health authorities to have their products made available for distribution. This is part of the multi-supplier strategy for the company.

Thomas Skovlund Schnegelsberg, CEO of Stenocare is commenting:
“Today we realize yet another important milestone in our Stenocare 2.0 growth plan with the announcement of our partnership with AgMedica. AgMedica has a proven track record within medical cannabis in Canada and internationally, and the new supply agreement will source premium products for new markets that we plan to start serving together in 2022.”

Dr. Trevor Henry, CEO of AgMedica:
“We are delighted to partner with Stenocare and this is a further important step in our strategy of developing robust and sustainable international sales channels. We are convinced that our unwavering commitment to high-quality products will result in the future expansion of the international cannabis market for both AgMedica and Stenocare.”

Having own capacity and quality compliance: Stenocare completes the ambutious upgrade of their state-of-art cultivation facility in Denmark

Stenocare has invested in a high tech indoor cultivation facility, that enable the company to meet the regulatory requirements for prescription-based medical cannabis. The upgraded facility has the potential to cover the company's capacity needs for the next 4-5 years.

Stenocare deliver the first prescription-based medical cannabis THC-CBD oil products to Sweden

In December 2020, the first THC oil products were delivered, and now the first THC-CBD oil products have been delivered to Sweden. With these two products, Stenocare is the first and only supplier of medical cannabis oil in Sweden.

Stenocare deliver the first prescription-based medical cannabis oil products to Sweden

Stenocare announced on September 8, that medical cannabis oil from their supplier, Emerald, had been accepted for treatment of Swedish patients. The Swedish and Canadian Health authorities has completed the required certificates and the first shipment of medical cannabis oil is now being delivered to the Swedish patients. With this product, Stenocare is the first and only supplier of medical cannabis oil products in Sweden.

Stenocare enter Sweden as the first and only supplier of medical cannabis THC oil products

Together with the Swedish health authorities, the products have been through a thorough regulatory review. It has now been concluded that the medical cannabis oil products can be approved for treatment. The next step is to complete the required information for import/export certificates to begin distribution in Sweden. Stenocare and their partners are the first and only supply oil products for Sweden.

Stenocare complete capital raise with DKK 51 mill to accelerate Stenocare 2.0 strategy

Stenocare´s ambition is to become a leading European brand for medical cannabis. The Stenocare 2.0 growth plan will invest in four strategic assets (Regulatory, Supply chain, Commercial, Partnerships) that will accelerate the company's product and sales capacity in more countries.

Stenocare move to NASDAQ First North Copenhagen as the first medical cannabis company

Stenocare starts trading on Nasdaq FN with the ambition to welcome more shareholders, and commence the journey towards joining the Nasdaq main market in the future. The company is traded with the ticker [STENO]

Secure supply of premium products: Stenocare sign supply agreement with Israeli Panaxia Pharmaceutical Industries and submit product application for Denmark

Stenocare announce that the company has signed a new agreement to source medical cannabis products for Denmark and the company’s international markets with the market leading Israeli company Panaxia Pharmaceutical Industries Israel Ltd. Stenocare will work with Panaxia to enter new markets with their strong product portfolio. This is part of the multi-supplier strategy for the company.

Stenocare CEO comments on profitable Year-End Report 2019 and the road ahead

Join the CEO of Stenocare in his comments on the profitable Year-End Report 2019 and his reflections for the future growth of the company.

Some of the highlights are: Positive EBITDA 4.4 mDKK, recognized as an European Leader in medical cannabis and getting ready to invest and accelerate the Stenocare 2.0 Strategy.

Investment in exclusive products: Stenocare sign partnership agreement with pharma product developer Solural Pharma with global exclusivity

Stenocare and Solural Pharma will develop exclusive Stenocare products. Together we will test their “Lymphatic Targeting Technology” with medical cannabis to increase the patient’s bioavailability the products. This means that patients can achieve a greater effect from smaller doses and it also means that problems relating to timing of food intake can be addressed.

This special oil technology will potentially result in unique and patent protected products, that the competitors do not have. Stenocare has the world wide exclusivity for using this technology for medical cannabis.

Secure supply of premium products: Stenocare sign new supply agreement with Canadian Emerald Health Therapeutics

Stenocare has carefully evaluated potential new suppliers of medical cannabis in order to supply products suitable for patients according to the strict requirements of the DMA.

Emerald is a licensed Canadian producer of medical cannabis, which Stenocare estimate is a partner with strong capabilities across cultivation, processing, formulation and testing, which enables a partnership fully in line with Stenocare’s vision of supplying medical cannabis that helps patients getting a better quality of life. This is part of the multi-supplier strategy for the company.

Stenocare completed first grow cycle of medical cannabis without use of pesticides

Stenocare has successfully completed its first cycle of cultivation and harvest in line with the very strict requirements of the Danish Medical cannabis programme.

This includes uniformity of products and zero tolerance for use of pesticides from seed to harvest. Stenocare’s first harvest of cannabis flowers marks an important milestone for meeting these requirements.

Stenocare established in Ireland and at the same time medical cannabis is legalized in a five-year pilot programme

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 products approved by the Irish Health Products Regulatory Authority (HPRA).

Stenocare start cultivating medical cannabis in their Danish facility

Stenocare announces that cultivation of medical cannabis plants has commenced at its facility in Jutland, and that the first harvest is expected later during Q3 2019.

This is an important milestone towards being able to produce uniform quality, which is the next milestone towards having self-produced medical cannabis products approved for the Danish medical cannabis Program.

Stenocare is first to have medical cannabis capsules approved in Denmark

Stenocare has been working with The Danish Medicines Agency to have a new CBD medical cannabis capsule product approved for market release.

The Danish Medicines Agency has now chosen to approve the product for listing on the Medicine List, which will make Stenocare the first company in the Danish Medical Cannabis Program to introduce capsules for Danish patients. The new product is named “CBD Capsules STENOCARE” and contain medical cannabis oil in vegan capsules. It is expected that the product will be available at Danish pharmacies late-Summer 2019.

Stenocare is awarded "Best IPO 2018" on Spotlight Stock Market in Stockholm

Stenocare was revealed as the winner of the SvD Börsplus IPO-guide award IPO of the Year 2018 in the category Quality.

Stenocare was also awarded the honorary prize in the category Value growth.

Stenocare has become the market leader of medical cannabis in Denmark

Stenocare is the only supplier of medical cannabis oil products in the Pilot Programme.

The number of patients have grown significantly after these oil products were introduced. The oil category is the most used according to marked's data.

Stenocare complete capital raise with DKK 18.6 mill to accelerate Stenocare 1.0 strategy

The new share issue of DKK 18.6 million was (over)subscribed to DKK 402 million, including subscription commitments of approx. DKK 11.2 million.

Thomas Skovlund Schnegelsberg, CEO of Stenocare is commenting:

“We are of course overwhelmed and incredibly grateful for the great interest that has been shown for our new share issue. I would like to take this opportunity to welcome all new shareholders. While we are delighted with the interest shown, it is unfortunate that we have not been able to assign shares to all who have chosen to subscribe. If possible, we would of course have liked to oblige everyone and to those who have not been assigned any or only a part of the shares you have subscribed for, we can only apologize. I hope you will continue to follow our journey when we start the trading on Spotlight Stock Market on October 26, 2018. I would also like to extend my gratitude to all those parties who, in one way or another, have been involved and made this all possible such as Sedermera Fondkommission, Gemstone Capital and Nordnet Bank among many others. We have an exciting time ahead of us and we are now a few steps closer to realizing our vision of improving the quality of life of patients with chronic pain and suffering.”

The first day of trading in Stenocare’s shares on Spotlight Stock Market in Stockholm is expected to be October 26, 2018. Stenocare’s shares will be traded under the label "STENO"

Stenocare is the first medical cannabis supplier IPO in Europe. Trade on Spotlight Stock Market in Stockholm begin today

October 26, 2018, is the first day of trading in Stenocare A/S’s shares on Spotlight Stock Market. The share is traded under the ticker STENO and ISIN code DK0061078425.

Oversubscribed new share issue prior to listing

Stenocare start selling and delivering prescription-based medical cannabis oil products in Denmark

Stenocare is the first and only to supply medical cannabis oil products to the Danish Pilot Programme.

Three different products are available via their distribution partners: THC Drops, CBD drops and 1:1 Drops – that all requires prescription from a doctor.

First-mover: Stenocare is the first to have medical cannabis oil products approved in Denmark

Stenocare is the first in Denmark to have medical cannabis oil products approved for the Pilot Programme.

The company will sell three different formulations - THC Drops, CBD Drops and 1:1 Drops

Stenocare is granted a license to import, package and sell medical cannabis products in Denmark

Stenocare has been granted the regulatory license to manufacture medical cannabis products under the Danish Pilot programme.

This license from the Danish Medicines Agency allow Stenocare to import, package, store and sell prescription-based medical cannabis in Denmark.

The Danish Pilot Programme for medical cannabis is live and treatment can commence

On January 1, the Danish Parliament legalizes prescription-based medical cannabis in a four-year Pilot Programme.

All doctors can prescribe to their patients under this programme. The legalization both allow treatment of patients, import of finished medical cannabis products and local Danish cultivation and production.   

Stenocare is granted a license to cultivate medical cannabis in Denmark

Stenocare has been granted the license to cultivate and produce medical cannabis at their Danish indoor cultivation facility.

The company strategy is to build a pharma-grade facility, that set new standards for quality, uniformity and regulatory compliance. To realize this ambitious goal, the indoor cultivation rooms will have multiple layers of filters to minimize potential contamination of the plants.

Stenocare is incorporated by the three founders

The Stenocare 1.0 strategy is based on two pillars: First pillar is to establish our own indoor smaller scale cultivation facility and, second pillar is to source medical cannabis products from premium supplier.

The ambition is to be a first-mover to make products available for patient's treatment, and to build regulatory expertise for being granted licenses to operate and having products approved by the Health Authorities. The two pillars are mutually bringing value to each other, and critical for building the company assets .

Danish Parliament decide to legalize medical cannabis in a four-year Pilot Programme

Denmark is part of the early adopters in Europa of prescription-based medical cannabis for patient's treatment.

The Parliament has created a four-year pilot programme with two different sub-programs that

1) legalize Danish cultivation/production 

2) allow all doctors to prescribe medical cannabis for their patients.

The programme is controlled by The Danish Medicines Agency, and they have the authority to grant licenses to cultivate/produce and to import/sell medical cannabis in Denmark.