Michael Sassano, founder, CEO and chairman of the board, Somai Pharmaceuticals, discusses the European medical cannabis sector, and its impact on pharmaceuticals, alongside the challenges that Somai aims to address.
Key insights:
- Europe has been paving the way for cannabis adoption in pharma since 2016 - however is still behind the US and Canadian product markets.
- Europe adopted GMP-pharmaceutical standards and treated cannabis like other narcotic medicines allowing for the highest standards of production and cross-border cannabis market.
- Portugal created a regulatory framework that attracted the largest EU cannabis companies and is host to 21 registered cannabis companies in operation - supporting the pharma industry.
Europe has been paving the way for cannabis adoption with a proper global and quality perspective since approximately 2016. The timing corresponds to the US and Canada’s early-stage high growth phase which took off around 2015 with legalisation spreading across states and an over-the-counter (recreational) surge. Europe adopted true GMP pharmaceutical standards and treated cannabis like any other narcotic medicine paving the way for the highest standards of production and cross-border cannabis market.