Satipharm Sales Update and Expansion of European Distribution Network
13 March 2017
- Satipharm’s flagship product, Gelpell-CBD Microgel Capsules, now available for
sale throughout all pharmaceutical outlets in Germany
- Strategic partnership with online pharmaceutical reseller enables shipping of
Satipharm products globally – removing significant payment gateway issues
- European sales footprint further expanded following signing of binding LOI with
one of the fastest growing pharmaceutical distributors in Denmark
- MMJ to work with distribution partners to roll out strategic sales and marketing
campaign across Europe aimed at boosting brand awareness and product sales
MMJ PhytoTech Limited (ASX: MMJ) (“MMJ” or “the Company”) is pleased to provide the following sales and operations update on its wholly-owned Switzerland-based subsidiary, Satipharm AG (“Satipharm”).
Satipharm has secured Pharmaceutical Central Numbers (PZN codes) for its 10mg and 50mg Gelpell-CBD Microgel Capsules, enabling both products to be sold in all pharmacies
The Company’s online distribution partner, German Bodfeld Pharmacy, has commenced the shipping of Satipharm’s cannabidiol (“CBD”) extract products to regulated markets globally, further enhancing the Company’s capacity to rapidly scale up product sales. Importantly, German Bodfeld Pharmacy accepts all major payment methods, which solves a key payment gateway issue imposed on CBD producers globally due to the federal U.S. ban of cannabinoids.
In addition, Satipharm has signed a binding Letter of Intent (“LOI”) with a leading
pharmaceutical distributor and retailer in Denmark for the marketing and distribution of
Satipharm’s products throughout Scandinavia. The Company expects this partnership to
provide direct access to hundreds of thousands of potential new customers, to be targeted through an extensive sales and marketing campaign.
Satipharm’s continued expansion and penetration of key markets in Europe is a key focus for MMJ, and has the capacity to serve as a significant value catalyst for our shareholders in the near-term.
MMJ PhytoTech’s Managing Director, Andreas Gedeon
The availability of our Gelpell-CBD Microgel Capsules over the counter throughout all German pharmacies is a key milestone, and positions Satipharm as one of the leading CBD suppliers in Europe.
Original press release: http://clients3.weblink.com.au/pdf/MMJ/01838026.pdf
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