XPhyto Therapeutics Corp. revealed that the German Federal Institute for Drugs and Medical Devices (BfArM) has granted the privately-held firm’s wholly owned German subsidiary, Bunker Pflanzenextrakte GmbH, a cannabis cultivation and extraction licence for scientific purposes.
In a statement, XPhyto said that, subject to meeting BfArM security requirements, the licence is valid and authorizes the company to cultivate and extract up to 70 different strains of Cannabis sativa and indica for scientific purposes at Bunker’s high-security facility located in a monitored security area in Bavaria, in the south of Germany.
Hugh Rogers, XPhyto’s CEO commented: “XPhyto’s German cannabis cultivation and extraction licence is a unique opportunity for our European operations. With a focus on Canada and Germany, we are building an industry leading medical cannabis company focused on pharmaceutical-grade quality and scientific validation.”
Robert Barth, VP European Corporate Development of XPhyto and Managing Director of Bunker added: “Germany is emerging as the largest legal medical cannabis market in the world and we expect it to grow to be a multi-billion dollar industry within five years. XPhyto is well positioned as a first-mover in this exciting market,”
XPhyto, which is a science-focused cannabis company developing analytical testing, processing, and formulation capability in Canada and research, cultivation, extraction, import, distribution, and manufacturing in Germany, has filed a final prospectus with the British Columbia Securities Commission and has applied to list on the Canadian Securities Exchange (CSE).
Subject to final listing approval, the company expects to trade on the CSE in the next 30 days and has reserved the trading symbol ‘XPHY’.
The firm has two exclusive 5-year engagements with the Faculty of Pharmacy at a major Canadian university provide certified analytical testing capability, as well as extraction, isolation, and formulation facilities, and drug research and development expertise.