Zenabis CEO Kevin Coft announced “Zenabis, in conjunction with our European Union partners Natrix Sciences Ltd. (formerly Starpharma Ltd. Malta) and ZenPharm Ltd., have received EU-GMP approval.”
- The demanding but desirable EU Good Manufacturing Practices certification allows companies to sell within the European Union.
- Zenabis argued it “has obtained EU-GMP approval through its Malta-based European partner, ZenPharm Limited, “in which it owns a 43.5% stake.”
- In response, Materia Ventures CEO Deepak Anand called the company out, noting “Getting an export permit to ship products for process validation [does not equal] getting ‘EU-GMP Approval’ […] Definately [sic] not EU-GMP!” Anand called upon the company to specify “who gave them this EU-GMP Approval.” They did not.
- I contacted Zenabis for comment and had not heard back as this issue went into production.
Across the Sector:
- 48North reported Q3 earnings, with $2.8M revenue and $17.8 net loss. Analyst Betting Bruiser noted the company announced it had cut its average selling price per gram from $1 t0 $0.50.
- Aphria announced it will move from the New York Stock Exchange to the Nasdaq Global Select market in order to keep costs down.