Pharma-grade cannabis contracts secured by Celadon

The UK-company is based on the development, production and sale of the medicines and agreed two commercial contracts on May 24 and September 5.  

The supply of product follows the successful completion of the company’s latest harvest from its UK-based facility, which is being used to fulfil its commercial contracts.

Periodic invoicing has now commenced for both contracts, the first of which is worth a minimum of £3 million of revenue, with up to £1.2 million of revenue anticipated for the second contract. 

Celadon signed another commercial contract on November 16 with a leading European medicinal cannabis company. This latest contract has the potential to generate revenue to Celadon of up to £26 million over three years, with the first deliver anticipated in the second half of next year (2024).

James Short, chief executive officer of Celadon said: “The first supply of our pharmaceutical-grade product is a very significant milestone for both Celadon and the wider industry. It has taken four years of hard work from our incredible team to get here. 

“Having achieved our licenses and secured our initial commercial contracts, today demonstrates that we are successfully supplying product and realizing revenue.” 

Under current laws, safeguards for patients are maintained by specifying that cannabis-based products for medicinal use in humans may only be supplied in specified circumstances. The product must either be a medicinal product with a marketing authorization under applicable medicines legislation, an investigational medicinal product supplied for use in the course of a clinical trial.

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