SOMAÍ Pharmaceuticals, a pharmaceutical cannabis product manufacturer based in Lisbon, has secured pivotal authorisation from the Portuguese Health Authority, INFRAMED, a move seen as a substantial leap towards accelerating revenue streams.
The green light, delineated in the authorisation certificate number 42/V01 dated 25/08/2023, grants SOMAÍ the legal standing to manufacture, import, and export medicinal cannabis products to various international markets, thus paving a smooth path for the company in the global pharmaceutical arena.
This significant milestone is further amplified by an infusion of €5 million of fresh capital, earmarked to fuel the company’s bold expansion blueprint.
With the acquisition of GMP Certificate Parts I and II, SOMAÍ is well-positioned to spearhead its distribution channels in Australia and Germany and forge robust distribution alliances in an additional eight countries.
The company is poised to cultivate a diverse range of medical cannabis products, with an eye towards establishing itself as a one-stop brand, meeting the diverse needs of doctors and patients through innovative formulations and multiple delivery systems.
SOMAÍ’s Founder and CEO, Michael Sassano, underscored the company’s swift trajectory from inception to market presence, noting the substantial progress achieved in under two years since breaking ground in November 2021.
Sassano heralded the steady output of products since earlier this year and reaffirmed the commitment to developing a sophisticated line of products that anticipate and address future patient needs.
Moreover, Anton Nakhodkin, a pivotal figure on the company’s board and its Managing Director, articulated a shift in focus from development to comprehensive commercialisation and expansion.
Nakhodkin praised the team’s success in surpassing set targets and unlocking a fresh €5 million investment to cultivate a potent international sales and distribution network.
As it stands, SOMAÍ anticipates a prosperous future in the burgeoning market for finished dosage form medical cannabis products, having already observed a surge in global demand and interest from both established and emerging markets.
The investment in a rich product suite underscores SOMAÍ’s unwavering belief in the enormous potential that lies ahead in the medicinal cannabis sector.