Celadon Pharmaceuticals Plc announced the first supply of its pharmaceutical-grade product to the two commercial contracts announced on 24 May and 5 September 2023 respectively. 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, announced in May and September 2023, 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.

Since the announcement of these first two contracts, the Company signed a further commercial contract on 16November 2023 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 delivery anticipated in H2 2024. These three initial sales contracts follow the Company's receipt of Good Manufacturing Practices (?GMP?) registration from the Medicines and Healthcare products Regulatory Agency (?MHRA?) in January 2023, and subsequent update to Celadon's Home Office licence in March 2023.