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Stenocareis winning market share in Denmark: Stenocarehas been a first-mover with medical cannabis oil products for the Pilot Programme since 2018. This is a well-known dosage method for medicine, that doctors and patients are familiar with and prefer using. The latest data from the Danish Healthauthority show that treatments with oil products have been growing since Stenocareintroduced its THC Oil and CBD Oil products. Specifically, when looking at quarterly growth of patients treated with oil-products and decline in patients treated with other products, it is a clear trend that full spectrum oil products are winning market share. As previously announced, Stenocareis in the process with the Danish Medicines Agency(DMA) to have a third oil-product approved for sales, and once approved this is expected to further grow the market share. The approval process is moving forward, and although DMA cannot commit to a fixed date for this approval, Stenocareis hopeful it will happen within 4-6 months. Stenocareoil products ready for the German market: As previously announced, the first STENOCAREbranded medical cannabis oil product has been approved for the Germanymarket, the largest market in Europe. Together with its local partner, Stenocarehas now finalized the supply chain logistical setup and secured the product is covered by German health insurances. Stenocarehas been evaluating the German market for several years. Medical cannabis was legalized in Germanyduring 2017, and since the market has grown to become the largest market in Europewith approx. 230.000 patients in 2023 and projected 310.000 patients in four years. Therefore, it is both an interesting market opportunity and also a market with proven competitors. Stenocareis entering with one oil-product during October, and then has a strategy to expand with more innovative products in the coming years.
Stenocaregetting ready to launch UK Online Clinicfor patients: As previously announced, Stenocarehas developed an online IT-platform, that can power Online Clinicsfor patients. The first Online Clinicis being prepared for launch in the UKtogether with an experienced pain specialist and honorary secretary of the British Pain Society. The Clinic will improve patients access to treatment with medical cannabis and grow the doctor's geographic reach. Stenocareoil-products will be available via the Online Clinictogether with other supplemental medicine products. The UKhealth authorities are currently processing the regulatory approvals for the new Clinic, and Stenocareis expected the clinic to go live during Q4 this year.
Stenocaremakes progress in other markets: Stenocareis present in both Norwayand Sweden, which are so-called magistral markets. This means that medical cannabis has not yet been legalized the way it has in Denmarkand the other Stenocaremarkets. This means that doctors must prescribe a specific ( Stenocare) product for a specific patient in order for the delivery to be possible. Consequently, Stenocareis working with doctors, pain-clinics and relevant authorities in both Swedenand Norwayin order to build traction. Stenocareis the only supplier, so far, to have delivered full spectrum medical cannabis oil products for both countries. This translates into a strong foundation for growth, although the growth pace to date has been slower than expected. As previously announced, Stenocareis also actively selling its Stenocarebranded products in Australia. This is not currently a core activity, although being able to serve such a remote market is seen as another strength that can form the basis for additional, geographical expansion. Stenocareis continuously preparing for entry into more countries and markets and is on track to reach its goal of up to 10 countries by 2025.
Stenocareinvestment in product innovation: As previously announced, Stenocarehas a strong product pipeline and a track record for making products available for patients. The company has invested in development of an innovative new oil-product, named "ASTRUM-OIL" that is based on a patented oil technology with exclusive rights held by Stenocare. This oil addresses a key industrywide challenge by offering patients improved uptake of the cannabinoids in the blood, which can result in higher and faster effect of the medical cannabis oil dosage. This new patented product family will put Stenocarein a unique competitive position to grow the sales run rate. The company is now planning to have the documents ready for first product prototype review with the medicine agency by end-Q4 this year. Pending regulatory approval, Stenocarehope to supply the new product to patients during H1 2024.
Stenocaregetting ready to expand its supply chain. In order to meet the expected uptake in demand in 2024 and beyond, Stenocareis preparing to seek approval from the medicine agency to export products from its world class cultivation facility in Randers. It is expected that the indoor, highly controlled facility will play an important role in the future general supply chain of Stenocareas well as in the roll out and expansion of the new, innovative premium products as described above. Also, Stenocare, is preparing for relevant external partnerships that may improve the supply chain in due time. This will take Stenocarefrom being a leading brand based solely on third party sourcing to becoming dual sourcing entity with market leadership in all steps of the value chain, from plant to patient.
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