Spain revealed this week a draft royal decree for public consultation, outlining the regulations for prescribing cannabis medications.
IM Cannabis reported on Wednesday the preliminary sales results in Germany by its subsidiary operating in the country.
The company reported a 50% increase in revenue compared to the previous quarter. CEO attributes it to cannabis legalization in Germany.
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Spain's Ministry of Health has unveiled a draft royal decree for public consultation, outlining new regulations for prescribing cannabis-based medications.
This move comes after years of discussions about legalizing medical cannabis and increasing its production in Spain.
The framework follows the Health Committee of the Spanish Congress of Deputies' 2022 recommendations and aims to formalize the use of cannabis-derived medicines for specific medical conditions.
Under the proposed regulations, specialist doctors will be able to prescribe cannabis in the form of "master formulas" for conditions such as spasticity in multiple sclerosis, severe refractory epilepsy, chemotherapy-induced nausea and vomiting, and chronic refractory pain. However, medical cannabis flower is not included in the draft legislation.
The initiative had been delayed by a change in government in 2023, but Health Minister Monica Garcia has prioritized restarting the process to establish a medical cannabis framework.
Meanwhile, cannabis companies operating in Europe are showing promising growth. IM Cannabis Corp., which operates in Germany and Israel, reported a 50% revenue increase in Germany during the third quarter of 2024.
This surge in revenue is attributed to partial cannabis legalization in Germany, which began in April. Oren Shuster, CEO of IMC, emphasized the company's focus on ensuring a robust supply chain to meet the growing demand.
The impressive growth in Q3 highlights the company's success in capitalizing on the increased acceptance of medical cannabis across Europe.
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