The German Federal Institute for Drugs and Medical Devices (BfArM) granted XPhyto Therapeutics’ German subsidiary, Bunker Pflanzenextrakte, a cannabis cultivation and extraction license for scientific purposes.
Subject to meeting BfArM security requirements, the license authorizes the company to cultivate and extract up to 70 different strains of cannabis sativa and indica for scientific purposes at Bunker’s high-security facility in the south of Germany (Bavaria).
“XPhyto’s German cannabis cultivation and extraction license is a unique opportunity for our European operations,” Hugh Rogers, CEO of XPhyto, said in a statement. “With a focus on Canada and Germany, we are building an industry leading medical cannabis company focused on pharmaceutical-grade quality and scientific validation.”
Robert Barth, VP of European corporate development for XPhyto and managing director of Bunker, said that Germany is emerging as the largest legal medical cannabis market in the world and “we expect it to grow to be a multi-billion dollar industry within five years.”
XPhyto also has applied to list its shares on the Canadian Securities Exchange. Subject to final listing approval, the company expects to begin trading in the next 30 days under the symbol, XPHY.