Cosma S.A., operating in the rapidly growing medical hemp industry and listed on the NewConnect market, has signed an agreement with the Portuguese supplier of pharmaceutical raw materials – SOMAI Pharmaceuticals Unipessoal LDA. Under the agreed conditions, the company will distribute oils containing pharmaceutical raw materials, i.e. CBD and THC, derived from hemp, under its own brand. The products will be addressed to people with rheumatic, pain, oncological and neurodegenerative conditions in close cooperation with the medical community. They will be available for sale in pharmaceutical chains in the first quarter of 2024. The company expects that this will translate into a significant increase in its revenues. The forecast of sales under the concluded agreement in the first year of distribution assumes from PLN 2 to 4 million (2024).
Patients using therapies based on medical marijuana in Poland very often have to deal with shortages in the availability of drugs on the market. Cosma S.A. currently distributing dietary supplements, intends to provide them with continuous access to the pharmaceutical products they are looking for.
– We are glad that thanks to the established cooperation with the Portuguese company, we will be able to increase the comfort of patients by providing them with constant access to medicines based on medical marijuana. On the other hand, we assume that concluding a contract with another supplier of a special CBD/THC product line will significantly contribute to improving our financial results – says Łukasz Kręski – chairman of the supervisory board, founder of Cosma S.A.
Portugal is one of the few European countries that allows hemp plants to be grown under controlled conditions and then processed into other pharmaceutical products. Last year, Cosma S.A. (formerly Cosma Cannabis Sp. z o.o.), signed a contract for the supply of medical marijuana inflorescences with the Portuguese company CannPrisma, which grows medical hemp. The products will appear on the market in 2024 and will be distributed on prescription in pharmacy chains. Currently Cosma S.A. cooperates, among others with chains: SUPERPHARM, Dr. Max or ZDROWIT.
Cosma S.A. has been operating in its current form on the stock exchange since March 31, 2023, when Cosma Cannabis Sp. z o. o. with Cosma Group S.A. (listed on the NewConnect market). The merger took place on the basis of the so-called reverse takeover, resulting in the establishment of Cosma S.A. The purpose of the merger was to create one entity with a strong competitive position in both the hemp and medical hemp industry, with easy access to investment capital. Through the merger, all Cosma Cannbis assets were brought into the Cosma Group. Within the so-called As part of the reverse takeover, Cosma Cannabis shareholders were allocated new Cosma Group shares. In total, over 44 million series H ordinary bearer shares were issued. The issue price was set at PLN 1.44 per share.
– The debut on the NewConnect market through the merger with Cosma Group is a very important step in our development. We believe that it will bring positive effects in terms of increasing the company’s profits and will enable further scaling of the business. The hemp industry is developing year by year, so we look to the future with optimism – comments Przemysław Lahuta – president and founder of Cosma S.A. – In the future, we intend to carry out share issues or obtain debt financing, which will allow us to invest in further pharmaceutical raw materials of plant origin, intended for distribution in Europe – adds Przemysław Lahuta.
According to New Frontier Data, the annual sales of CBD products in the European Union in 2022 amounted to EUR 10.10 billion, and over the next three years it may increase to EUR 13.60 billion. In turn, the Market Research Future report shows that the medical marijuana market will grow from USD 35.49 billion in 2022 to USD 248.42 billion by 2030.