LONDON, Aug. 15, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Wundr Co., a European cannabis company headquartered in London, has announced that it has acquired iuvo Therapeutics GmbH. iuvo Therapeutics is an independent medical cannabis distributor in Germany, holding both medical cannabis import and narcotics distribution licenses for the EU.
iuvo Therapeutics announced that it has successfully imported the first international shipment of dry cannabis flower from TerrAscend, one of only six Canadian licensed producers with an EU Good Manufacturing Practices (GMP)-certified facility. TerrAscend and iuvo Therapeutics were recently granted an Export Permit by Health Canada under the Cannabis Act, and an Import Authorization from Germany's Federal Institute for Drugs and Medical Devices.
With an estimated 30,000 medical cannabis patients consuming more than 7,200 kg annually, Germany has quickly become one of Europe's largest cannabis markets and is expected to generate more than $5 billion in revenue by 2025. The iuvo-TerrAscend partnership presents a significant opportunity for Wundr Co. to generate meaningful revenues, fulfilling the growing needs of medical cannabis patients in Germany and the EU.
This acquisition provides Wundr Co. with a cornerstone medical cannabis asset soon to be augmented by additional M&A opportunities in the European market.
