Celadon Pharmaceuticals PLC shares rose on Monday after the company said that its Midlands facility has been registered for the good manufacturing practice standard by the U.K.’s health watchdog for the production of its medicinal cannabis.
Shares at 0916 GMT were up 5.5 pence, or 11%, at 57.0 pence.
The UK-based pharmaceutical company focused on cannabis-based medicines said it became one of a small number of companies globally with the capability to produce an GMP high-THC cannabis active pharmaceutical ingredient.
The registration, provided by U.K. Medicines and Healthcare products Regulatory Agency, represents the first registration of a U.K. pharmaceutical facility for high-THC cannabis-based active pharmaceutical ingredient since the legalization of medical cannabis in 2018, it added.
In order to sell the medicinal cannabis in the U.K., the company needs the GMP registration and a home-office license.
“GMP is the globally recognized quality standard that is required to manufacture pharmaceutical medicines for human use and clinical trials. It is an essential requirement for the commercialization of Celadon’s medicinal cannabis product, which will be supplied in oil form as an active pharmaceutical ingredient,” it said.
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