Memmingen, Germany (October 7, 20121) –JUWEL BioPharma UG (formerly, Phytoceltic Life Sciences )
is pleased to announce that the German Federal Institute for Drugs and Medical Devices (“BfArM”) has
granted, a cannabis cultivation and extraction licence for scientific purposes. This license allows the
company to cultivate various hemp strains of Cannabis sativa and indica for scientific research, subject to
meeting BfArM’s security requirements.
In the Medical Cannabis segment, it is projected that revenue will reach US$333.00 million in 2023.
Furthermore, there is an expected annual growth rate (CAGR 2023-2027) of 14.85%, leading to a market
volume of US$579.30 million by 2027 (source: statista, 2023).