The company plans to manufacture and distribute medicinal cannabis products in the UK following the recent acquisition of BCM Specials.
Avida Global has announced the acquisition of Nottingham based, BCM Specials Ltd, the longest established Specials manufacturer in the UK.
The new company, Avida Medical, will manufacture and distribute medicinal cannabis products in the UK, in addition to servicing the existing Specials business.
The acquisition makes Avida Global the only full-service UK cannabis business licensed to operate in the heavily regulated medical, wellness and cosmetics space.
Medical cannabis falls under the Specials or unlicensed medicines category, which refers to medicines manufactured or procured specifically to meet the special clinical needs of an individual patient.
Earlier this month, the Medicines and Healthcare products Regulatory Agency (MHRA) published new guidance setting out the authorisations required to manufacture unlicensed cannabis-based medicines in the UK.
The guidance, which has been described as the most significant step in the industry since medical cannabis was legalised in 2018, was welcomed with many saying transparency will encourage investment and lay the groundwork for a healthy domestic medicinal cannabis industry in the UK.
This acquisition gives Avida Global the accreditation and licences required to import, manufacture and distribute medicinal cannabis products in the UK for the human and veterinary market, surpassing what can be a lengthy, complicated and costly process.
Improving patient access
The UK is home to one of the largest patient populations using cannabis in Europe.
To date, approximately 20,000 people are thought to have been prescribed medical cannabis for a range of conditions including chronic pain, depression, insomnia and Parkinson’s, with this figure set to grow exponentially over the next two years.
According to recent data, there were approximately 23,466 privately prescribed unlicensed medical cannabis items dispensed in 2021, which represents a 425% increase since 2020.
Despite cannabis being legalised for medicinal use in 2018, only three people in the UK have a prescription on the NHS, forcing others to go private or access the drug illegally.
A recent poll suggests that approximately 1.8million people with diagnosed medical conditions are turning to obtaining cannabis illegally to manage their illnesses, partly due to a lack of awareness that cannabis can be prescribed legally.
‘Extraordinary potential’
Avida Medical will be headed up by Paul Parkinson, chief operations officer, MD and head of UK operations at Avida Global. Neil Bashforth, general manager at BCM Specials will assume the role of managing director, Avida Medical.
David Kirby, chief executive officer at Avida Global commented: “This transformative acquisition is incredibly exciting and gives us extraordinary potential as a business, giving us immediate access to the UK medical cannabis market, home to one of the largest patient populations using cannabis in Europe. We are already seeing substantial interest from clients as a result of this game-changing acquisition which makes Avida Global the only full-service UK cannabis businesses in the medical, wellness and cosmetics space.
“Our primary driver has always been to bring quality to life and we are committed to supplying the highest quality products, working with partners to create new innovative cannabis-based medicines and helping to improve patient access.”
According to figures from industry analysts, Prohibition Partners, global sales of CBD, medical and adult-use cannabis reached US$37 billion in 2021 with forecast growth as high as US$105 billion by 2026.
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