A Canadian firm – whose patented CBD product cannot yet be sold in North America – is to establish a new base in Ireland.
Satipharm is a subsidiary of of Vancouver-headquartered parent company Harvest One; a developer of CBD oils and capsules. One of Satipharm’s lead products is Gelpell a small capsule which releases CBD into the body from inside the small intestine.
The Gelpell is manufactured in Switzerland but Satipharm chief executive, Jonathan Hartshorn, told Irish business news website Fora that Harvest One had ‘decided to reboot’ its European operations and establish a new base in Ireland.
He said it chose Dublin due to its proximity to the EU and North America, its English-speaking environment and favorable tax regime. It currently has six staff in Ireland including sales, marketing, supply chain, and finance with plans to recruit additional staff to support its European ambitions.
The patented CBD Gelpell is sold in U.K. pharmacy chains such as Boots and Lloyd’s and recently secured a listing with health food operator Holland & Barrett for its 700-plus U.K stores and website. Europe is a unique market, Hartshorn told Fora, given the regulatory differences compared to Canada and the US.
“For Satipharm, Europe is certainly our key market. We have Satipharm’s Gelpell that is currently restricted to Europe. We’re unable, regulatory wise, to sell that in Canada or America,” he said. “We can only currently make that available in Europe so that is a big push.”
Satipharm Gelpell capsules contain full spectrum hemp extract CBD in a gelatine bead, which is placed inside a gastro-resistant capsule ensuring the release of CBD in the small intestine, say the company. “Satipharm CBD Gelpell capsules give our customers a consistent measurable dose of CBD that can be easily taken throughout their day,” said Mr Hartshorn.
The company says its product has undergone Stage I and Stage II clinical trials and is proven to have 30% higher bioavailability than other products on the market. The Gelpell capsules were one of the first medicinal cannabis products available to approved patients in Australia
Parent company Harvest One, which is publicly-listed in Canada and the U.S., had revenues of $8.4 million for the nine months ended March 31, this year. Ireland is proving a popular destination from North American firms with Colorado business Mile High Labs establishing a base in Belfast earlier this year.