CS MEDICA's Subsidiary CANNORDIC Marks Milestone with First Invoice to Iraq
Anti-Hair Loss Serum Approved for Sales as MENA Market Expands, Complementary Products Await Final Approval
CANNORDIC, the production and sales distribution subsidiary of CS MEDICA, has achieved a significant milestone by sending its first invoice to Iraq this week. The order includes the first 3.000 units of the anti-hair loss serum, converting tDKK 336 of its order pipeline for the MENA region. This achievement underscores CS MEDICA's commitment to expanding its footprint in the Middle East and North Africa (MENA) market.
The anti-hair loss serum, now officially approved for sale in Iraq, is part of the company's portfolio of CBD-infused self-care products. Complementary hair care products are currently awaiting final approval to proceed into production, further enhancing the product offering in the region.
"This is a milestone for us," said Lone Henriksen, CEO of CS MEDICA. "While this may seem like a small order, it represents the beginning of a large potential. We were the first to have CBD-infused medical devices approved by the Israel Health Ministry, and we are now starting to see approvals and progress in other emerging countries. This supports our vision of bringing innovative, non-addictive solutions to global markets under strict compliance tracks. The interest in the MENA region continues to grow and now comprises 83.6% of our current pipeline, representing approx. MDKK 41.3 of total."
Why the MENA Region?
Hair loss is a significant concern in the Middle East and Africa, with prevalence rates among men and women ranging from 30% to 50%[1] driven by factors such as increasing prevalence of hair loss conditions, rising awareness about treatment options, and advancements in product offerings tailored to the specific needs of the region. The hair loss treatment market was valued at approximately USD 140.7 million in 2022 and is projected to reach around USD 200.1 million by 2030, growing at a CAGR of 4.5% during the forecast period[2].
It's important to note that while the MENA region shows significant growth potential, the global hair loss treatment market is also expanding, with projections indicating a rise from USD 8.77 billion in 2023 to higher valuations by 2030, at a CAGR of 9.1%[3]. This highlights the relevance and demand for CS MEDICA's anti-hair loss serum in addressing a pressing consumer need.
Regulatory Progress and Strategic Adjustments
In Jordan, CS MEDICA has successfully classified five of its medical devices and one cosmetic and is awaiting final approval to begin production and sales. In the UAE, the company has received approval to sell its treatments as conventional medicine with prescription. However, to align with its vision of ensuring broad patient access and non-prescription treatment availability, CS MEDICA is revisiting the regulatory strategy for this market.
For more information about CS MEDICA, please contact:
Gitte Lund Henriksen, CFO
Phone: + (45) 2774 2280
Email: glh@cs-medica.com
Website: https://www.cs-medica.com/
CS MEDICA A/S, a Danish MedTech pioneer, specializes in developing evidence-based, CBD-integrated treatments for pain management, autoimmune and stress-related disorders. With a focus on patient-centric care, our products range from innovative R&D to registered over-the-counter substance-based medical devices and dermaceuticals. Our flagship CANNASEN® brand, alongside our own-label solutions, exemplifies our dedication to safe, high-quality treatments for both human and veterinary health globally. The company is listed on Spotlight Stock Market in Stockholm (symbol: “CSMED”). For more information, visit cs-medica.com and LinkedIn.
CANNORDIC A/S, a subsidiary of CS MEDICA Group, is a pioneering MedTech company specializing in innovative substance-based medical devices containing bioactive CBD. Our dedication to enhancing lives by integrating innovation, science, technology, and natural cannabis compounds positions it as a pioneer in the medical technology industry. The company ensures robust research, development, manufacturing, compliance, data insights, and commercialization processes.
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