Evolve is a Malta-based company that provides custom-made solutions for new lab supplies or specialist scientific equipment. Their international customers include major pharmaceutical companies, hospitals, universities and public laboratories. Building on Europe's estimated growth potential, this partnership provides ATG Pharma a solid base to expand in both the European and global cannabis market.
In 2018, Malta enacted legislation that allows provisions towards local production of cannabis for medical and research purposes. Following the legislative amendments, licensed medical practitioners can prescribe cannabis-based products produced under the European Good Manufacturing Practice (EU-GMP). In 2019, Evolve helped developed the first EU-GMP-compliant medical cannabis facilities in Malta and ATG Pharma machines were part of the solution.
Over the next ten years, the legal cannabis industry will see tremendous market growth around the globe. Spending on legal cannabis worldwide is expected to reach $73.6 billion USD by 2027, according to a new report by Grand View Research, Inc. Currently, only a few European countries have legalized cannabis for medical purposes. However, as more Europe enacts legislation to make cannabis legal, the market is projected to surpass the North American market.
"This partnership is an exciting milestone for our company, as ATG is building the infrastructure to support clients on a global scale. Current revenues outside of North America account for approximately ten per cent of total revenues, and as the Global Cannabis industry continues to expand to forecasted projections, we anticipate seeing rapid growth and market share in this sector," said Chris Sharanewych, Vice President of Sales & Business Development at ATG Pharma.
In addition, this European partnership will allow ATG to support our North American Clients who plan to expand their companies into Europe. Partnering with Evolve Ltd. is an exciting endeavor as ATG recognizes the significant potential of European market growth for medical cannabis. This partnership aligns with ATG's strategic goal of bringing our state-of-the-art equipment to a broader European market.