Company News

SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant

LISBON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant of 2.7 million euros by the Portugal 2020 committee. This award validates Somai’s vision of and dedication to investing resources and introducing innovative technologies into the Portuguese market.

“Being recognized by the PT 2020 assessors is an honor, which highlights the meticulous planning that goes into developing innovative cannabis medicines for the EU market,” said Michael Sassano, CEO and Chairman of Somai Pharmaceuticals. “We have a long road ahead of us, but we are off to a strong start with this affirming support from the Portuguese government and the scientific community.”

Portugal 2020 is a partnership agreement between Portugal and the European Commission to fund programming that helps meet national and continental economic, social, and territorial policy goals that align with sustainability and inclusivity.

“Somai will participate in studies plus trials for highly purified and separated cannabinoids with the highest quality inputs and procedures, as well as herbal medicine applications,” said George Bellow, COO. “The Company plans to develop multiple cannabinoid formulations with various delivery methods: gel caps, transdermal patches, sublingual strips, oral sprays, and drops. We have a great future with the potential to grow to over 12,000 square meters of extraction space, making our facility one of the largest cannabinoid manufacturing facilities in Europe.”

About SOMAÍ Pharmaceuticals Ltd. 

SOMAÍ Pharmaceuticals is an international company focused on extraction of the cannabis plant and the manufacturing of pharmaceutical formulations for the EU market. The company invests in extraction, research, development, and distribution of GMP-pharmaceutical certified cannabinoid products. For more information, please visit their website. You can read about SOMAÍ’s and Michael’s articles here.

For further information, please contact:
Vasiliki Koutelieri
Country Director