(This is an abridged version of a story that appears in the March issue of Marijuana Business Magazine.)
Take a look at multinational medical marijuana growers, and most, if not all, have been awarded the gold standard for global quality compliance: Good Manufacturing Practice certification.
Commonly known as GMP, the designation is comprised of rules and regulations that ensure the quality, safety and efficacy of a drug. GMP addresses all aspects of the production process and is audited and certified by regulatory agencies.
In Canada, for example, multinational marijuana companies seeking to expand into global medical markets are focused on achieving GMP certification for their facilities.
In other words, a GMP designation is generally a precursor to being able to export medical marijuana. But the process is extensive and expensive and, thus, isn’t for everyone.So, why pursue GMP if it is so expensive and time consuming?
- GMP ensures your products are compliant with the highest quality standard.
- It gives your product a reputational edge.
- GMP enables your company to conduct business across borders.
Noramco, a specialty active pharmaceutical ingredient (API) company based in Delaware, has received CGMP certification, the U.S. version of GMP.
“By complying with GMP, the business benefit would be international opportunities and getting you to a quality standard that makes sure you don’t have business risk later on, because of the high level of rigor applied to your manufacturing process, testing, packaging, stability of the product and distribution,” said Bill Grubb, vice president of global business development at Noramco, which produces synthetic cannabinoids.
To learn more about what it takes to get your company GMP certified, click here.
If you’re pretty confident your firm wants to take the GMP plunge but you want to explore other considerations, click here.