PRODUCTION - 22 February 2024, Hamburg: Cannabis plants (approx. 4 weeks old) in their growth phase in a grow tent under artificial lighting in a private room. The Bundestag will decide on the legalization of cannabis in Germany on 23.02.2024. Photo: Christian Charisius/dpa (Photo by CHRISTIAN CHARISIUS / DPA / dpa Picture-Alliance via AFP)

Moroccan medical device company Promamec has acquired a 51% stake in two German companies, NGPH and MyHerbliz, which specialize in cannabidiol (CBD) products. The remaining shares are retained by their historical shareholder, New Garden Pharma Limited. This acquisition, executed through its subsidiary LasoBio S.A., marks Promamec’s entry into the German CBD market and aligns with its strategy of expansion and diversification.

NGPH and MyHerbliz are renowned for their sales and distribution of CBD-based products (including oils, cosmetics, vaporizers, and dietary supplements) under the Herbliz brand across international markets. This acquisition enables Promamec to enhance its presence in Europe and leverage the expertise of these companies in the CBD product sector. The move is particularly timely, coinciding with the recent launch of cannabis-based product commercialization in Morocco.

Founded in the 1980s, Promamec has experienced significant growth in recent years, bolstered by its partnership with Vantage Capital. The company has invested in a new production facility, expanded its product portfolio, and increased its presence in sub-Saharan Africa. The acquisition of NGPH and MyHerbliz marks a new phase in Promamec’s development as it aims to become a major player in the CBD market.

In February, LasoBio S.A. formed a partnership with Herbolea Biotech, an Italian company specializing in solvent-free extraction technologies. This agreement allows LasoBio S.A. to utilize Herbolea’s cutting-edge technologies for cannabis extraction and purification in Morocco, paving the way for sustainable CBD production.